<SEC-DOCUMENT>0001171843-25-002033.txt : 20250604
<SEC-HEADER>0001171843-25-002033.hdr.sgml : 20250604
<ACCEPTANCE-DATETIME>20250404165530
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001171843-25-002033
CONFORMED SUBMISSION TYPE:	DRS/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250404
<PUBLIC-REL-DATE>20250604
DATE AS OF CHANGE:		20250404

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Rubico Inc.
		CENTRAL INDEX KEY:			0001943421
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRS/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	377-07306
		FILM NUMBER:		25815579

	BUSINESS ADDRESS:	
		STREET 1:		VAS SOFIAS 1 & MEG. ALEXANDROU
		CITY:			ATHENS
		STATE:			J3
		ZIP:			151 24
		BUSINESS PHONE:		30 2108128180

	MAIL ADDRESS:	
		STREET 1:		VAS SOFIAS 1 & MEG. ALEXANDROU
		CITY:			ATHENS
		STATE:			J3
		ZIP:			151 24

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Central Tactical Acquisitions Inc.
		DATE OF NAME CHANGE:	20220818
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRS/A
<SEQUENCE>1
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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>
Submitted on a confidential basis on April 4, 2025</B></P>


<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0 0pt 0.4pt">CONFIDENTIAL TREATMENT REQUESTED</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.4pt"><B>This draft registration statement has not been filed publicly
with the U.S. Securities and Exchange Commission and all information contained herein remains confidential.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.4pt"><B>UNITED STATES</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 181.25pt 0pt 181.8pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="margin: 0pt 181.25pt 0pt 181.8pt; font-size: 10pt; text-align: center"><B>WASHINGTON, DC
20549</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.4pt"><B>FORM 20-F</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">(Mark One)</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD STYLE="text-align: justify"><B>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT
OF 1934</B></TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.4pt">OR</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">&#9744;</FONT></TD><TD STYLE="text-align: left">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 2.05pt">For the fiscal year ended ___________________</P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.4pt">OR</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0; text-indent: 344.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">&#9744;</FONT></TD><TD STYLE="text-align: left">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.4pt">OR</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">&#9744;</FONT></TD><TD STYLE="text-align: left">SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.4pt">Date of event requiring this shell company report: Not applicable</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0 0pt 2.05pt">For the transition period from
__________ to
__________</P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.4pt">Commission file number: [__]</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0 0pt 0.4pt">Rubico Inc.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.4pt">(Exact name of Registrant as specified in its charter)</P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.4pt">(Not Applicable)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.4pt">(Translation of Registrant&#8217;s name into English)</P>

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

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Republic of the Marshall Islands</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(Jurisdiction of incorporation or organization)</P>

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

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">20 Iouliou Kaisara Str, <BR>
19002 Paiania, Athens, Greece</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(Address of principal executive offices)</P>

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

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Nikolaos Papastratis <BR>
Tel. +30 210 812 8107</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">E-mail: <BR>
npapastratis@rubicoinc.com <BR>
20 Iouliou Kaisara
Str, <BR>
19002 Paiania, Athens, <BR>
Greece</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.4pt">(Name, Telephone, E-mail and/or Facsimile number and Address of
Company Contact Person)</P>

<P STYLE="margin: 0pt 0 0pt 0.4pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0">Securities registered or to be registered pursuant to Section 12(b)
of the Act:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; width: 40%; font-size: 10pt; font-weight: bold">Title of class</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 18%; font-size: 10pt; font-weight: bold; text-align: center">Trading Symbol(s)</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 40%; font-size: 10pt; font-weight: bold; text-align: center">Name of exchange on which registered</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">Shares of common stock, par value $0.01, including the Preferred Stock Purchase Rights</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">RUBI</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Nasdaq Capital Market</TD></TR>
  </TABLE>


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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0">Securities registered or to be registered pursuant to Section 12(g)
of the Act: None</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0">Securities for which there is a reporting obligation pursuant to
Section 15(d) of the Act: None</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 48.45pt 0pt 0">Indicate the number of outstanding shares of each of
the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the annual report: Not applicable.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. &#9744; Yes
&#9746; No</P>

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

<P STYLE="margin: 0pt 0 0pt 0; font-size: 10pt; text-align: left">If this report is an annual or transition report, indicate by check
mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. &#9744;
Yes &#9744; No</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 8.5pt 0pt 0">Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the
past 90 days. &#9744; Yes &#9744; No</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0">Indicate by check mark whether the registrant has submitted electronically
every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit such files). &#9744; Yes &#9744; No</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 8.5pt 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 8.5pt 0pt 0; font-size: 10pt; text-align: left">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221;
&#8220;accelerated filer&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; font-size: 10pt; text-align: left; padding-left: 0">Large accelerated filer &#9744;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: left">Accelerated filer &#9744;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 32%; font-size: 10pt; text-align: left">Non-accelerated filer &#9746;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Emerging growth company &#9746;</TD></TR>
  </TABLE>



<P STYLE="margin: 0pt 0 0pt 385.1pt; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 8.5pt 0pt 0">If an emerging growth company that prepares its financial statements
in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards&#8224; provided pursuant to Section 13(a) of the Exchange Act. &#9746;</P>

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

<P STYLE="margin: 0pt 0 0pt 0; font-size: 10pt; text-align: left">&#8224; The term &#8220;new or revised financial accounting standard&#8221;
refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0">Indicate by check mark whether the registrant has filed a report
on and attestation to its management&#8217;s assessment of the effectiveness of its internal control over financial reporting under Section
404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
&#9744;</P>

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

<P STYLE="margin: 0pt 0 0pt 0; font-size: 10pt; text-align: left">If securities are registered pursuant to Section 12(b) of the Act,
indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to
previously issued financial statements. &#9744;</P>

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

<P STYLE="margin: 0pt 0 0pt 0; font-size: 10pt; text-align: left">Indicate by check mark whether any of those error corrections are
restatements that required a recovery analysis of incentive-based compensation received by any of the registrant&#8217;s executive officers
during the relevant recovery period pursuant to &sect;240.10D-1(b). &#9744;</P>

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

<P STYLE="margin: 0pt 0 0pt 0; font-size: 10pt; text-align: left">Indicate by check mark which basis of accounting the registrant
has used to prepare the financial statements included in this filing:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; font-size: 10pt; text-align: left; padding-left: 0">U.S. GAAP &#9746;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 74%; font-size: 10pt; text-align: left">International Financial Reporting Standards as issued by the International Accounting Standards Board &#9744;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: left">Other &#9744;</TD></TR>
  </TABLE>


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

<P STYLE="margin: 0pt 0 0pt 0; font-size: 10pt; text-align: left">If &#8220;Other&#8221; has been checked in response to the previous
question, indicate by check mark which financial statement item the registrant has elected to follow.</P>

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

<P STYLE="margin: 0pt 0 0pt 0; font-size: 10pt; text-align: left">&#9744; Item 17 &#9744; Item 18</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0">If this is an annual report, indicate by check mark whether the
registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">&#9744; Yes &#9744; No</P>

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

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

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

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

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="width: 8%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 83%; padding-left: 0.15in; text-align: center"><FONT STYLE="font-size: 10pt"><B>TABLE OF CONTENTS</B></FONT></TD>
    <TD STYLE="width: 9%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B>&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">PART I</FONT></A></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="#a_001"><FONT STYLE="font-size: 10pt"><U>3</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">ITEM 1.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">IDENTITY OF DIRECTORS, SENIOR
    MANAGEMENT AND ADVISERS</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_002"><FONT STYLE="font-size: 10pt"><U>3</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">ITEM 2.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">OFFER STATISTICS AND EXPECTED
    TIMETABLE</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_003"><FONT STYLE="font-size: 10pt"><U>3</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">ITEM 3.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">KEY INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_004"><FONT STYLE="font-size: 10pt"><U>3</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">ITEM 4.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">INFORMATION ON THE COMPANY</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_005"><FONT STYLE="font-size: 10pt"><U>30</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">ITEM 4A.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">UNRESOLVED STAFF COMMENTS</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_006"><FONT STYLE="font-size: 10pt"><U>43</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_007"><FONT STYLE="font-size: 10pt">ITEM 5.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_007"><FONT STYLE="font-size: 10pt">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_007"><FONT STYLE="font-size: 10pt"><U>43</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_008"><FONT STYLE="font-size: 10pt">ITEM 6.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_008"><FONT STYLE="font-size: 10pt">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_008"><FONT STYLE="font-size: 10pt"><U>52</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_009"><FONT STYLE="font-size: 10pt">ITEM 7.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_009"><FONT STYLE="font-size: 10pt">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_009"><FONT STYLE="font-size: 10pt"><U>54</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_010"><FONT STYLE="font-size: 10pt">ITEM 8.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_010"><FONT STYLE="font-size: 10pt">FINANCIAL INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_010"><FONT STYLE="font-size: 10pt"><U>55</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_011"><FONT STYLE="font-size: 10pt">ITEM 9.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_011"><FONT STYLE="font-size: 10pt">THE OFFER AND LISTING</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_011"><FONT STYLE="font-size: 10pt"><U>56</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_012"><FONT STYLE="font-size: 10pt">ITEM 10.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_012"><FONT STYLE="font-size: 10pt">ADDITIONAL INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_012"><FONT STYLE="font-size: 10pt"><U>56</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_013"><FONT STYLE="font-size: 10pt">ITEM 11.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_013"><FONT STYLE="font-size: 10pt">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
    MARKET RISK</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_013"><FONT STYLE="font-size: 10pt"><U>75</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_014"><FONT STYLE="font-size: 10pt">ITEM 12.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_014"><FONT STYLE="font-size: 10pt">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_014"><FONT STYLE="font-size: 10pt"><U>76</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_015"><FONT STYLE="font-size: 10pt">PART II</FONT></A></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="#a_015"><FONT STYLE="font-size: 10pt"><U>76</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_016"><FONT STYLE="font-size: 10pt">ITEM 13.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_016"><FONT STYLE="font-size: 10pt">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_016"><FONT STYLE="font-size: 10pt"><U>76</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_017"><FONT STYLE="font-size: 10pt">ITEM 14.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_017"><FONT STYLE="font-size: 10pt">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY
    HOLDERS AND USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_017"><FONT STYLE="font-size: 10pt"><U>76</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_018"><FONT STYLE="font-size: 10pt">ITEM 15.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_018"><FONT STYLE="font-size: 10pt">CONTROLS AND PROCEDURES</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_018"><FONT STYLE="font-size: 10pt"><U>76</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_020"><FONT STYLE="font-size: 10pt">ITEM 16A.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_020"><FONT STYLE="font-size: 10pt">AUDIT COMMITTEE FINANCIAL EXPERT</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_020"><FONT STYLE="font-size: 10pt"><U>76</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_021"><FONT STYLE="font-size: 10pt">ITEM 16B.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_021"><FONT STYLE="font-size: 10pt">CODE OF ETHICS</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_021"><FONT STYLE="font-size: 10pt"><U>76</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_022"><FONT STYLE="font-size: 10pt">ITEM 16C.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_022"><FONT STYLE="font-size: 10pt">PRINCIPAL ACCOUNTANT FEES AND SERVICES</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_022"><FONT STYLE="font-size: 10pt"><U>76</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_023"><FONT STYLE="font-size: 10pt">ITEM 16D.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_023"><FONT STYLE="font-size: 10pt">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT
    COMMITTEES</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_023"><FONT STYLE="font-size: 10pt"><U>76</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_024"><FONT STYLE="font-size: 10pt">ITEM 16E.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_024"><FONT STYLE="font-size: 10pt">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND
    AFFILIATED PURCHASERS</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_024"><FONT STYLE="font-size: 10pt"><U>76</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_025"><FONT STYLE="font-size: 10pt">ITEM 16F.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_025"><FONT STYLE="font-size: 10pt">CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_025"><FONT STYLE="font-size: 10pt"><U>76</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_026"><FONT STYLE="font-size: 10pt">ITEM 16G.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_026"><FONT STYLE="font-size: 10pt">CORPORATE GOVERNANCE</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_026"><FONT STYLE="font-size: 10pt"><U>76</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_027"><FONT STYLE="font-size: 10pt">ITEM 16H.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_027"><FONT STYLE="font-size: 10pt">MINE SAFETY DISCLOSURE</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_027"><FONT STYLE="font-size: 10pt"><U>76</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_028"><FONT STYLE="font-size: 10pt">ITEM 16I.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_028"><FONT STYLE="font-size: 10pt">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT
    PREVENT INSPECTIONS</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_028"><FONT STYLE="font-size: 10pt"><U>76</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_029"><FONT STYLE="font-size: 10pt">ITEM 16J.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_029"><FONT STYLE="font-size: 10pt">INSIDER TRADING POLICIES</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_029"><FONT STYLE="font-size: 10pt"><U>76</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_030"><FONT STYLE="font-size: 10pt">ITEM 16K.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_030"><FONT STYLE="font-size: 10pt">CYBERSECURITY</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_030"><FONT STYLE="font-size: 10pt"><U>77</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_031"><FONT STYLE="font-size: 10pt">PART III</FONT></A></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center"><A HREF="#a_031"><FONT STYLE="font-size: 10pt"><U>77</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_032"><FONT STYLE="font-size: 10pt">ITEM 17.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_032"><FONT STYLE="font-size: 10pt">FINANCIAL STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_032"><FONT STYLE="font-size: 10pt"><U>77</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_033"><FONT STYLE="font-size: 10pt">ITEM 18.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_033"><FONT STYLE="font-size: 10pt">FINANCIAL STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_033"><FONT STYLE="font-size: 10pt"><U>77</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.7pt; text-align: left"><A HREF="#a_034"><FONT STYLE="font-size: 10pt">ITEM 19.</FONT></A></TD>
    <TD STYLE="padding-left: 10.95pt; text-align: left"><A HREF="#a_034"><FONT STYLE="font-size: 10pt">EXHIBITS</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_034"><FONT STYLE="font-size: 10pt"><U>77</U></FONT></A></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0 0pt 0.4pt">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Matters discussed in this registration
statement may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995, or the PSLRA, provides safe
harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business.
Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying
assumptions and other statements, which are statements other than statements of historical facts.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Rubico Inc. desires to take advantage
of the safe harbor provisions of the PSLRA and is including this cautionary statement in connection with this safe harbor legislation.
This registration statement and any other written or oral statements made by us or on our behalf may include forward-looking statements,
which reflect our current views with respect to future events and financial performance. When used in this registration statement, statements
that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as &#8220;anticipate,&#8221;
&#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;project,&#8221;
&#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;continue,&#8221; &#8220;possible,&#8221; &#8220;likely,&#8221; &#8220;may,&#8221;
&#8220;should,&#8221; and similar expressions identify forward-looking statements, but the absence of these words does not mean that a
statement is not forward-looking. Without limiting the generality of the foregoing, all statements in this registration statement concerning
or relating to estimated and projected earnings, margins, costs, expenses, expenditures, cash flows, growth rates, future financial results
and liquidity are forward-looking statements. In addition, we, through our senior management, from time to time may make forward-looking
public statements concerning our expected future operations and performance and other developments.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The forward-looking statements in
this registration statement are based upon various assumptions, many of which are based, in turn, upon further assumptions, including
without limitation, 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 risks, uncertainties and contingencies that are described more fully in &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8221;,
are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations,
beliefs or projections.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In addition to these assumptions and
matters discussed elsewhere herein and in the documents incorporated by reference herein, important factors that, in our view, could cause
actual results to differ materially from those discussed in the forward-looking statements include the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">our ability to maintain or develop new and existing customer relationships with major
crude oil companies and major commodity traders, including our ability to enter into long-term charters for our vessels and those we may
acquire in the future;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">our future operating and financial results;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">our future vessel acquisitions, our business strategy and expected and unexpected
capital spending or operating expenses, including any dry-docking, crewing, bunker costs and insurance costs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">our financial condition and liquidity, including our ability to pay amounts that we
owe and to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate activities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">oil tanker industry trends, including fluctuations in charter rates and vessel values and factors affecting
vessel supply and demand;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">our ability to take delivery of, integrate into our fleet, and employ any newbuildings
we may acquire or order in the future and the ability of shipyards to deliver vessels on a timely basis;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">our dependence on our Parent, Top Ships Inc. and our fleet manager to operate our business;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">the aging of our vessels, and those we may acquire in the future, and resultant increases in operation and
dry-docking costs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">the ability of our vessels, and any vessels we may acquire in the future, to pass classification inspections
and vetting inspections by oil majors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">significant changes in vessel performance, including increased vessel breakdowns;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">the creditworthiness of our charterers and the ability of our contract counterparties to fulfill their obligations
to us;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">our ability to repay outstanding indebtedness, to obtain additional financing and
to obtain replacement charters for our vessels, and any vessels we may acquire in the future, in each case, at commercially acceptable
rates or at all;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">changes to governmental rules and regulations or actions taken by regulatory authorities and the expected
costs thereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">our ability to maintain the listing of our common shares on the Nasdaq Capital Market or another trading
market;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">our ability to comply with additional costs and risks related to our environmental, social and governance
policies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">potential liability from litigation and our vessel operations, including purported discharge of pollutants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">changes in general economic and business conditions;</TD></TR></TABLE>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">general domestic and international political conditions, potential disruption of shipping
routes due to accidents, political events, including &#8220;trade wars,&#8221; piracy, acts by terrorists or other hostilities or conflicts,
including the war in Ukraine, the war between Israel and Hamas or the Houthi crisis in and around the Red Sea;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">changes in production of or demand for oil, either globally or in particular regions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">the strength of world economies and currencies, including fluctuations in charterhire rates and vessel values;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: justify; padding-right: 0">potential liability from future litigation and potential costs due to our vessel
operations, and the operation of any vessels we may acquire in the future, including due to any environmental damage and vessel collisions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: justify; padding-right: 0">the length and severity of public health threats, epidemics and pandemics and other
disease outbreaks and their impact on the demand for commercial seaborne transportation and the condition of the financial markets and
governmental responses thereto; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">other important factors discussed in &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8221; or described
from time to time in the reports filed by us with the U.S. Securities and Exchange Commission, or the SEC.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Should one or more of the foregoing
risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from
those projected in these forward-looking statements. Consequently, there can be no assurance that actual results or developments anticipated
by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us. Given
these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. All forward-looking
statements in this registration statement are qualified in their entirety by the cautionary statements contained in this registration
statement.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Any forward-looking statements contained
herein are made only as of the date of this registration statement, and except to the extent required by applicable law or regulation
we undertake no obligation to publicly update or revise any forward-looking statement or statements to reflect events or circumstances
after the date on which such statement is made or to reflect the occurrence of unanticipated events, except as may be required under applicable
laws. If one or more forward-looking statements are updated, no inference should be drawn that additional updates will be made with respect
to those or other forward-looking statements. New factors emerge from time to time, and it is not possible for us to predict all or any
of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination
of factors, may cause actual results to be materially different from those contained in any forward-looking statement.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0 0pt 0.4pt">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0 0pt 0.4pt">EXPLANATORY NOTE</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0">The Spin-Off</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We are currently a wholly owned subsidiary
of Top Ships Inc. (the &#8220;Parent&#8221;), a public company incorporated under the laws of the Republic of the Marshall Islands. It
is intended that the Parent will contribute two of its vessel-owning subsidiaries, Athenean Empire Inc. (the &#8220;Athenean Rubico Predecessor&#8221;
or &#8220;Athenean&#8221;) and Roman Empire Inc. (the &#8220;Roman Rubico Predecessor&#8221; or &#8220;Roman&#8221; and, together with
the Athenean Rubico Predecessor, the &#8220;Rubico Predecessor&#8221;) to us and will distribute all of our issued and outstanding common
shares, par value $0.01 (including the related preferred stock purchase rights), to the Parent&#8217;s shareholders and certain warrant
holders as described below (the &#8220;Spin-Off&#8221;).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The Spin-Off will be pro rata to the
holders of the Parent&#8217;s outstanding common shares and to holders of the Parent&#8217;s outstanding common stock purchase
warrants on an as-exercised basis to the extent such warrants contain anti-dilution provisions conferring an interest equivalent to
the Spin-Off distribution, so that such holders will maintain the same proportionate interest (on a fully-diluted basis) in each
respective class of shares of the Parent and of us both immediately before and immediately after the Spin-Off. A new series of
preferred shares to be distributed to the holder of the Series D perpetual preferred shares of the Parent will be created to mirror
the rights of the Series D perpetual preferred shares of the Parent (the &#8220;Series D Preferred Shares&#8221;). The holder of the
Series D preferred shares of the Parent is the Lax Trust, which is an irrevocable trust established for the benefit of certain
family members of the President, Chief Executive Officer and Director of the Parent, Mr. Evangelos J. Pistiolis. In connection with
the Spin-Off, we expect that the Parent will distribute 100,000 Series D Preferred Shares. The Series D Preferred Shares will have
similar terms, including voting rights, as the Parent&#8217;s Series D preferred shares. As a result, following the Spin-Off, the
holders of the Series D Preferred Shares may together be deemed to beneficially own 97.0% of our total voting power. Please see
&#8220;Item 10.A. Share Capital &#8211; Preferred Stock&#8221; for a description of the terms of our preferred shares. The Parent
will not distribute the Series D Preferred Shares to its common shareholders in connection with the Spin-Off.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Rubico Inc. (the &#8220;Company&#8221;)
(previously named Central Tactical Acquisitions Inc.) was incorporated by the Parent under the laws of the Republic of the Marshall Islands
on August 11, 2022 to serve as the holding company of the Rubico Predecessor in connection with the Spin-Off. The Parent will contribute
the Rubico Predecessor to us prior to the Spin-Off, and, as the sole shareholder of the Company, intends to distribute all of the Company&#8217;s
common shares to its common shareholders and warrant holders on a pro rata basis as soon as practicable after the effectiveness of this
registration statement.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We expect that 3,057,337 of our common
shares will be distributed in the Spin-Off at an assumed distribution ratio of one common share for every two common shares of the Parent
held by such person or underlying our common share purchase warrants. The distribution ratio of the Spin-Off distribution of our common
shares to the shareholders and warrant holders of the Parent will depend on the number of common shares of the Parent outstanding, as
well as the number of common shares into which its outstanding common stock purchase warrants are exercisable, on the record date for
the Spin-Off distribution set by the Parent&#8217;s board of directors. Fractional common shares will not be distributed. Instead, the
distribution agent will aggregate fractional common shares into whole shares, sell such whole shares in the open market at prevailing
rates promptly after our common shares commence trading on the Nasdaq Capital Market, and distribute the net cash proceeds from the sales
pro rata to each holder who would otherwise have been entitled to receive fractional common shares in the distribution.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In addition, on [_____]&nbsp;&nbsp;,
2025, we entered into a share purchase agreement to sell 75,000 common shares at a purchase price of $20.00 per common share, for aggregate
gross proceeds of $1.5 million, in a private placement pursuant to exemptions from registration under the Securities Act of 1933, as amended,
or the Securities Act (the &#8220;Private Placement&#8221;). Pursuant to the share purchase agreement, the purchasers in the private placement
will receive customary registration rights and will be subject to lock-up restrictions on resale of the common shares sold in the Private
Placement for a period of 45 days following the commencement of trading of the common shares on an exchange. The closing of the Private
Placement will be conditioned on and is expected to occur concurrently with the Spin-Off distribution.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Under this registration statement
on Form 20-F, the Company is applying to register its common shares under Section 12(b) of the Securities Exchange Act of 1934, as amended
(the &#8220;Exchange Act&#8221;). We have applied to have our common shares listed on the Nasdaq Capital Market under the ticker symbol
&#8220;RUBI&#8221;. Upon consummation of the Spin-Off and the successful listing of our common shares on the Nasdaq Capital Market, we
and the Parent will be independent publicly traded companies with separate boards of directors and management.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0"><FONT STYLE="font-size: 10pt">The
financial statements presented in this registration statement are carve-out financial statements from the Parent&#8217;s consolidated
historical financial statements. The carve-out financial statements in this registration statement include audited combined carve-out
financial statements of the Rubico Predecessor as of December 31, 2022, 2023 and 2024</FONT>, <FONT STYLE="font-size: 10pt">and for each
of the three years in the period ended December 31, 2024.</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Unless otherwise indicated or required
by the context in this registration statement, the Company&#8217;s disclosure assumes that the consummation of the Spin-Off has occurred.
Although we may not acquire the Rubico Predecessor until shortly before the Spin-Off, the operating and other statistical information
with respect to our business is presented as of December 31, 2022, 2023 and 2024 and for each of the three years in the period ended December
31, 2024, unless otherwise indicated, as if the Company owned such businesses as of such date.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0 0pt 0.4pt">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0 0pt 0.4pt"><A NAME="a_001"></A>PART I</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0"><I>Unless the context otherwise requires,
as used in this registration statement, the terms &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221; refer
to Rubico Inc. and any or all of its subsidiaries, and Rubico refers only to Rubico Inc. and not to its subsidiaries. References in this
registration statement to the &#8220;Parent&#8221; refer to Top Ships Inc. References to our &#8220;Fleet Manager&#8221; or &#8220;CSI&#8221;
are to Central Shipping Inc, a related party of our Parent and us, which performs the day-to-day management of our fleet.</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0"><I>We use the term deadweight tons,
or &#8220;dwt,&#8221; in describing the size of vessels. Dwt, expressed in metric tons, each of which is equivalent to 1,000 kilograms,
refers to the maximum weight of cargo and supplies that a vessel can carry. Unless otherwise indicated, all references to &#8220;U.S.
dollars,&#8221; &#8220;dollars,&#8221; &#8220;U.S. $&#8221; and &#8220;$&#8221; in this registration statement are to the lawful currency
of the United States of America.</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A NAME="a_002"></A>ITEM 1.</TD><TD STYLE="text-align: left">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Directors and Senior Management</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">For information regarding our directors and senior management,
see &#8220;Item 6. Directors, Senior Management and Employees&#8212;A. Directors and Senior Management.&#8221;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Advisers</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Our U.S. and Marshall Islands legal counsel is Watson Farley &amp;
Williams LLP, 120 West 45th Street, New York, New York 10036.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Auditors</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Our auditors are Deloitte Certified Public Accountants S.A., Fragoklissias
3a &amp; Granikou Street, Maroussi, Athens 151 25, Greece.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A NAME="a_003"></A>ITEM 2.</TD><TD STYLE="text-align: left">OFFER STATISTICS AND EXPECTED TIMETABLE</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A NAME="a_004"></A>ITEM 3.</TD><TD STYLE="text-align: left">KEY INFORMATION</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">[Reserved]</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>B.</B></TD><TD STYLE="text-align: left"><B>Capitalization and Indebtedness</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">The following table sets forth our capitalization and indebtedness
as of December 31, 2024:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: left">on an actual basis;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: left; padding-right: 7.55pt">on an as adjusted basis to give effect to $1.1 million of scheduled debt repayments
under the AVIC and Huarong SLB facilities paid by the Rubico Predecessor from December 31, 2024 to the date of this registration statement;
and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: left; padding-right: 8.25pt">on an as further adjusted basis to give effect to our issuance of 3,057,337 common
shares, par value $0.01 per share and 100,000 Series D Preferred Shares (Please see &#8220;Item 10.A. Share Capital &#8211; Preferred
Stock&#8221;) in conjunction with the Spin-Off distribution and 75,000 common shares at a purchase price of $20.00 per common share, for
aggregate gross proceeds of $1.5 million in the Private Placement.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 23.4pt">Except as set forth above, there have been no significant changes
to our capitalization since December 31, 2024.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 1.7pt"><B>Based on our audited carve-out financial statements of the Rubico Predecessor:</B></P> <P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 1.7pt"><B><I>(Expressed in thousands of U.S. Dollars, except number of shares and per share data)</I></B></P></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 57.2pt"><B>Actual</B></P></TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>As Adjusted</B></P></TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">As Further <BR>Adjusted</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; font-size: 10pt; font-weight: bold; text-align: left">Debt:(1) (2) <BR>Current portion of long -term debt</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: center">4,221</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: center">4,221</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: center">4,221</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 1.7pt">Non-current portion of long -term debt</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">71,580</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">70,480</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">70,480</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 1.7pt">Total debt</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">75,801</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">74,701</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">74,701</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 1.7pt">Parent company equity (3)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 1.7pt">Net parent investment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">3,066</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">3,066</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 1.7pt">Common shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">31</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 1.7pt">Series D preferred shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">1</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 1.7pt">Retained Earnings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">31,049</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">31,049</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 1.7pt">Additional paid-in capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">35,583</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 1.7pt">Total Parent company equity</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">34,115</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">34,115</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">35,615</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 1.7pt">Total capitalization</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">109,916</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">108,816</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">110,316</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"></P>


<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">___________________</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Our indebtedness (both current and non-current portions) is secured by titles on our vessels and is guaranteed
by the Parent.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">The capitalization table does not take into account any amortization of deferred finance fees incurred
after December 31, 2024.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify; padding-right: 0">In connection with the Spin-Off, the Parent will contribute the Rubico Predecessor
to us as a capital contribution in exchange for 3,057,337 newly issued common shares, par value $0.01 per share, including the related
preferred stock purchase rights (and assuming the cancellation of our existing outstanding common shares that are held by the Parent),
and 100,000 newly issued Series D Preferred Shares, as further described under &#8220;Explanatory Note&#8221;, &#8220;Item 9. The Offer
and Listing &#8211; B. Plan of Distribution&#8221; and &#8220;Item 10. Additional Information &#8211; A. Share Capital.&#8221;</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Pro Forma Earnings per Common Share</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0">The following table sets forth our pro forma earnings per common
share for the years ended December 31, 2022, 2023 and 2024, giving effect to the issuance of 3,057,337 common shares in connection with
the Spin-Off for the years ended December 31, 2022 and 2023 and the issuance of 3,132,337 common shares in connection with the Spin-Off
and the Private Placement for the year ended 2024, par value $0.01 per share, as if such shares were issued at the beginning of the applicable
period.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left">(Expressed in thousands of U.S. Dollars, except number of shares and per share data)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(219,229,241); vertical-align: bottom">
    <TD STYLE="width: 55%; font-size: 10pt; font-weight: bold; text-align: left; padding-left: 1.7pt">Net income</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; font-weight: bold; text-align: center">10,661</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; font-weight: bold; text-align: center">6,631</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; font-weight: bold; text-align: center">5,944</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 1.7pt">Pro-Forma weighted average number of common shares outstanding</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">3,057,337</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">3,057,337</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">3,132,337</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(219,229,241); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 1.7pt">Pro forma earnings per common share, basic and diluted</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">3.49</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">2.17</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">1.90</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: justify">Reasons for the Offer and Use of Proceeds</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">D.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The following risks relate principally
to the industry in which we operate and our business in general. The occurrence of any of these risks could materially and adversely affect
our business, financial condition, or operating results and the trading price of our common shares.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Summary of Risk Factors<FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Below is a summary of the principal
factors that make an investment in our common stock speculative or risky. This summary does not address all of the risks that we face.
Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below under the
headings &#8220;Risks Relating to Our Industry,&#8221; &#8220;Risks Relating to Our Company&#8221;, &#8220;Risks Relating to Our Common
Shares&#8221; and &#8220;Risks Relating to the Spin-Off&#8221; should be carefully considered, together with other information in this
Registration Statement on Form 20-F, before making an investment decision regarding our common stock.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">The international tanker industry has historically been both cyclical and volatile.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">The current state of the world financial market and current economic conditions could have a material adverse
impact on our results of operations, financial condition and cash flows.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">Our financial results may be adversely affected by the outbreak of pandemic or epidemic diseases and the
related governmental responses thereto.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">Volatility of SOFR could affect our profitability, earnings, and cash flows.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">We are subject to complex laws and regulations, including environmental regulations that can adversely affect
the cost, manner or feasibility of doing business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">We are subject to international safety regulations and requirements imposed by classification
societies and the failure to comply with these regulations may subject us to increased liability, may adversely affect our insurance coverage
and may result in a denial of access to, or detention in, certain ports.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">Climate change and greenhouse gas restrictions may adversely impact our operations and markets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">Increasing growth of electric vehicles could lead to a decrease in trading and the movement of crude oil
worldwide.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">Our vessels, or vessels we may acquire, may suffer damage due to the inherent operational
risks of the tanker industry and we may experience unexpected dry-docking costs, which may adversely affect our business and financial
condition.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">The market value of our vessels, and those we may acquire in the future, may fluctuate
significantly, which could cause us to incur losses if we decide to sell them following a decline in their market values or we may be
required to write down their carrying value, which will adversely affect our earnings.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">An over-supply of tanker capacity may lead to reductions in charter hire rates and profitability.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">If our vessels, or vessels we may acquire, call on ports located in countries or territories
that are the subject of sanctions or embargoes imposed by the U.S. government or other governmental authorities, it could lead to monetary
fines or adversely affect our business, reputation and the market for our common shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">A recent proposal by the U.S. to impose new port fees on Chinese-operated vessels,
Chinese-built vessels, non-Chinese companies operating Chinese-built vessels and companies with newbuilding orders at Chinese shipyards,
and to restrict a percentage of U.S. products to being transported on U.S. vessels could have a material adverse effect on our operations
and financial results.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">Political instability, terrorist or other attacks, war, international hostilities and public health threats
can affect the tanker industry, which may adversely affect our business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">Acts of piracy on ocean-going vessels could adversely affect our business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">Increased inspection procedures and tighter import and export controls could increase costs and disrupt our
business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">We rely on our information systems to conduct our business, and failure to protect
these systems against security breaches could adversely affect our business and results of operations. Additionally, if these systems
fail or become unavailable for any significant period of time, our business could be harmed.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">Our financing arrangements contain restrictive covenants that may limit our liquidity
and corporate activities, which could limit our operational flexibility and have an adverse effect on our financial condition and results
of operations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">Servicing current and future debt will limit funds available for other purposes and could impair our ability
to react to changes in our business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">Our Parent and certain of our Parent&#8217;s executive officers have been subject to litigation in the past
and we may be subject to similar or other litigation in the future.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">Our current fleet consists of two Suezmax tanker vessels. Any limitation in the availability
or operation of our vessels could have a material adverse effect on our business, results of operations and financial condition.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">We expect to be dependent on a limited number of customers for a large part of our
revenues, and failure of such counterparties to meet their obligations could cause us to suffer losses or negatively impact our results
of operations and cash flows.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">If we fail to manage our planned growth properly, we may not be able to successfully expand our market share.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">Our flexible acquisition strategy entails certain risks and uncertainties associated
with our opportunistic entry into ownership of a new class of vessels, and we cannot assure you that we will complete any such acquisition
or manage such risks successfully.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">A limited number of financial institutions hold our cash and their failure may adversely affect our business,
results of operations and financial condition.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">Delays or defaults by the shipyards in the construction of any newbuildings could increase our expenses and
diminish our net income and cash flows.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">Our ability to obtain additional debt financing may be dependent on our ability to charter our vessels, or
those that we may acquire in the future, the performance of our charters and the creditworthiness of our charterers.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">The industry for the operation of tanker vessels and the transportation of oil is highly competitive and
we may not be able to compete for charters with new entrants or established companies with greater resources.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">We may be unable to attract and retain key management personnel and other employees in the international
tanker shipping industry, which may negatively impact the effectiveness of our management and our results of operations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">If labor interruptions are not resolved in a timely manner, they could have a material
adverse effect on our business, results of operations, cash flows, financial condition and available cash.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">If we expand our business, we will need to improve our operations and financial systems
and staff; if we cannot improve these systems or recruit suitable employees, our performance may be adversely affected.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">A drop in spot charter rates may provide an incentive for some charterers to default on their charters, which
could affect our cash flow and financial condition.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">An increase in operating costs could decrease earnings and available cash.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">Rising fuel prices may adversely affect our profits.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">Inflation could adversely affect our operating results and financial condition.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">The aging of our vessels', or the vessels may acquire, may result in increased operating costs in the future,
which could adversely affect our earnings.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">Unless we set aside reserves or are able to borrow funds for vessel replacement, our
revenue will decline at the end of a vessel&#8217;s useful life, which would adversely affect our business, results of operations and
financial condition.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">Purchasing and operating secondhand vessels may result in increased operating costs and vessels off-hire,
which could adversely affect our earnings.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">We may not have adequate insurance to compensate us if we lose any vessels that we acquire.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">We may be subject to increased premium payments, or calls, as we obtain some of our insurance through protection
and indemnity associations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">Increasing regulation as well as scrutiny and changing expectations from investors,
lenders and other market participants with respect to our Environmental, Social and Governance (&#8220;ESG&#8221;) policies may impose
additional costs on us or expose us to additional risks.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">A shift in consumer demand from crude oil towards other energy sources or changes
to trade patterns for crude oil and refined petroleum products may have a material adverse effect on our business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">Technological innovation and quality and efficiency requirements from our customers
could reduce our charter hire income and the value of our vessels, or those vessels that we may acquire in the future.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">Failure to comply with the U.S. Foreign Corrupt Practices Act of 1977, or the FCPA, could result in fines,
criminal penalties, and an adverse effect on our business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">The smuggling of drugs or other contraband onto our vessels, or vessels we acquire may lead to governmental
claims against us.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">Maritime claimants could arrest our vessels, or vessels we may acquire, which could interrupt our cash flow.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>
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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">Governments could requisition our vessels, or vessels we acquire during a period of war or emergency, resulting
in loss of earnings.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">U.S. federal tax authorities could treat us as a &#8220;passive foreign investment company,&#8221; which
could have adverse U.S. federal income tax consequences to U.S. shareholders.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">We may be subject to U.S. federal income tax on our U.S. source income, which would reduce our earnings.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">We plan to take the position that the Spin-Off will not qualify for tax-free treatment under Section 355
of the Code.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">We are a &#8220;foreign private issuer,&#8221; which could make our common shares less attractive to some
investors or otherwise harm our stock price.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">Changing laws and evolving reporting requirements could have an adverse effect on our business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">There is no existing market for our common shares, and a trading market that will
provide you with adequate liquidity may not develop. The price of our common shares may fluctuate significantly when and if trading in
our common shares begins. Further, there is no guarantee of a continuing public market to resell our common shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">The market price of our common shares may in the future be subject to fluctuations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">We may rely in part on equity issuances, which will not require shareholder approval,
to fund our growth, and such equity issuances could dilute your ownership interests and may depress the market price of our common shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">A possible &#8220;short squeeze&#8221; due to a sudden increase in demand of our common stock that largely
exceeds supply may lead to further price volatility in our common shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">As a newly incorporated company, we may not have the surplus or net profits required
by law to pay dividends. The declaration and payment of dividends will always be subject to the discretion of our board of directors and
will depend on a number of factors. Our board of directors may not declare dividends in the future.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">Our significant shareholder has significant influence over us, and a trust established
for the benefit of his family may be deemed to beneficially own, directly or indirectly, 100% of our Series D Preferred Shares, and thereby
to control the outcome of matters on which our shareholders are entitled to vote.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">Anti-takeover provisions in our amended and restated articles of incorporation and
bylaws could make it difficult for our shareholders to replace or remove our current board of directors or could have the effect of discouraging,
delaying or preventing a merger or acquisition, which could adversely affect the market price of our common shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">We are an &#8220;emerging growth company&#8221; and we cannot be certain if the reduced
disclosure requirements applicable to emerging growth companies will make our Common Stock less attractive to investors.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">We are incorporated in the Republic of the Marshall Islands, which does not have a
well-developed body of corporate law and as a result, shareholders may have fewer rights and protections under Marshall Islands law than
under a typical jurisdiction in the United States.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">As a Marshall Islands corporation with principal executive offices in Greece and subsidiaries
in the Marshall Islands, our operations may be subject to economic substance requirements.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">It may not be possible for investors to serve process on or enforce U.S. judgments against us.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">Our amended and restated articles of incorporation include forum selection provisions
for certain disputes between us and our shareholders, which could limit our shareholders&#8217; ability to obtain a favorable judicial
forum for disputes with us or our directors, officers, or employees.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">We may not achieve the intended benefits of having forum selection provisions if they are found to be unenforceable.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">We are dependent on our Fleet Manager, an affiliate of our significant shareholder, to perform the day-to-day
management of our fleet.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">Our Fleet Manager is a privately held company and there may be limited or no publicly available information
about it.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">Our Fleet Manager may have conflicts of interest between us and its other clients.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">We may be unable to achieve some or all of the benefits that we expect to achieve from the Spin-Off.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">We may be unable to make, on a timely or cost-effective basis, the changes necessary
to operate as a publicly traded company, and we may experience increased costs after the Spin- Off.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">We have no operating history as a publicly traded company, and our historical financial
information is not necessarily representative of the results we would have achieved as a publicly traded company and may not be a reliable
indicator of our future results.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">We may not be able to access the credit and capital markets at the times and in the amounts needed on acceptable
terms.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B><U>RISKS RELATED TO OUR INDUSTRY</U></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">The international tanker
industry has historically been both cyclical and volatile.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The international tanker industry
in which we operate is cyclical, with attendant volatility in charter hire rates, vessel values and industry profitability. For tanker
vessels, the degree of charter rate volatility has varied widely. The Baltic Dirty Tanker Index, or the BDTI, a U.S. dollar daily average
of charter rates issued by the Baltic Exchange that takes into account input from brokers around the world regarding crude oil fixtures
for various routes and oil tanker vessel sizes, has been volatile. In 2024, the BDTI reached a high of 1,552 and a low of 860. Although
the BDTI was 1,107 as of March 31, 2025, there can be no assurance that the crude oil charter market will continue to increase, and the
market could again decline. Recent heightened volatility in charter prices has resulted primarily from the war between Russia and Ukraine
and sanctions on Russian exports of crude oil and petroleum products, and there is great uncertainty about the future impact of those
events. Additionally, the war between Israel and Hamas has resulted in increased tensions in the Middle East region, including missile
attacks by the Houthis on vessels in the Red Sea and Gulf of Aden. Such circumstances have had and could in the future result in adverse
consequences for the tanker industry. In general, volatility in charter rates depends, among other factors, on (i) supply and demand for
tankers, (ii) the demand for crude oil and petroleum products, (iii) the inventories of crude oil and petroleum products in the United
States and in other industrialized nations, (iv) oil refining volumes, (v) oil prices, and (vi) any restrictions on crude oil production
imposed by the Organization of the Petroleum Exporting Countries, or OPEC, and non-OPEC oil producing countries.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Currently, both of our vessels are
employed on time charters. However, changes in spot rates and time charter rates can affect the revenues we receive from operations in
the event our charterers default or seek to renegotiate the charter hire, as well as the value of our vessels, or vessels we acquire,
even if our vessels are employed under long-term time charters. Our ability to re- charter our vessels, or vessels we acquire on the expiration
or termination of their time or bareboat charters and the charter rates payable under any renewal or replacement charters will depend
upon, among other things, economic conditions in the tanker markets and several other factors outside of our control and we cannot guarantee
that any renewal or replacement charters we enter into will be sufficient to allow us to operate our vessels profitably. If we are not
able to obtain new contracts in direct continuation with existing charters or for newly acquired vessels, or if new contracts are entered
into at charter rates substantially below the existing charter rates or on terms otherwise less favorable compared to existing contracts
terms, our revenues and profitability could be adversely affected and we may not be able to comply with the financial covenants in our
financing arrangements. A decline in charter hire rates will also likely cause the value of our vessels, or vessels we acquire to decline
which could lead us to record impairment adjustments to the carrying values of our fleet.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Fluctuations in charter rates and
vessel values result from changes in the supply and demand for vessels and changes in the supply and demand for oil. Factors affecting
the supply and demand for our vessels, or vessels we acquire are outside of our control and are unpredictable. The nature, timing, direction
and degree of changes in the tanker industry conditions are also unpredictable.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Factors that influence demand for tanker vessel capacity include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">supply and demand for oil carried;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">changes in oil production;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">oil prices;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">the distance oil is to be moved by sea;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">any restrictions on crude oil production imposed by the Organization of the Petroleum Exporting Countries,
or OPEC, and non-OPEC oil producing countries;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 19.45pt">global and regional economic and political conditions, including &#8220;trade wars&#8221;
and developments in international trade, national oil reserves policies, fluctuations in industrial and agricultural production, armed
conflicts and work stoppages;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 10.9pt">increases in the production of oil in areas linked by pipelines to consuming areas,
the extension of existing, or the development of new pipeline systems in markets we may serve, or the conversion of existing non-oil pipelines
to oil pipelines in those markets;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">worldwide and regional availability of refining capacity and inventories;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">environmental and other legal and regulatory developments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 29.45pt">economic slowdowns caused by public health events or inflationary pressures and resultant
governmental responses;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">currency exchange rates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">weather, natural disasters and other acts of God;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">increased use of renewable and alternative sources of energy;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">competition from alternative sources of energy, other shipping companies and other modes of transportation;
and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 29.5pt">international sanctions, embargoes, import and export restrictions, nationalizations,
piracy and wars or other conflicts, including the wars between Russia and Ukraine and between Israel and Hamas or the Houthi crisis in
and around the Red Sea.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">The factors that influence the supply of tanker capacity include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">the number of newbuilding deliveries;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">current and expected newbuilding orders for vessels;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">the scrapping rate of older vessels;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">the availability of financing for new or secondhand tankers;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">the price of steel;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">speed of vessel operation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">vessel freight rates, which are affected by factors that may affect the rate of newbuilding, swapping and
laying up of vessels;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">the price of steel and vessel equipment;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">technological advances in the design, capacity propulsion technology, and fuel consumption efficiency of
vessels;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">potential conversion of vessels for alternative use;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">changes in environmental and other regulations that may limit the useful lives of vessels;</TD></TR></TABLE>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">port or canal congestion;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">national or international regulations that may effectively cause reductions in the carrying capacity of vessels
or early obsolescence of tonnage;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">environmental concerns and regulations, including ballast water management, low sulfur fuel consumption regulations,
and reductions in CO2 emissions;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 10.9pt">the number of vessels that are out of service at a given time, namely those that are
laid-up, drydocked, awaiting repairs or otherwise not available for hire, including those that are in dry-dock for the purpose of installing
exhaust gas cleaning systems, known as scrubbers; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">changes in global petroleum production.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The factors affecting the supply and
demand for tankers have been volatile and are outside of our control, and the nature, timing and degree of changes in industry conditions
are unpredictable. Market conditions have been volatile in recent years and continued volatility may reduce demand for transportation
of oil over longer distances and increase the supply of tankers, which may have a material adverse effect on our business, financial condition,
results of operations, cash flows, ability to pay dividends and existing contractual obligations.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The
current state of the world financial market and current economic conditions could have a material adverse impact on our results of operations,
financial condition and cash flows.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Various macroeconomic factors, including
rising inflation, higher interest rates, global supply chain constraints, and the effects of overall economic conditions and uncertainties
such as those resulting from the current and future conditions in the global financial markets, could adversely affect our results of
operations, financial condition and ability to pay dividends. Inflation and rising interest rates may negatively impact us by increasing
our operating costs and our cost of borrowing. Interest rates, the liquidity of the credit markets and the volatility of the capital markets
could also affect the operation of our business and our ability to raise capital on favorable terms, or at all. Adverse economic conditions
also affect demand for goods and oil. Reduced demand for these or other products could result in significant decreases in rates we obtain
for chartering our vessels. In addition, the cost for crew members, oils and bunkers, and other supplies may increase. Furthermore, we
may experience losses on our holdings of cash and investments due to failures of financial institutions and other parties. Difficult economic
conditions may also result in a higher rate of losses on our accounts receivable due to credit defaults. As a result, downturns in the
worldwide economy could have a material adverse effect on our business, results of operations, financial condition, and ability to pay
dividends.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.1in 0pt 0">The world economy continues to face
a number of challenges, including the war between Ukraine and Russia and between Israel and Hamas, tensions between Israel and Iran, tensions
in and around the Red Sea and Russia and NATO tensions, China and Taiwan disputes, United States and China trade relations, instability
between Iran and the West, hostilities between the United States and North Korea, political unrest and conflict in the Middle East, the
South China Sea region, and other geographic countries and areas, terrorist or other attacks (including threats thereof) around the world,
war (or threatened war) or international hostilities, and epidemics or pandemics, and banking crises or failures, such as the Silicon
Valley Bank, Signature Bank, and First Republic Bank failures. See also &#8220;&#8212;Our financial results may be adversely affected
by the outbreak epidemic and pandemic diseases, and the related governmental responses thereto.&#8221; In addition, the continuing war
between in Ukraine, the length and breadth of which remains highly unpredictable, has led to increased economic uncertainty amidst fears
of a more generalized military conflict or significant inflationary pressures, due to the increases in fuel and grain prices following
the sanctions imposed on Russia. Furthermore, it is difficult to predict the intensity and duration of the war between Israel and Hamas
or the Houthi rebel attacks on shipping in and around the Red Sea and their impact on the world economy is uncertain. Although a cease-fire
declared between Israel and Hamas on January 15, 2025, heightened regional tension and renewed conflict in Gaza and Yemen developed in
March 2025, which may lead to continued attacks on vessels transiting the Red Sea. If such conditions are sustained, the longer-term net
impact on our business would be difficult to predict with any degree of accuracy. Such events may have unpredictable consequences and
contribute to instability in the global economy or cause a decrease in worldwide demand for certain goods and, thus, shipping.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In Europe, concerns regarding the
possibility of sovereign debt defaults by European Union, or EU, member countries, although generally alleviated, have in the past disrupted
financial markets throughout the world, and may lead to weaker consumer demand in the European Union, the U.S. and other parts of the
world. The withdrawal of the UK from the European Union, or Brexit, further increases the risk of additional trade protectionism. Brexit,
or similar events in other jurisdictions, could impact global markets, including foreign exchange and securities markets; any resulting
changes in currency exchange rates, tariffs, treaties and other regulatory matters could in turn adversely impact our business, operating
results, cash flows and financial condition.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In addition&nbsp;&nbsp;, the recent
economic slowdown in the Asia Pacific region, particularly in China, may exacerbate the effect of the weak economic trends in the rest
of the world. Before the global economic financial crisis that began in 2008, China had one of the world&#8217;s fastest growing economies
in terms of gross domestic product, or GDP, which had a significant impact on shipping demand. China&#8217;s GDP growth rate for the year
ended December 31, 2022, was approximately 3.0%, one of its lowest rates in 50 years, thought to be mainly caused by the country&#8217;s
zero-COVID policy and strict lockdowns. For the year ended December 31, 2024, China reported that its GDP growth rate recovered to 5.0%.
Looking ahead, China&#8217;s economic growth is expected to remain steady, with forecasts projecting a GDP growth rate of around 5.0%
for 2025. Although the Chinese government has implemented economic stimulus measures, it is possible that China and other countries in
the Asia Pacific region will continue to experience volatile, slowed or even negative economic growth in the near future. Changes in the
economic conditions of China, and changes in laws or policies adopted by its government or the implementation of these laws and policies
by local authorities, including with regards to tax matters and environmental concerns (such as achieving carbon neutrality), could affect
vessels that are either chartered to Chinese customers or that call to Chinese ports, vessels that undergo drydocking at Chinese shipyards
and Chinese financial institutions that are generally active in ship financing, and could have a material adverse effect on our business,
operating results, cash flows and financial condition.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Furthermore, governments have and
may continue to turn to trade barriers to protect their domestic industries against foreign imports, thereby depressing shipping demand.
Under the current U.S. administration, there is significant and increasing uncertainty about the future relationship between the United
States, China, and other exporting countries, including with respect to trade policies, treaties, government regulations, and tariffs.
In January 2025, during the initial days of President Trump's second term, the U.S. announced the imposition of additional substantial
tariffs on imports from various countries, including China, Canada and Mexico&#8212;U.S.&#8217;s top three trade partners&#8212;, and
the subject countries indicated their intention to impose counter measures. In February 2025, President Trump announced that the U.S.
would impose tariffs of 10% on all imported goods from China, which took effect in February 2025, and 25% on all steel and aluminum imports
beginning in March 2025. On February 13, 2025, President Trump ordered his trade advisers to come up with &#8220;reciprocal&#8221; tariffs
on U.S. trade partners to retaliate against taxes, tariffs, regulations and subsidies, thus increasing the possibility of a global trade
war. On March 4, 2025, the U.S. imposed 25% tariffs on imports from Mexico and Canada and enacted an extra 10% tariff on Chinese imports,
therefore doubling the previously levied tariff from February to an additional 20% on existing tariffs. In response, Canada planned to
immediately impose a 25% tariff on U.S. imports, and Mexico stated that the country would also retaliate, intending to disclose plans
in due time. Additionally, China announced retaliatory tariffs on U.S. agricultural goods and export restrictions to the U.S., in addition
to filing a lawsuit with the World Trade Organization. On March 5, 2025, President Trump announced that cars made in North America that
comply with the continent's existing free trade agreement are exempted from tariffs for a month. On March 6, 2025, President Trump announced
that the U.S. will pause the 25% tariffs on U.S. imports from Mexico and Canada that are covered under a 2020 United States-Mexico-Canada
Agreement (USMCA) trade agreement until April 2, 2025. Goods that are not covered by the agreement remain subject to tariffs. On March
11, 2025, President Trump announced higher tariffs on steel and aluminum from Canada; however, hours later, reverted to previous plan
to continue with the 25% tariffs on steel and aluminum products from Canada. On March 12, 2025, Canada announced new retaliatory trade
duties on U.S. goods, imposing 25% counter tariffs on various goods including tools, computers and servers, and sports equipment, that
took effect on March 13, 2025. Additionally, on February 26, 2025, President Trump announced a possible 25% tariff on European imports,
which was imposed as of March 12, 2025. The EU announced on March 12, 2025 that it will respond with retaliatory tariffs that will take
effect on U.S. products starting April 1, 2025, reinstating tariff packages form 2018 and 2020 that includes tariffs on U.S. products
like whiskey and other alcoholic beverages. On March 13, 2025, President Trump posted on social media that he would place a 200% tariff
on all wines, champagne and alcoholic products form the E.U. if the proposed 50% tariff on U.S. whiskey is carried out. On March 25, 2025,
President Trump signed an executive order increasing tariffs to 25% for any goods from countries importing Venezuelan oil. On March 26,
2025, President Trump signed an executive order imposing 25% tariff on all automobile and automobile parts imports.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">On April 2, 2025, President Trump
announced new tariffs on many U.S. trading partners, including a 34% tax on imports from China, a 20% tax on products from the E.U., and
a baseline 10% tax on imports from many countries. These tariffs are in addition to the previous announcements of 25% taxes on auto imports,
tariffs implemented against China, Canada and Mexico, and trade penalties on steel and aluminum. The previously announced tariff rates
for Canada and Mexico will stay the same and the goods that comply with USMCA will continue to be excluded from these tariffs. However,
the 20% charge on imports from China will be in addition to the 34% import tax announced. Specific products that are subject to tariffs,
such as automobiles, will be exempted from the tariffs announced, and tariffs on products such as pharmaceutical drugs are to be announced
at a later date. Protectionist developments, or the perception that they may occur, may have a material adverse effect on global economic
conditions, and may significantly reduce global trade&nbsp;&nbsp;.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Moreover, increasing trade protectionism
may cause an increase in (i) the cost of goods exported from regions globally, particularly from the Asia-Pacific region, (ii) the length
of time required to transport goods and (iii) the risks associated with exporting goods. Such increases may further reduce the quantity
of goods to be shipped, shipping time schedules, voyage costs and other associated costs, which could have an adverse impact on our charterers&#8217;
business, operating results and financial condition and could thereby affect their ability to make timely charter hire payments to us
and to employ our vessels. This could have a material adverse effect on our business, operating results, cash flows and financial condition.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 8.5pt 0pt 0">Credit markets in the United States
and Europe have in the past experienced significant contraction, deleveraging and reduced liquidity, and there is a risk that the U.S.
federal government and state governments and European authorities may continue to implement a broad variety of governmental action and/or
introduce new financial market regulations. Global financial markets and economic conditions have been, and continue to be, volatile and
we face risks associated with the trends in the global economy, such as changes in interest rates, instability in the banking and securities
markets around the world, the risk of sovereign defaults, and reduced levels of growth, among other factors. Major market disruptions
and the current adverse changes in market conditions and regulatory climate worldwide may adversely affect our business, results or operations
or impair our ability to borrow under any future financial arrangements we may enter into contemplating borrowing from the public and/or
private equity and debt markets. Many lenders have increased interest rates, enacted tighter lending standards, refused to refinance existing
debt at all or on terms similar to current debt and reduced (or in some cases ceased to provide) funding to borrowers and other market
participants, including equity and debt investors and, in some cases, have been unwilling to provide financing on attractive terms or
even at all. Due to these factors, we cannot be certain that financing will be available if needed and to the extent required, on acceptable
terms or at all. In the absence of available financing or financing in favorable terms, we may be unable to complete vessel acquisitions,
take advantage of business opportunities or respond to competitive pressures.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our
financial results may be adversely affected by the outbreak of epidemic and pandemic diseases, and the related governmental responses
thereto.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Global public health threats, such
as the COVID-19 outbreak, influenza and other highly communicable diseases or viruses, outbreaks which have from time to time occurred
in various parts of the world in which we operate, including China, could disrupt global financial markets and economic conditions and
adversely impact our operations, the timing of completion of any future newbuilding projects, as well as the operations of our customers.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.1in 0pt 0">For example, the outbreak of COVID-19
caused severe global disruptions, with governments in affected countries imposing travel bans, quarantines and other emergency public
health measures. Although the incidence and severity of COVID-19 and its variants have diminished over time, similar restrictions, and
future prevention and mitigation measures against outbreaks of epidemic and pandemic diseases, are likely to have an adverse impact on
global economic conditions, which could materially and adversely affect our future operations. As a result of such measures, our vessels
may not be able to call on, or disembark from ports located in regions affected by the outbreak. In addition, we may experience severe
operational disruptions and delays, unavailability of normal port infrastructure and services including limited access to equipment, critical
goods and personnel, disruptions to crew changes, quarantine of ships and/or crew, counterparty solidity, closure of ports and custom
offices, as well as disruptions in the supply chain and industrial production, which may lead to reduced cargo demand, among other potential
consequences attendant to epidemic and pandemic diseases.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The extent to which our business,
operating results, cash flows, financial condition, financings, value of our vessels or vessels we may acquire and ability to pay dividends
may be negatively affected by future pandemics, epidemics or other outbreaks of infectious diseases is highly uncertain and will depend
on numerous evolving factors that we cannot predict, including, but not limited to (i) the duration and severity of the infectious disease
outbreak; (ii) the imposition of restrictive measures to combat the outbreak and slow disease transmission; (iii) the introduction of
financial support measures to reduce the impact of the outbreak on the economy; (iv) shortages or reductions in the supply of essential
goods, services or labor; and (v) fluctuations in general economic or financial conditions tied to the outbreak, such as a sharp increase
in interest rates or reduction in the availability of credit. We cannot predict the effect that a future infectious disease outbreak,
pandemic or epidemic may have on our business, operating results, cash flows and financial condition, which could be material and adverse.</P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; font-style: italic; font-weight: bold; text-align: left"></P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">Volatility of SOFR could
affect our profitability, earnings, and cash flows.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">While our financing agreements previously
used London Interbank Offered Rate (&#8220;LIBOR&#8221;), including during the fiscal years ended December 31, 2022 and 2023, in 2023
we amended our financing agreements to transition from LIBOR to the Secured Overnight Financing Rate, or &#8220;SOFR,&#8221; in line with
current market practice and hence in 2024 all our financing agreements are based on SOFR. As a result, none of our financing arrangements
currently utilizes LIBOR.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">An increase in SOFR, including as
a result of interest rate increases that could be effected by the United States Federal Reserve in response to rising inflation, would
affect the amount of interest payable under our existing financing agreements, which, in turn, could have an adverse effect on our profitability,
earnings, cash flow and ability to pay dividends. Furthermore, as a secured rate backed by government securities, SOFR may be less likely
to correlate with the funding costs of financial institutions. As a result, parties may seek to adjust spreads relative to SOFR in underlying
contractual arrangements. Therefore, the use of SOFR-based rates may result in interest rates and/or payments that are higher or lower
than the rates and payments that were expected when interest was based on LIBOR. If SOFR performs differently than expected or if our
lenders insist on a different reference rate to replace SOFR, that could increase our borrowing costs (and administrative costs to reflect
the transaction), which would have an adverse effect on our profitability, earnings, and cash flows. Alternative reference rates may behave
in a similar manner or have other disadvantages or advantages in relation to our future indebtedness and the transition to SOFR or other
alternative reference rates in the future could have a material adverse effect on us.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 8.5pt 0pt 0">In order to manage any future exposure
to interest rate fluctuations, we may from time-to-time use interest rate derivatives to effectively fix any floating rate debt obligations.
No assurance can, however, be given that the use of these derivative instruments, if any, may effectively protect us from adverse interest
rate movements. The use of interest rate derivatives may affect our results through mark to market valuation of these derivatives. Also,
adverse movements in interest rate derivatives may require us to post cash as collateral, which may impact our free cash position, and
have the potential to cause us to breach covenants in our financing agreements that require maintenance of certain financial positions
and ratios.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We
are subject to complex laws and regulations, including environmental regulations that can adversely affect the cost, manner or feasibility
of doing business.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.1in 0pt 0">Our operations are subject to numerous
laws and regulations in the form of international conventions and treaties, national, state and local laws and national and international
regulations in force in the jurisdictions in which our vessels, or vessels we acquire will operate or are registered, which can significantly
affect the operation of our vessels, or vessels we acquire. These regulations include, but are not limited to the International Convention
for the Prevention of Pollution from Ships of 1973, as from time to time amended and generally referred to as MARPOL, including the designation
of Emission Control Areas, or ECAs, thereunder, the International Convention on Load Lines of 1966, the International Convention on Civil
Liability for Oil Pollution Damage of 1969, generally referred to as CLC, the International Convention on Civil Liability for Bunker Oil
Pollution Damage, or Bunker Convention, the International Convention for the Safety of Life at Sea of 1974, or SOLAS, the International
Safety Management Code for the Safe Operation of Ships and for Pollution Prevention, or ISM Code, the International Convention for the
Control and Management of Ships&#8217; Ballast Water and Sediments, or the BWM Convention, the U.S. Oil Pollution Act of 1990, or OPA,
the Comprehensive Environmental Response, Compensation and Liability Act, or CERCLA, the U.S. Clean Water Act, the U.S. Clean Air Act,
the U.S. Outer Continental Shelf Lands Act, the U.S. Maritime Transportation Security Act of 2002, or the MTSA, and European Union regulations.
Compliance with such laws, regulations and standards, where applicable, may require installation of costly equipment or operational changes
and may affect the resale value or useful lives of our vessels, or vessels we acquire. We may also incur additional costs in order to
comply with other existing and future regulatory obligations, including, but not limited to, costs relating to air emissions, the management
of ballast waters, maintenance and inspection, development and implementation of emergency procedures and insurance coverage or other
financial assurance of our ability to address pollution incidents. These costs could have a material adverse effect on our business, results
of operations, cash flows and financial condition. A failure to comply with applicable laws and regulations may result in administrative
and civil penalties, criminal sanctions or the suspension or termination of our operations.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Environmental laws often impose strict
liability for remediation of spills and releases of oil and hazardous substances, which could subject us to liability without regard to
whether we were negligent or at fault. Under OPA, for example, owners, operators and bareboat charterers are jointly and severally strictly
liable for the discharge of oil within the 200-mile exclusive economic zone around the United States. Events such as the 2010 explosion
of the <I>Deepwater Horizon </I>and the subsequent release of oil into the Gulf of Mexico, or other events, may result in further regulation
of the shipping industry, and modifications to statutory liability schemes, which could have a material adverse effect on our business,
financial condition, results of operations and cash flows. An oil spill could result in significant liability, including fines, penalties
and criminal liability and remediation costs for natural resource damages under other federal, state and local laws, as well as third-party
damages. We are required to satisfy insurance and financial responsibility requirements for potential oil (including marine fuel) spills
and other pollution incidents. Although insurance covers certain environmental risks, there can be no assurance that such insurance will
be sufficient to cover all such risks or that any claims will not have a material adverse effect on our business, results of operations,
cash flows and financial condition and our ability to pay dividends, if any, in the future.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We
are subject to international safety regulations and requirements imposed by classification societies and the failure to comply with these
regulations may subject us to increased liability, may adversely affect our insurance coverage and may result in a denial of access to,
or detention in, certain ports.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The operation of our vessels, or vessels
we acquire is affected by the requirements set forth in the United Nations&#8217; International Maritime Organization&#8217;s International
Management Code for the Safe Operation of Ships and Pollution Prevention, or ISM Code. The ISM Code requires ship owners, ship managers
and bareboat charterers to develop and maintain an extensive &#8220;Safety Management System&#8221; that includes the adoption of a safety
and environmental protection policy setting forth instructions and procedures for safe operation and describing procedures for dealing
with emergencies. We expect that any vessels that we acquire in the future will be ISM Code-certified when delivered to us. The failure
of a shipowner or bareboat charterer to comply with the ISM Code may subject it to increased liability, may invalidate existing insurance
or decrease available insurance coverage for the affected vessels and may result in a denial of access to, or detention in, certain ports,
including United States and European Union ports.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In addition, the hull and machinery
of every commercial vessel must be classed by a classification society authorized by its country of registry. The classification society
certifies that a vessel is safe and seaworthy in accordance with the applicable rules and regulations of the country of registry of the
vessel and the International Convention for Safety of Life at Sea. If a vessel does not maintain its class and/or fails any annual survey,
intermediate survey or special survey, the vessel will be unable to trade between ports and will be unemployable, which will negatively
impact our revenues and results from operations.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">Climate change and greenhouse
gas restrictions may adversely impact our operations and markets.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Due to concern over the risk of climate
change, a number of countries and the IMO have adopted, or are considering the adoption of, regulatory frameworks to reduce greenhouse
gas emissions. These regulatory measures may include, among others, adoption of cap and-trade regimes (of which there are around forty
five in the world thus far), carbon taxes, taxonomy of &#8216;green&#8217; economic activities, increased efficiency standards and incentives
or mandates for renewable energy. In July 2023, the IMO adopted the 2023 IMO Strategy on Reduction of GHG Emissions from Ships to reduce
greenhouse gas emissions from ships. The initial strategy identifies levels of ambition to reducing greenhouse gas emissions, including
(1) decreasing the carbon intensity from ships through the implementation of further phases of EEDI for new ships; (2) reducing carbon
dioxide emissions per transport work, as an average across international shipping, by at least 40% by 2030, pursuing efforts towards 70%
by 2050, compared to 2008 emission levels; and (3) reducing the total annual greenhouse emissions by at least 50% by 2050 compared to
2008 while pursuing efforts towards phasing them out entirely. MEPC 81, in March 2024, agreed on an illustration of a possible draft outline
of an &#8216;IMO net-zero framework&#8217; for cutting GHG emissions from international shipping, which lists regulations under MARPOL
to be adopted or amended to allow a new global pricing mechanism for maritime GHG emissions. At the conclusion of MEPC 82, a draft legal
text was used as a basis for ongoing talks about mid-term GHG reduction measures, which are expected to be adopted in late 2025. The proposed
mid-term measures include a goal-based marine fuel standard, phasing in the mandatory use of fuels with less GHG intensity, and a global
GHG emission pricing mechanism.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Since January 1, 2020, ships must
either remove sulfur from emissions or buy fuel with low sulfur content, which may lead to increased costs and supplementary investments
for ship owners. The interpretation of &#8220;fuel oil used on board&#8221; includes use in main engine, auxiliary engines and boilers.
Shipowners may comply with this regulation by (i) using 0.5% sulfur fuels on board, which are available around the world but at a higher
cost; (ii) installing scrubbers for cleaning of the exhaust gas; or (iii) by retrofitting vessels to be powered by liquefied natural gas,
which may not be a viable option due to the lack of supply network and high costs involved in this process. While currently both our vessels
have scrubbers installed, costs of compliance with these regulatory changes for any non-scrubber vessels we may acquire may be significant
and may have a material adverse effect on our future performance, results of operations, cash flows and financial position.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Additional greenhouse regulations may result in increased implementation
and compliance costs and expenses, such as:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: justify; padding-right: 0"><I>IMO Data Collection System (DCS)</I>: Since 2019, the IMO data collection system,
(the &#8220;IMO DCS&#8221;), which requires vessels above 5,000 gross tons to report consumption data for fuel oil, hours under way and
distance travelled. This IMO DCS covers any maritime activity carried out by ships, including dredging, pipeline laying, and offshore
installations. Data is reported annually to the flag state, which is used to calculating a ship&#8217;s operational carbon intensity indicator
(CII).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: justify; padding-right: 0"><I>Amendments to MARPOL Annex VI</I>: Beginning in January 2023, Annex VI imposed
reporting requirements in connection with the implementation of the Energy Efficiency Existing Ship Index, or EEXI, and carbon intensity
indicator, or CII, framework, which amendments became effective on May 1, 2024. Beginning in January 2023, Annex VI requires EEXI and
CII certification. The first annual reporting was to be completed in 2023, with initial ratings given in 2024.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: justify; padding-right: 0"><I>Net zero greenhouse emissions in the EU by 2050</I>: in 2021, the EU adopted
a European Climate Law (Regulation (EU) 2021/1119), establishing the aim of reaching net zero greenhouse gas emissions in the EU by 2050,
with an intermediate target of reducing greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. In July 2021, the European
Commission launched the &#8220;Fit for 55&#8221; to support the climate policy agenda. As of January 2019, large ships calling at EU ports
have been required to collect and publish data on carbon dioxide emissions and other information.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: justify; padding-right: 0"><I>Maritime emissions trading scheme in force on January 1, 2024</I>: the maritime
emissions trading scheme, or ETS, is to apply gradually over the period from 2024 to 2026. 40% of allowances would have to be surrendered
in 2025 for the year 2024; 70% of allowances would have to be surrendered in 2026 for the year 2025; and 100% of allowances would have
to be surrendered in 2027 for the year 2026. Compliance is to be on a companywide (rather than per ship) basis and &#8220;shipping company&#8221;
is defined widely to capture both the ship owner and any contractually appointed commercial operator/ship manager/bareboat charterer who
not only assume full compliance for ETS but also under the ISM Code. If the latter contractual arrangement is entered into this needs
to be reflected in a certified mandate signed by both parties and presented to the administrator of the scheme. The cap under the ETS
would be set by taking into account EU MRV system emissions data for the years 2018 and 2019, adjusted, from year 2021 and is to capture
100% of the emissions from intra-EU maritime voyages; 100% of emissions from ships at berth in EU ports and 50% of emissions from voyages
which start or end at EU ports (but the other destination is outside the EU). Furthermore, the newly passed EU Emissions Trading Directive
2023/959/EC makes clear that all maritime allowances would be auctioned and there will be no free allocation. 78.4 million emissions allowances
are to be allocated specifically to maritime. New systems, personnel, data management systems, costs recovery mechanisms, revised service
agreement terms and emissions reporting procedures will have to be put in place to prepare for and manage the administrative aspect of
ETS compliance. The cost of compliance, and of our future EU emissions and costs to purchase an allowance for emissions (if we must purchase
in order to comply) are unknown and difficult to predict, and are based on a number of factors, including the size of our fleet, our trips
within and to and from the EU, and the prevailing cost of allowances.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In addition, although the emissions
of greenhouse gases from international shipping are not currently subject to the Kyoto Protocol to the United Nations Framework Convention
on Climate Change, which required adopting countries to implement national programs to reduce emissions of certain gases, or the Paris
Agreement (discussed further below), a new treaty may be adopted in the future that includes restrictions on shipping emissions. Compliance
with changes in laws, regulations and obligations relating to climate change affects the propulsion options in subsequent vessel designs
and could increase our costs related to acquiring new vessels, operating and maintaining our existing vessels and require us to install
new emission controls, acquire allowances or pay taxes related to our greenhouse gas emissions or administer and manage a greenhouse gas
emissions program. Revenue generation and strategic growth opportunities may also be adversely affected.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Furthermore, on January 1, 2024 the
EU Emissions Trading Scheme, or the ETS, for ships sailing into and out of EU ports came into effect, and the FuelEU Maritime Regulation
came into effect on January 1, 2025. The ETS applies gradually over the period from 2024 to 2026. 40% of allowances would have to be surrendered
in 2025 for the year 2024; 70% of allowances would have to be surrendered in 2026 for the year 2025; and 100% of allowances would have
to be surrendered in 2027 for the year 2026. Compliance is on a companywide (rather than per ship) basis and &#8220;shipping company&#8221;
is defined widely to capture both the ship owner and any contractually appointed commercial operator/ship manager/bareboat charterer who
assumes <FONT STYLE="background-color: white">all duties and responsibilities for the ship under the ISM Code, as well as the responsibility
for </FONT>full compliance under the ETS and the ISM Code. If the latter contractual arrangement is entered into this needs to be reflected
in a certified mandate signed by both parties and presented to the administrator of the scheme. The cap under the ETS would be set by
taking into account EU MRV system emissions data for the years 2018 and 2019, adjusted, from year 2021 and is to capture 100% of the emissions
from intra-EU maritime voyages; 100% of emissions from ships at berth in EU ports and 50% of emissions from voyages which start or end
at EU ports (but the other destination is outside the EU). Furthermore, the newly passed EU Emissions Trading Directive 2023/959/EC makes
clear that all maritime allowances would be auctioned and there will be no free allocation. 78.4 million emissions allowances are to be
allocated specifically to maritime. If we do not have allowances, we will be forced to purchase allowances from the market, which can
be costly. <FONT STYLE="background-color: white">To prepare for and manage the administrative aspects of EU ETS compliance, we have made
significant investments in </FONT>new systems, including personnel, data management, cost recovery mechanisms, revised service agreement
terms and transparent emissions reporting procedures. <FONT STYLE="background-color: white">However, the cost of future compliance and
of our future EU emissions and costs to purchase an allowance for emissions (if we must purchase in order to comply) are unknown and difficult
to predict, and are based on a number of factors, including the size of our fleet, our trips within and to and from the EU, and the prevailing
cost of allowances</FONT>.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0"><FONT STYLE="background-color: white">Additionally,
on July 25, 2023, the European Council of the European Union adopted the Fuel EU Maritime Regulation 2023/1805 (&#8220;FuelEU&#8221;)
under the FuelEU Initiative of its &#8220;Fit-for-55&#8221; package which sets limitations on the acceptable yearly greenhouse gas intensity
of the energy used by covered vessels. Among other things, FuelEU requires that greenhouse gas intensity of fuel used by covered vessels
is reduced by 2% starting January 1, 2025, with additional reductions contemplated every five years (up to 80% by 2050). Shipping companies
may enter into pooling mechanisms with other shipping companies in order to achieve compliance, bank surplus emissions and borrow compliance
balances from future years. A FuelEU Document of Compliance is required to be kept on board a vessel to show compliance by June 30, 2026.
Both the ETS and FuelEU schemes have significant impacts on the management of the vessels calling to EU ports, by increasing the complexity
and monitoring of, and costs associated with the operation of vessels and affecting the relationships with our time charterers.</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Compliance with changes in laws, regulations,
and obligations relating to climate change affects the propulsion options in subsequent vessel designs and could increase our costs related
to acquiring new vessels, operating and maintaining our existing tanker vessels and require us to install new emission controls, acquire
allowances or pay taxes related to our greenhouse gas emissions or administer and manage a greenhouse gas emissions program. Revenue generation
and strategic growth opportunities may also be adversely affected.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Adverse effects upon the oil and gas
industry relating to climate change, including growing public concern about the environmental impact of climate change, may also adversely
affect demand for our services. For example, increased regulation of greenhouse gases or other concerns relating to climate change may
reduce the demand for oil and gas in the future or create greater incentives for use of alternative energy sources. In addition, the physical
effects of climate change, including changes in weather patterns, extreme weather events, rising sea levels, scarcity of water resources,
may negatively impact our operations. Any long-term material adverse effect on the oil and gas industry could have a significant financial
and operational adverse impact on our business that we cannot predict with certainty at this time.</P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; font-style: italic; font-weight: bold; text-align: left">Increasing growth of electric
vehicles could lead to a decrease in trading and the movement of crude oil worldwide.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The IEA noted in its Global EV Outlook
2024 that total electric cars sold annually worldwide grew from about 120,000 in 2012 to more than 14 million in 2023, bringing the total
number of electric cars to approximately 40 million, more than six times the number from 2018. Electric car sales in the first quarter
of 2024 were 3 million, up over 30% from the same quarter of 2023. This was driven mainly by China, which sold about half a million more
electric cars than over the same period in 2023. IEA forecasts are for electric vehicles (&#8220;EVs&#8221;) to grow from 40 million in
2023 to 240 million by 2030, which the IEA forecasts would reduce worldwide demand for oil products by 6 million barrels per day in 2030.
IEA estimates that EV operations in 2019 avoided the consumption of almost 0.7 million barrels per day of oil products. According to the
World Economic Forum, there were about 1.1 billion cars registered in 2015 and there will be about 2 billion cars registered by 2040.
A growth in EVs worldwide may result in decreased demand for our vessels and lower charter rates, which could have a material adverse
effect on our business, results of operations, cash flows, financial condition, and ability to make cash distributions.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our
vessels, or vessels we may acquire, may suffer damage due to the inherent operational risks of the tanker industry and we may experience
unexpected dry-docking costs, which may adversely affect our business and financial condition.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The operation of an ocean-going vessel
carries inherent risks. Our vessels, or vessels we may acquire and their cargoes are at risk of being damaged or lost because of events
such as marine disasters, bad weather and other acts of God, business interruptions caused by mechanical failures, grounding, fire, explosions
and collisions, human error, war, terrorism, piracy, epidemic and pandemic diseases, quarantine and other circumstances or events. These
hazards may result in death or injury to persons, loss of revenues or property, the payment of ransoms, environmental damage, higher insurance
rates, damage to our customer relationships or delay or re-routing, which may also subject us to litigation. In addition, the operation
of tankers has unique operational risks associated with the transportation of oil. An oil spill may cause significant environmental damage,
and the costs associated with a catastrophic spill could exceed the insurance coverage available to us. Compared to other types of vessels,
tankers are exposed to a higher risk of damage and loss by fire, whether ignited by a terrorist attack, collision, or other cause, due
to the high flammability and high volume of the oil transported in such tankers.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">If our vessels, or vessels we may
acquire suffer damage, they may need to be repaired at a dry-docking facility. The costs of dry-dock repairs are unpredictable and may
be substantial. We may have to pay dry-docking costs that our insurance does not cover in full. The loss of earnings while these vessels
are being repaired and repositioned, as well as the actual cost of these repairs, would decrease our earnings. In addition, space at dry-docking
facilities is sometimes limited and not all dry-docking facilities are conveniently located. We may be unable to find space at a suitable
dry-docking facility or our vessels, or vessels we may acquire may be forced to travel to a dry-docking facility that is not conveniently
located to our vessels&#8217; positions. The loss of earnings while these vessels are forced to wait for space or to travel to more distant
dry-docking facilities would decrease our earnings.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The
market value of our vessels, and those we may acquire in the future, may fluctuate significantly, which could cause us to incur losses
if we decide to sell them following a decline in their market values or we may be required to write down their carrying value, which will
adversely affect our earnings.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">The fair market value of our vessels, or vessels we may acquire,
may increase and decrease depending on the following factors:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">general economic and market conditions affecting the shipping industry;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">prevailing level of charter rates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">competition from other shipping companies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">types, sizes and ages of vessels;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">the availability of other modes of transportation;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">supply and demand for vessels;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">shipyard capacity and slot availability;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">cost of newbuildings;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">price of steel;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">exchange rate levels;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">number of tankers scrapped;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">governmental or other regulations; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">technological advances and the development, availability, and cost of nuclear power, natural gas, coal, renewable
energy, and other alternative sources of energy.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">If we sell any of our vessels or any
vessel we may acquire at a time when vessel prices have fallen, the sale price may be less than the vessel&#8217;s carrying amount in
our financial statements, in which case we will realize a loss. Vessel prices can fluctuate significantly, and in the case where the market
value falls below the carrying amount, we will evaluate the vessel for a potential impairment adjustment. If the estimate of undiscounted
cash flows, excluding interest charges, expected to be generated by the use of the vessel is less than its carrying amount, we may be
required to write down the carrying amount of the vessel to its fair value in our financial statements and incur a loss and a reduction
in earnings.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">An over-supply of tanker
capacity may lead to reductions in charter hire rates and profitability.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The market supply of tankers is affected
by a number of factors such as demand for energy resources, crude oil, petroleum products and chemicals, as well as strong overall economic
growth of the world economy. If the capacity of new tankers delivered exceeds the capacity of such tankers being scrapped and lost, vessel
capacity will increase, which could lead to reductions in asset prices and charter rates. The impact of the sanctions on Russian exports
of crude oil and petroleum products is uncertain and has generated increased volatility in the supply of tankers available for worldwide
trade. As of March 28, 2025, newbuilding orders have been placed for an aggregate of approximately 14.0% of the existing global tanker
fleet, with the bulk of deliveries expected during 2027.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">An over-supply of oil tankers would
increase the oil tanker charter hire rate volatility and we may not be able to find profitable charters for our vessels, or vessels we
may acquire, which could have a material adverse effect on our business, results of operations, cash flows, financial condition and ability
to pay dividends.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">If
our vessels, or vessels we may acquire, call on ports located in countries or territories that are the subject of sanctions or embargoes
imposed by the U.S. government or other governmental authorities, it could lead to monetary fines or adversely affect our business, reputation
and the market for our common shares.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our business could be adversely impacted
if we are found to have violated economic sanctions under the applicable laws of the European Union, the United States or another applicable
jurisdiction against countries such as Iran, Syria, North Korea, and Cuba. U.S. economic sanctions, for example, prohibit a wide scope
of conduct, target numerous countries and individuals, and are frequently updated or changed.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Many economic sanctions relate to
our business, including prohibitions on certain kinds of trade with countries, such as exportation or re-exportation of commodities, or
prohibitions against certain transactions with designated nationals who may be operating under aliases or through non-designated companies.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Additionally, the U.S. Iran Threat
Reduction Act amended the Exchange Act, to require issuers that file annual or quarterly reports under Section 13(a) of the Exchange Act
to include disclosure in their annual and quarterly reports as to whether the issuer or its affiliates have knowingly engaged in certain
activities prohibited by sanctions against Iran or transactions or dealings with certain identified persons. We are subject to this disclosure
requirement.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">While our vessels have not called
on ports located in countries or territories that are the subject of country-wide or territory-wide sanctions or embargoes imposed by
the U.S. government or other applicable governmental authorities (&#8220;Sanctioned Jurisdictions&#8221;) in violation of applicable sanctions
or embargo laws and although we intend to maintain compliance with all applicable sanctions and embargo laws, and we endeavor to take
precautions reasonably designed to ensure compliance with such laws, it is possible that, in the future, our vessels may call on ports
in Sanctioned Jurisdictions in violation of applicable sanctions or embargo laws on charterers' instructions and without our consent.
If such activities result in a violation of sanctions or embargo laws, we could be subject to monetary fines, penalties, or other sanctions,
and our reputation and the market for our common shares could be adversely affected.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The U.S. sanctions and embargo laws
and regulations vary in their application, as they do not all apply to the same covered persons or proscribe the same activities, and
such sanctions and embargo laws and regulations may be amended or expanded over time.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In particular, the ongoing war in
Ukraine could result in the imposition of further economic sanctions by the United States and the European Union against Russia. Current
or future counterparties of ours may be affiliated with persons or entities that are or may be in the future the subject of sanctions
imposed by the governments of the U.S., European Union, and/or other international bodies. If we determine that such sanctions require
us to terminate existing or future contracts to which we, or our subsidiaries, are party or if we are found to be in violation of such
applicable sanctions, our results of operations may be adversely affected or we may suffer reputational harm.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Although we believe that we have been
in compliance with all applicable sanctions and embargo laws and regulations, and intend to maintain such compliance, any such violation
could result in fines, penalties or other sanctions that could severely impact our ability to access U.S. capital markets and conduct
our business, and could result in some investors deciding, or being required, to divest their interest, or not to invest, in us. In addition,
certain institutional investors may have investment policies or restrictions that prevent them from holding securities of companies that
have contracts with countries identified by the U.S. government as state sponsors of terrorism. The determination by these investors not
to invest in, or to divest from, our common shares may adversely affect the price at which our common shares trade. Moreover, our charterers
may violate applicable sanctions and embargo laws and regulations as a result of actions that do not involve us or our vessels, and those
violations could in turn negatively affect our reputation. Investor perception of the value of our common shares may also be adversely
affected by the consequences of war, the effects of terrorism, civil unrest and governmental actions in countries or territories that
we operate in.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><B><I>A recent proposal by the U.S. to impose new port
fees on Chinese-operated </I></B>&nbsp;&nbsp;<B><I>vessels, Chinese-built vessels, non-Chinese companies operating Chinese-built vessels
and companies with newbuilding orders at Chinese shipyards, and to restrict a percentage of U.S. products to being transported on U.S.
vessels could have a material adverse effect on our operations and financial results.</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The United States Trade Representative (USTR) has recently
put forward significant trade actions under Section 301 of the Trade Act of 1974 with the aim of addressing China's dominance in the maritime,
logistics, and shipbuilding industries.&nbsp; These proposed actions, should they be enacted, have the potential to dramatically increase
the port fees and overall operating expenses for ships calling at U.S. ports. Specifically, the USTR is proposing a series of service
fees that would function as direct increases to port-related costs.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The proposal would include a service fee targeting
Chinese operators of up to $1.0 million for each instance a vessel operated by a Chinese entity enters a U.S. port.&nbsp; Alternatively,
the fee could be calculated at a rate of up to $1,000 per dwt of the vessel for each port entrance.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Another proposed service fee focuses on operators with
fleets comprised of Chinese-built Vessels.&nbsp;Under this proposal, fees could reach as high as $1.5 million each time a Chinese-built
vessel owned by a non-Chinese operator enters a U.S. port.&nbsp; Furthermore, a tiered fee structure is under consideration, based on
the proportion of Chinese-built vessels within an operator&#8217;s fleet.&nbsp;Operators with fleets that are 50% or more Chinese-built
could face fees of up to $1.0 million dollars per port call; for operators with fleets that are greater than 25% and less than 50% Chinese-built,
the fee could be up to $750,000 per port call; and for operators whose fleets have greater than 0%&nbsp;and less than 25% percent Chinese-built
vessels, the port fee could reach up to $500,000 per vessel entrance. Another option being considered is an additional fee of up to $1.0
million per port entrance if 25% or more of an operator&#8217;s fleet is composed of vessels constructed in China.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">A further proposed service fee is aimed at operators
with newbuilding orders for Chinese vessels.&nbsp;This fee would be based on the percentage of vessels an operator has ordered from Chinese
shipyards or expects to receive from them within the next 24 months. Operators with 50% or more of their vessel orders placed with Chinese
shipyards could be charged up to $1.0 million per vessel entrance.&nbsp;For those with greater than 25% to less than 50% percent of their
orders in Chinese shipyards, the fee could reach $750,000, and for those with greater than 0% to less than 25%, it could be up to $500,000
per vessel entrance.&nbsp; Another possibility is a flat fee of up to $1.0 million dollars per port entrance if 25% or more of an operator&#8217;s
total vessel orders over the next 24 months are with Chinese shipyards.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Beyond these direct fee increases, the proposed actions
also encompass &#8220;restrictions on services&#8221; designed to promote the transport of U.S. goods on U.S. vessels. These restrictions
would be phased in over several years, starting with a requirement that a small percentage of U.S. exports be transported on U.S.-flagged
vessels by U.S. operators, escalating to a larger percentage over time, with a portion specifically mandated to be on U.S.-flagged and
U.S.-built vessels. Another proposed restriction would require U.S. goods to be exported on U.S.-flagged, U.S.-built vessels, with exceptions
only granted if operators demonstrate that at least 20% of U.S. products per calendar year are transported on U.S.-flagged and U.S.-built
vessels. These restrictions could reduce the demand for non-U.S. built vessels, including ours.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The actual implementation of these proposed actions
remains uncertain. The final form, scope, and effective dates of any measures that are ultimately adopted may significantly differ from
the current proposals. Additionally, specifics, such as applicability to sale and leaseback arrangements with Chinese leasing financiers,
has not been clarified.&nbsp; In a sale and leaseback arrangement, the Chinese leasing financiers are the registered owners of the vessels.
Furthermore, retaliatory measures from China or other nations could further compound disruptions and cost increases within the global
shipping industry.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">In addition to direct port fee increases, retaliatory
actions by China or other countries could indirectly impact port-related costs. For example, China could impose retaliatory port fees
or restrictions on vessels of non-Chinese origin calling at Chinese ports, which could disrupt global shipping patterns and potentially
increase congestion and costs at ports worldwide, including U.S. ports.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Of the two vessels we operate, neither were constructed
in China and we currently don&#8217;t have any newbuilding vessel orders in any Chinese shipyard. Given the potential magnitude of these
proposed port-related fees and the many uncertainties surrounding their implementation, it is not possible at this time to fully predict
the ultimate financial impact.&nbsp; However, if measures similar to those that have been proposed are implemented, port fees for our
vessels or vessels we charter and our operating costs for voyages calling at U.S. ports could materially increase. Even though port fees
are typically borne by the charterer, if port fees are assessed due to our ownership of the relevant vessel, it is possible that charterers
may demand that we bear these costs or otherwise reduce the applicable charter rate.&nbsp; This, in turn, could significantly reduce our
profitability, negatively impact our ability to compete effectively, and materially and adversely affect our operations and financial
results.&nbsp;</P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Political
instability, terrorist or other attacks, war, international hostilities and public health threats can affect the tanker industry, which
may adversely affect our business.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We conduct most of our operations
outside of the United States and our business, operating results, cash flows, financial conditions, and available cash may be adversely
affected by changing economic, political, and governmental conditions in the countries and regions in which our vessels or other vessels
we may acquire are employed or registered. Moreover, we operate in a sector of the economy that is likely to be adversely impacted by
the effects of political uncertainty and armed conflicts, including the war between Ukraine and Russia and between Israel and Hamas and
Hezbollah, Russia and NATO tensions, China and Taiwan disputes, United States and China trade relations, instability between Iran and
the West, hostilities between the United States and North Korea and the U.S. and Panama, political unrest and conflicts in the Middle
East, the South China Sea region, the Red Sea region (including missile attacks controlled by the Houthis on vessels transiting the Red
Sea or Gulf of Aden), and other countries and geographic areas, geopolitical events, such as Brexit or another withdrawal from the European
Union, terrorist or other attacks (or threats thereof) around the world, and war (or threatened war) or international hostilities. Such
events may contribute to further economic instability in the global financial markets and international commerce, and could also adversely
affect our ability to obtain additional financing on terms acceptable to us or at all.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The war between Russia and Ukraine
may lead to further regional and international conflicts or armed action. This war has disrupted supply chains and caused instability
in the energy markets and the global economy, with effects on shipping freight rates, which have experienced volatility. The United States,
the United Kingdom, and the European Union, among other countries, have announced unprecedented economic sanctions and other penalties
against certain persons, entities, and activities connected to Russia, including removing Russian-based financial institutions from the
Society for Worldwide Interbank Financial Telecommunication payment system and restricting imports of Russian oil, liquified natural gas,
and coal. These sanctions have caused supply disruptions in the oil and gas markets and could continue to cause significant volatility
in energy prices, which could result in increased inflation and may trigger a recession in the U.S. and China, among other regions. While
much uncertainty remains regarding the global impact of the war in Ukraine, it is possible that such tensions could adversely affect our
business, financial condition, operating results, and cash flows. Moreover, we will be subject to additional insurance premiums in case
we transit through or call to any port or area designated as listed areas by the Joint War Committee or other organizations. These factors
may also result in the weakening of the financial condition of our charterers, suppliers, counterparties, and other agents in the shipping
industry. As a result, our business, operating results, cash flows, and financial condition may be negatively affected since our operations
are dependent on the success and economic viability of our counterparties.</P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The ongoing war between Russia and
Ukraine could result in the imposition of further economic sanctions by the United States, the United Kingdom, the European Union, or
other countries against Russia, trade tariffs, or embargoes with uncertain impacts on the markets in which we operate. In addition, the
U.S. and certain other North Atlantic Treaty Organization (NATO) countries have been supplying Ukraine with military aid. U.S. officials
have also warned of the increased possibility of Russian cyberattacks, which could disrupt the operations of businesses involved in the
shipping industry, including ours, and could create economic uncertainty particularly if such attacks spread to a broad array of countries
and networks. While much uncertainty remains regarding the global impact of the war in Ukraine, it is possible that such tensions could
adversely affect our business, financial condition, operating results, and cash flows.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The Russian Foreign Harmful Activities
Sanctions program includes prohibitions on the import of certain Russian energy products into the United States, including crude oil,
petroleum, petroleum fuels, oils, liquefied natural gas and coal, as well as prohibitions on all new investments in Russia by U.S. persons,
among other restrictions. Furthermore, the United States, the EU and other countries have also prohibited a variety of specified services
related to the maritime transport of Russian Federation origin crude oil and petroleum products, including trading/commodities brokering,
financing, shipping, insurance (including reinsurance and protection and indemnity), flagging, and customs brokering. These prohibitions
took effect on December 5, 2022 with respect to the maritime transport of crude oil and took effect on February 5, 2023 with respect to
the maritime transport of other petroleum products. An exception exists to permit such services when the price of the seaborne Russian
oil into non-EU countries does not exceed the relevant price cap; but implementation of this price exception relies on a recordkeeping
and attestation process that allows each party in the supply chain of seaborne Russian oil to demonstrate or confirm that oil has been
purchased at or below the price cap. Violations of the price cap policy or the risk that information, documentation, or attestations provided
by parties in the supply chain are later determined to be false may pose additional risks adversely affecting our business.</P>

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

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Furthermore, the intensity and duration
of the war between Israel and Hamas is difficult to predict and its impact on the world economy and our industry is uncertain. Beginning
in late 2023, vessels in the Red Sea and Gulf of Aden have been subject to attempted hijackings and attacks by drones and projectiles
characterized by Houthi groups in Yemen as a response to the war between Israel and Hamas. An increasing number of companies have rerouted
their vessels to avoid transiting the Red Sea, incurring greater shipping costs and delays. For vessels transiting the region, war risk
premiums have increased substantially, and should these attacks continue, we could similarly experience a significant increase in our
insurance costs and we may not be adequately insured to cover losses from these incidents, however since currently all our vessels are
on time charter these increased war premiums if any will be paid by our charterers. While much uncertainty remains regarding the global
impact of the war between Israel and Hamas, it is possible that such tensions could result in the eruption of further hostilities in other
regions, including in and around the Red Sea, and could adversely affect our business, financial conditions, operating results, and cash
flows.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In the past, other political conflicts
have also resulted in attacks on vessels, mining of waterways, and other efforts to disrupt international shipping, particularly in the
Arabian Gulf region. The ongoing war in Ukraine has previously resulted in missile attacks on commercial vessels in the Black Sea. The
recent outbreak of conflict in and around the Red Sea has also resulted in missile attacks on vessels. Acts of terrorism and piracy have
also affected vessels trading in regions such as the Gulf of Guinea, the Red Sea, the Gulf of Aden off the coast of Somalia, and the Indian
Ocean. Any of these occurrences could have a material adverse impact on our future performance, operating results, cash flows, financial
position, and our ability to pay cash distributions to our shareholders.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">Acts of piracy on ocean-going
vessels could adversely affect our business.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Acts of piracy have historically affected
ocean-going vessels trading in regions of the world such as the Red Sea, the Gulf of Aden off the coast of Somalia, the Indian Ocean,
and the Gulf of Guinea region off the coast of Nigeria, which has experienced increased incident of piracy in recent years. Sea piracy
incidents continue to occur, particularly in the South China Sea, the Indian Ocean, the Gulf of Guinea, and the Strait of Malacca, and
there has been a recent resurgence of such incidents in the Gulf of Aden. Acts of piracy could result in harm or danger to the crews that
man our vessels and other vessels we may acquire. Additionally, if piracy attacks occur in regions in which our vessels and other vessels
we may acquire are deployed being characterized as &#8220;war risk&#8221; zones by insurers or if our vessels and other vessels we may
acquire are deployed in Joint War Committee &#8220;war and strikes&#8221; listed areas, premiums payable for insurance coverage could
increase significantly and such insurance coverage may be more difficult to obtain, if available at all. In addition, crew and security
equipment costs, including costs that may be incurred to employ onboard security armed guards, could increase in such circumstances. Furthermore,
while we believe the charterer remains liable for charter payments when a vessel is seized by pirates, the charterer may dispute this
and withhold charter hire until the vessel is released. A charterer may also claim that a vessel seized by pirates was not &#8220;on-hire&#8221;
for a certain number of days and is therefore entitled to cancel the charterparty, a claim that we would dispute. We may not be adequately
insured to cover losses from these incidents, which could have a material adverse effect on us. In addition, any detention hijacking as
a result of an act of piracy against our vessels and other vessels we may acquire, or an increase in cost or unavailability of insurance
for our vessels and other vessels we may acquire could have a material adverse impact on our business, financial condition, and operating
results.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">Increased inspection procedures
and tighter import and export controls could increase costs and disrupt our business.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">International shipping is subject
to various security and customs inspections and related procedures in countries of origin and destination. Inspection procedures can result
in the seizure of, delay in the loading, off-loading or delivery of, the contents of our vessels, or vessels we may acquire or the levying
of customs duties, fines or other penalties against us. It is possible that changes to inspection procedures could impose additional financial
and legal obligations on us. Furthermore, changes to inspection procedures could also impose additional costs and obligations on our customers
and may, in certain cases, render the shipment of certain types of cargo uneconomical or impractical. Any such changes or developments
may have a material adverse effect on our business, financial condition, and results of operations.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We
rely on our information systems to conduct our business, and failure to protect these systems against security breaches could adversely
affect our business and results of operations. Additionally, if these systems fail or become unavailable for any significant period of
time, our business could be harmed.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The efficient operation of our business
is dependent on computer hardware and software systems both onboard our vessels, or vessels we may acquire and at our onshore offices.
Information systems are vulnerable to security breaches by computer hackers and cyber terrorists. We rely on industry-accepted security
measures and technology to securely maintain confidential and proprietary information kept on our information systems. However, these
measures and technology may not adequately prevent cybersecurity breaches, the access, capture or alteration of information by criminals,
the exposure or exploitation of potential security vulnerabilities, the installation of malware or ransomware, acts of vandalism, computer
viruses, misplaced data or data loss. In addition, the unavailability of the information systems or the failure of these systems to perform
as anticipated for any reason could disrupt our business and could result in decreased performance and increased operating costs, causing
our business and results of operations to suffer. Any significant interruption or failure of our information systems or any significant
breach of security could adversely affect our business, results of operations and financial condition, as well as our cash flows, including
cash available for dividends to our stockholders.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Additionally, any changes in the nature
of cyber threats might require us to adopt additional procedures for monitoring cybersecurity, which could require additional expenses
and/or capital expenditures. Most recently, the war between Russia and Ukraine has been accompanied by cyber-attacks against the Ukrainian
government and other countries in the region. It is possible that these attacks could have collateral effects on additional critical infrastructure
and financial institutions globally, which could adversely affect our operations. It is difficult to assess the likelihood of such threat
and any potential impact at this time.</P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In July 2023, the SEC adopted rules
requiring the mandatory disclosure of material cybersecurity incidents, as well as cybersecurity governance and risk management practices.
A failure to make the required disclosure could result in the imposition of injunctions, fines and other penalties by the SEC. Complying
with these obligations could cause us to incur substantial costs and could increase negative publicity surrounding any cybersecurity incident.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B><U>RISKS RELATED TO OUR COMPANY</U></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our
financing arrangements contain restrictive covenants that may limit our liquidity and corporate activities, which could limit our operational
flexibility and have an adverse effect on our financial condition and results of operations.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our financing arrangements in the
form of the bareboat charters in connection with the sale and leaseback agreements (&#8220;SLBs&#8221;) of our vessels contain, and any
future financing arrangements we may enter into are expected to contain, customary covenants, events of default and termination event
clauses, including cross-default provisions and restrictive covenants and performance requirements that may affect our operational and
financial flexibility. Such restrictions could affect, and in many respects limit or prohibit, among other things, our ability to incur
additional indebtedness, pay dividends, create liens, sell assets, or engage in mergers or acquisitions. These restrictions could also
limit our ability to plan for or react to market conditions or meet extraordinary capital needs or otherwise restrict corporate activities.
There can be no assurance that such restrictions will not adversely affect our ability to finance our future operations or capital needs.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">As a result of these restrictions,
we may need to seek permission from our lenders and other financing counterparties in order to engage in some corporate actions. Our lenders'
and other financing counterparties' interests may be different from ours and we may not be able to obtain their permission when needed.
This may prevent us from taking actions that we believe are in our best interests, which may adversely impact our revenues, results of
operations and financial condition.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">A failure by us to meet our payment
and other obligations, including our financial covenant requirements, could lead to defaults under our financing facilities or any future
financing facilities. If we are not in compliance with our covenants and we are not able to obtain covenant waivers or modifications,
the current or future owners of our leased vessels or the banks that finance or future vessels, as appropriate, could retake possession
of our vessels or require us to pay down our indebtedness to a level where we are in compliance with our covenants or sell vessels in
our fleet. Events beyond our control, including changes in the economic and business conditions in the shipping markets in which we operate,
interest rate developments, changes in the funding costs of our banks, changes in vessel earnings and asset valuations and outbreaks of
epidemic and pandemic diseases may affect our ability to comply with these covenants. We could lose our vessels if we default on our financing
facilities, which would negatively affect our revenues, results of operations and financial condition.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">Servicing current and future
debt will limit funds available for other purposes and could impair our ability to react to changes in our business.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We must dedicate a portion of our
cash flow from operations to pay the principal and interest on our indebtedness. These payments limit funds otherwise available for working
capital, capital expenditures and other purposes. As of December 31, 2024, we had a total indebtedness of $77.4 million, excluding deferred
finance fees. Our current or future debt could have other significant consequences on our operations. For example, it could:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">increase our vulnerability to general economic downturns and adverse competitive and industry conditions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 18.25pt">require us to dedicate a substantial portion, if not all, of our cash flow from operations
to payments on our indebtedness, thereby reducing the availability of our cash flow to fund working capital, capital expenditures and
other general corporate purposes;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">limit our flexibility in planning for, or reacting to, changes in our business and the industry in which
we operate;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">place us at a competitive disadvantage compared to competitors that have less debt or better access to capital;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">limit our ability to raise additional financing on satisfactory terms or at all; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 19.65pt">adversely impact our ability to comply with the financial and other restrictive covenants
of our current or future financing arrangements, which could result in an event of default under such agreements.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Furthermore, our current or future
interest expense will increase if interest rates increase. If we do not have sufficient earnings, we may be required to refinance all
or part of our current or future debt, sell assets, borrow more money or sell more securities, and we cannot guarantee that the resulting
proceeds therefrom, if any, will be sufficient to meet our ongoing capital and operating needs. Because interest paid on loans is generally
a margin plus a reference rate, such as SOFR, that is subject to change, our actual interest costs would increase as the reference rate
increases. During an inflationary period, such as one we are currently experiencing, the SOFR or similar reference rate will generally
be increased, thus costing us more money to service our debt obligations and reducing our results of operations and cash flow. Any event
of default under a financing agreement pursuant to which we have granted security could permit the relevant financier to exercise its
rights as a secured lender and take the relevant collateral, which may include our vessels.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our
Parent and certain of our Parent&#8217;s executive officers have been subject to litigation in the past and we may be subject to similar
or other litigation in the future.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our Parent and certain of its executive
officers were defendants in purported class-action lawsuits pending in the U.S. District Court for the Eastern District of New York, brought
on behalf of its shareholders. The lawsuits alleged violations of Sections 9, 10(b), 20(a) and/or 20A of the Securities Exchange Act of
1934, as amended, or the Exchange Act and Rule 10b-5 promulgated hereunder. On August 3, 2019, the Eastern District Court of New York
dismissed the case with prejudice. On August 26, 2019, plaintiffs appealed the dismissal to the United States Court of Appeals for the
Second Circuit. On April 2, 2020, the Court of Appeals issued a summary order affirming the District Court&#8217;s decision dismissing
Plaintiffs&#8217; claims and denying leave to amend and the case was finally concluded in our Parent&#8217;s favor.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We may, from time to time, be a party
to other litigation in the normal course of business. Monitoring and defending against legal actions, whether or not meritorious, is time-consuming
for our management and detracts from our ability to fully focus our internal resources on our business activities. In addition, our legal
fees and costs incurred in connection with such activities and any legal fees of co-defendants for which we are deemed responsible may
be significant and we could, in the future, be subject to judgments or enter into settlements of claims for significant monetary damages.
A decision adverse to our interests could result in the payment of substantial damages and could have a material adverse effect on our
cash flow, results of operations and financial position.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">With respect to any litigation, our
insurance may not reimburse us or may not be sufficient to reimburse us for the expenses or losses we may suffer in contesting and concluding
such lawsuit. Furthermore, our insurance does not cover legal fees associated with co-defendants. Substantial litigation costs, including
the substantial self-insured retention that we are required to satisfy before any insurance applied to the claim, or an adverse result
in any litigation may adversely impact our business, operating results or financial condition.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our
current fleet consists of two Suezmax tanker vessels. Any limitation in the availability or operation of these vessels could have a material
adverse effect on our business, results of operations and financial condition.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our current fleet consists of two
Suezmax tanker vessels. Until we identify and acquire additional vessels, we will depend upon these two vessels for all of our revenue.
If our vessels are unable to generate revenues as a result of off-hire time, early termination of the applicable time charters or otherwise,
our business, results of operations, financial condition and ability to pay dividends could be materially adversely affected. Our vessels
are both employed on time charter contracts with a single charterer and, until we identify and acquire additional vessels, we will rely
upon one charterer for all of our revenue.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We
expect to be dependent on a limited number of customers for a large part of our revenues, and failure of such counterparties to meet their
obligations could cause us to suffer losses or negatively impact our results of operations and cash flows.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">During 2024, 100% of our revenues
derived from one charterer, Clearlake Shipping Pte Ltd (&#8220;Clearlake&#8221;), which is the charterer of both of our vessels. Such
agreement subjects us to counterparty risks. The ability of Clearlake to perform its obligations under its contracts with us will depend
on a number of factors that are beyond our control and may include, among other things, general economic conditions, the condition of
the maritime industry, the overall financial condition of the counterparty, charter rates received for specific types of vessels, work
stoppages or other labor disturbances. The combination of a reduction of cash flow resulting from declines in world trade, a reduction
in borrowing bases under reserve-based credit facilities and the lack of availability of debt or equity financing may result in a significant
reduction in the ability of charterers to make charter payments to us. In addition, in depressed market conditions, charterers and customers
may no longer need a vessel that is then under charter or contract or may be able to obtain a comparable vessel at lower rates. As a result,
charterers and customers may seek to renegotiate the terms of their existing charter agreements or avoid their obligations under those
contracts. Should one of our counterparties fail to honor its obligations under agreements with us, we could sustain significant losses
that could have a material adverse effect on our business, financial condition, results of operations and cash flows.</P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">If we fail to manage our
planned growth properly, we may not be able to successfully expand our market share.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our fleet currently consists of two
vessels and we may acquire additional vessels in the future. We intend to expand our fleet into other seaborne transportation sectors
depending on available opportunities, opportunistically considering further expansion into Suezmax crude oil tanker vessels as well as
diversification into other sectors related to seaborne transportation of goods or passengers, including recreational transportation. Our
future growth will primarily depend on our ability to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">generate excess cash flow for investment without jeopardizing our ability to cover current and foreseeable
working capital needs (including debt service);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">raise equity and obtain required financing for our existing and new operations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">identify opportunities in the tanker sector and other seaborne transportation sectors or related sectors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">locate and acquire suitable vessels;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">identify and consummate acquisitions or joint ventures;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">integrate any acquired business successfully with our existing operations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">our manager&#8217;s ability to hire, train and retain qualified personnel and crew to manage and operate
our growing business and fleet;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">enhance our customer base; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">manage expansion.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Growing any business by acquisition
presents numerous risks such as undisclosed liabilities and obligations, difficulty in obtaining additional qualified personnel, managing
relationships with customers and suppliers and integrating newly acquired operations into existing infrastructures. Furthermore, our current
operating and financial systems may not be adequate if we implement a plan to expand the size of our fleet, and our attempts to improve
those systems may be ineffective. We may not be successful in executing our growth plans and we may incur significant additional expenses
and losses in connection therewith.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our
flexible acquisition strategy entails certain risks and uncertainties associated with our opportunistic entry into ownership of a new
class of vessels, and we cannot assure you that we will complete any such acquisition or manage such risks successfully.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We intend to expand our fleet into
other seaborne transportation sectors depending on available opportunities, opportunistically considering further expansion into Suezmax
crude oil tanker vessels as well as diversification into sectors related to seaborne transportation of goods or passengers, including
recreational transportation. However, there can be no assurance that we will successfully identify any such opportunities in the future
or complete any such acquisition in other sectors.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our management team and CSI may not
have experience in any other sector we enter and may not identify such opportunities or manage such expansion successfully.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">A
limited number of financial institutions hold our cash and their failure may adversely affect our business, results of operations and
financial condition.</P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">A limited number of financial institutions,
including institutions located in Greece and the Netherlands, hold all of our cash. Our cash balances have been deposited from time to
time with banks in Greece and the Netherlands. Our cash balances are not covered by insurance in the event of default by these financial
institutions. Several banks, including Credit Suisse, have recently been subject to extraordinary resolution procedures or sale because
of the risk of such a default. The occurrence of such a default could have a material adverse effect on our business, financial condition,
results of operations and cash flows, and we may lose part or all of our cash that we deposit with such banks.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Delays
or defaults by the shipyards in the construction of any newbuildings could increase our expenses and diminish our net income and cash
flows.</P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">As of the date of this registration
statement, we do not have any contracts for newbuilding vessels. We may enter into contracts for newbuilding vessels in the future. Vessel
construction projects are generally subject to risks of delay that are inherent in any large construction project, which may be caused
by numerous factors, including shortages of equipment, materials or skilled labor, unscheduled delays in the delivery of ordered materials
and equipment or shipyard construction, failure of equipment to meet quality and/or performance standards, financial or operating difficulties
experienced by equipment vendors or the shipyard, unanticipated actual or purported change orders, inability to obtain required permits
or approvals, design or engineering changes and work stoppages and other labor disputes, adverse weather conditions or any other events
of force majeure. Significant delays could adversely affect our financial position, results of operations and cash flows. Additionally,
failure to complete a project on time may result in the delay of revenue from that vessel, and we may continue to incur costs and expenses
related to delayed vessels, such as supervision expenses.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our
ability to obtain additional debt financing may be dependent on our ability to charter our vessels, or vessels we may acquire, the performance
of our charters and the creditworthiness of our charterers.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our inability to re-charter our vessels,
or vessels we may acquire, and the actual or perceived credit quality of our charterers, and any defaults by them, may materially affect
our ability to obtain the additional capital resources that we will require to purchase additional vessels or maintain our existing fleet
or may significantly increase our costs of obtaining such capital. Our inability to obtain financing, or receiving financing at a higher
than anticipated cost, may materially affect our results of operation and our ability to implement our business strategy.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The
industry for the operation of tanker vessels and the transportation of oil is highly competitive and we may not be able to compete for
charters with new entrants or established companies with greater resources.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We will employ our tankers and any
additional vessels we may acquire in a highly competitive market that is capital intensive and highly fragmented. The operation of tanker
vessels and the transportation of cargoes shipped in these vessels, as well as the shipping industry in general, is extremely competitive.
Competition arises primarily from other vessel owners, including major oil companies as well as independent tanker shipping companies,
some of whom have substantially greater resources than we do. Competition for the transportation of oil can be intense and depends on
price, location, size, age, condition and the acceptability of the vessel and its operators to the charterers. Due in part to the highly
fragmented market, competitors with greater resources could enter and operate larger fleets through consolidations or acquisitions that
may be able to offer better prices and fleets than us.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We
may be unable to attract and retain key management personnel and other employees in the international tanker shipping industry, which
may negatively impact the effectiveness of our management and our results of operations.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our success will depend to a significant
extent upon the abilities and efforts of our management team. All of our executive officers are employees of Central Mare Inc., or Central
Mare, a related party affiliated with the family of Mr. Evangelos J. Pistiolis, our significant shareholder, and we will enter into agreements
with Central Mare for the compensation of our executive officers and certain other employees. The loss of any of these individuals could
adversely affect our business prospects and financial condition. Difficulty in hiring and retaining personnel could adversely affect our
results of operations. We do not maintain &#8220;key man&#8221; life insurance on any of our officers.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">If
labor interruptions are not resolved in a timely manner, they could have a material adverse effect on our business, results of operations,
cash flows, financial condition and available cash.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The Fleet Manager is responsible for
recruiting, mainly through a crewing agent, the senior officers and all other crew members for our vessels and all other vessels we may
acquire. If not resolved in a timely and cost-effective manner, industrial action or other labor unrest could prevent or hinder our operations
from being carried out as we expect and could have a material adverse effect on our business, results of operations, cash flows, financial
condition and available cash.</P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">If
we expand our business, we will need to improve our operations and financial systems and staff; if we cannot improve these systems or
recruit suitable employees, our performance may be adversely affected.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our current operating and financial
systems may not be adequate if we implement a plan to expand the size of our fleet, and our attempts to improve those systems may be ineffective.
If we are unable to operate our financial and operations systems effectively or to recruit suitable employees as we expand our fleet,
our performance may be adversely affected.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">A
drop in spot charter rates may provide an incentive for some charterers to default on their charters, which could affect our cash flow
and financial condition.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">When we enter into a time charter
or bareboat charter, rates under that charter are fixed throughout the term of the charter. If the spot charter rates in the tanker shipping
industry become significantly lower than the time charter equivalent rates that some of our charterers are obligated to pay us under our
then existing charters, the charterers may have incentive to default under that charter or attempt to renegotiate the charter. If our
charterers fail to pay their obligations, we would have to attempt to re-charter our vessels, or vessels we may acquire at lower charter
rates, and as a result we could sustain significant losses which could have a material adverse effect on our cash flow and financial condition,
which would affect our ability to meet our future loans or current leaseback obligations. If our future lenders choose to accelerate our
indebtedness and foreclose their liens, or if the owners of our sold and leased back vessels or any leased vessels we may acquire choose
to repossess vessels in our fleet as a result of a default under any SLBs, our ability to continue to conduct our business would be impaired.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">An increase in operating
costs could decrease earnings and available cash.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Vessel operating costs include the
costs of crew, fuel (for spot-chartered vessels), provisions, deck and engine spares and stores, insurance and maintenance and repairs,
which depend on a variety of factors, many of which are beyond our control. Some of these costs, primarily relating to insurance and enhanced
security measures, have been increasing. If any of our vessels or, vessels we may acquire, suffer damage, they may need to be repaired
at a dry-docking facility. The costs of dry-docking repairs are unpredictable and can be substantial. Increases in any of these expenses
could decrease our earnings and available cash.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">Rising fuel prices may
adversely affect our profits.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Fuel is a significant expense if vessels
are under voyage charter or if consumed during ballast days. Moreover, the cost of fuel will affect the profit we can earn on the short-term
or spot market. Upon redelivery of vessels at the end of a time charter, we may be obliged to repurchase the fuel on board at prevailing
market prices, which could be materially higher than fuel prices at the inception of the time charter period. As a result, an increase
in the price of fuel may adversely affect our profitability. The price and supply of fuel is unpredictable and fluctuates based on events
outside our control, including geopolitical events, supply and demand for oil and gas, actions by OPEC and other oil and gas producers,
war and unrest in oil producing countries and regions, regional production patterns, and environmental concerns. Further, fuel may become
much more expensive in the future, which may reduce the profitability and competitiveness of our business versus other forms of transportation,
such as truck or rail.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">Inflation could adversely
affect our operating results and financial condition.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Inflation could have an adverse impact
on our operating results and subsequently on our financial condition both directly through the increase of various costs necessary for
the operation of our vessels, and any vessels we may acquire in the future, such as crew, repairs and materials, and indirectly through
its adverse impact on the world economy in terms of increasing interest rates and slowdown of global growth. If inflationary pressures
intensify further, we may be unable to raise our charter rates enough to offset the increasing costs of our operations, which would decrease
our profit margins. Inflation may also raise our costs of capital, which would result in the deterioration of our financial condition.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">The aging of our fleet
may result in increased operating costs in the future, which could adversely affect our earnings.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In general, the cost of maintaining
a vessel in good operating condition increases with the age of the vessel. As our vessels and any vessel we may acquire in the future
age, operating and other costs will increase. In the case of bareboat charters, operating costs are borne by the bareboat charterer. Cargo
insurance rates also increase with the age of a vessel, making older vessels less desirable to charterers. Governmental regulations, including
environmental regulations, safety or other equipment standards related to the age of vessels may require expenditures for alterations
or the addition of new equipment to our vessels, or vessels we may acquire and may restrict the type of activities in which our vessels,
or vessels we may acquire may engage. As our fleet ages, market conditions might not justify those expenditures or enable us to operate
our vessels, or vessels we may acquire profitably during the remainder of their useful lives.</P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Unless
we set aside reserves or are able to borrow funds for vessel replacement, our revenue will decline at the end of a vessel<FONT STYLE="font-style: normal; font-weight: normal">&#8217;</FONT>s
useful life, which would adversely affect our business, results of operations and financial condition.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Unless we maintain reserves or are
able to borrow or raise funds for vessel replacement, we will be unable to replace the vessels in our fleet upon the expiration of their
remaining useful lives. We estimate that our vessels have a useful life of up to 25 years from the date of their initial delivery from
the shipyard. In case we acquire secondhand vessels, they are depreciated from the date of their acquisition through their remaining estimated
useful life. Our cash flows and income are dependent on the revenues earned by the chartering of our vessels, or vessels we may acquire,
to customers. If we are unable to replace the vessels in our fleet upon the expiration of their useful lives, our business, results of
operations and financial condition will be materially and adversely affected.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Purchasing
and operating secondhand vessels may result in increased operating costs and vessels off-hire, which could adversely affect our earnings.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We may expand our fleet through the
acquisition of secondhand vessels. While we rigorously inspect previously owned or secondhand vessels prior to purchase, this does not
normally provide us with the same knowledge about their condition and cost of any required (or anticipated) repairs that we would have
had if these vessels had been built for and operated exclusively by us. Accordingly, we may not discover defects or other problems with
such vessels prior to purchase. Any such hidden defects or problems, when detected, may be expensive to repair, and if not detected, may
result in accidents or other incidents for which we may become liable to third parties. Also, when purchasing previously owned vessels,
we do not receive the benefit of warranties from the builders if the vessels we buy are older than one year. In general, the costs to
maintain a vessel in good operating condition increase with the age and type of the vessel. In the case of chartered-in vessels, we run
the same risks.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Governmental regulations, safety or
other equipment standards related to the age of vessels may require expenditures for alterations, or the addition of new equipment, to
our vessels, or vessels we may acquire and may restrict the type of activities in which the vessels may engage. As our vessels, or vessels
we may acquire age, market conditions may not justify those expenditures or enable us to operate our vessels profitably during the remainder
of their useful lives.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">We may not have adequate
insurance to compensate us if we lose any vessels that we acquire.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">There are a number of risks associated
with the operation of ocean-going vessels, including mechanical failure, collision, fire, human error, war, terrorism, piracy, loss of
life, contact with floating objects, property loss, cargo loss or damage and business interruption due to political circumstances in foreign
countries, hostilities and labor strikes. Any of these events may result in loss of revenues, increased costs and decreased cash flows.
In addition, the operation of any vessel is subject to the inherent possibility of marine disaster, including oil spills and other environmental
mishaps.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We carry insurance for our vessels
and intend to carry insurance for all vessels we acquire against those types of risks commonly insured against by vessel owners and operators.
These insurances include hull and machinery insurance, protection and indemnity insurance (which includes environmental damage and pollution
insurance coverage), freight demurrage and defense and war risk insurance. Reasonable insurance rates can best be obtained when the size
and the age/trading profile of the fleet is attractive. As a result, rates become less competitive as a fleet downsizes.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We do not currently maintain strike
or off-hire insurance, which would cover the loss of revenue during extended vessel off-hire periods, such as those that occur during
an unscheduled drydocking due to damage to the vessel from accidents except in cases of loss of hire up to a limited number of days due
to war or a piracy event. Other events that may lead to off-hire periods include natural or man-made disasters that result in the closure
of certain waterways and prevent vessels from entering or leaving certain ports. Accordingly, any extended vessel off-hire, due to an
accident or otherwise, could have a material adverse effect on our business and our results of operations and operating cash flow.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.1in 0pt 0">Changes in the insurance markets attributable
to the risk of terrorism in certain locations around the world could make it difficult for us to obtain certain types of coverage. In
addition, the insurance that may be available to us may be significantly more expensive than our existing coverage.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We may not be adequately insured to
cover losses against all risks, which could have a material adverse effect on us. Additionally, our insurers may refuse to pay particular
claims and our insurance may be voidable by the insurers if we take, or fail to take, certain action, such as failing to maintain certification
of our vessels with applicable maritime regulatory organizations. Any significant uninsured or underinsured loss or liability could have
a material adverse effect on our business, results of operations, cash flows, financial condition, and ability to pay dividends. It may
also result in protracted legal litigation.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In the future, we may not be able
to obtain adequate insurance coverage at reasonable rates for the vessels we acquire. The insurers may not pay particular claims. Our
insurance policies also contain deductibles for which we will be responsible as well as limitations and exclusions that may increase our
costs or lower our revenue.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; text-indent: 0.5in; margin: 0pt 34.1pt 0pt 0">We
may be subject to increased premium payments, or calls, as we obtain some of our insurance through protection and indemnity associations.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We may be subject to increased premium
payments, or calls, in amounts based on our claim records and the claim records of our Fleet Manager as well as the claim records of other
members of the protection and indemnity associations through which we receive insurance coverage for tort liability, including pollution-related
liability. In addition, our protection and indemnity associations may not have enough resources to cover claims made against them. Our
payment of these calls could result in significant expense to us, which could have a material adverse effect on our business, results
of operations and financial condition.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; text-indent: 0.5in; margin: 0pt 34.1pt 0pt 0">Increasing
regulation as well as scrutiny and changing expectations from investors, lenders and other market participants with respect to our Environmental,
Social and Governance (<FONT STYLE="font-style: normal; font-weight: normal">&#8220;</FONT>ESG<FONT STYLE="font-style: normal; font-weight: normal">&#8221;</FONT>)
policies may impose additional costs on us or expose us to additional risks.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Companies across all industries are
facing increasing scrutiny relating to their ESG policies. Investor advocacy groups, certain institutional investors, investment funds,
lenders and other market participants are increasingly focused on ESG practices and in recent years have placed increasing importance
on the implications and social cost of their investments. The increased focus and activism related to ESG and similar matters may hinder
access to capital, as investors and lenders may decide to reallocate capital or to not commit capital as a result of their assessment
of a company&#8217;s ESG practices. Companies which do not adapt to or comply with investor, lender or other evolving industry shareholder
expectations and standards, or which are perceived to have not responded appropriately to the growing concern for ESG issues, regardless
of whether there is a legal requirement to do so, may suffer from reputational damage and the business, financial condition, and/or stock
price of such a company could be materially and adversely affected.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We may face increasing pressures from
investors, lenders and other market participants, who are increasingly focused on climate change, to prioritize sustainable energy practices,
reduce our carbon footprint and promote sustainability. As a result, we may be required to implement more stringent ESG procedures or
standards so that our existing and future investors and lenders remain invested in us and make further investments in us, especially given
the highly focused and specific trade of crude oil transportation in which we are presently engaged. If we do not meet these standards,
our business and/or our ability to access capital could be harmed.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">On March 6, 2024, the SEC adopted
final rules to enhance and standardize climate-related and ESG-related disclosures by public companies and in public offerings. The final
rules are set forth in Release No. 33-11275. The final rules would add extensive and prescriptive disclosure items requiring companies,
including foreign private issuers, to disclose climate-related risks and certain emissions. In addition, the final rules would require
the inclusion of certain climate-related financial metrics in a note to companies&#8217; audited financial statements. These rules were
challenged in federal court and, in April 2024, the SEC announced that it would voluntarily stay the effectiveness of the rules pending
judicial review. On February 11, 2025&nbsp;&nbsp;, the acting chairperson of the SEC stated the rules were deeply flawed, and requested
the Eighth Circuit Court of Appeals pause the litigation. On March 27, 2025, the SEC voted to end its defense of the rules and sent a
letter to the Eighth Circuit Court of Appeals, withdrawing its defense of the rules. The rules currently remain in effect, unless the
SEC formally withdraws or rescinds the rules, or the Eighth Circuit finds the rules invalid.</P>

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

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Additionally, certain investors and
lenders may exclude shipping companies, such as us, from their investing portfolios altogether due to environmental, social and governance
factors. These limitations in both the debt and equity capital markets may affect our ability to develop as our plans for growth may include
accessing the equity and debt capital markets. If those markets are unavailable, or if we are unable to access alternative means of financing
on acceptable terms, or at all, we may be unable to implement our business strategy, which would have a material adverse effect on our
financial condition and results of operations and impair our ability to service our indebtedness. Further, it is likely that we will incur
additional costs and require additional resources to monitor, report and comply with wide ranging ESG requirements. The occurrence of
any of the foregoing could have a material adverse effect on our business and financial condition.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Moreover, from time to time, we may
incur additional costs, establish and publicly announce goals and commitments in respect of certain ESG items. While we may create and
publish voluntary disclosures regarding ESG matters from time to time, many of the statements in those voluntary disclosures are based
on hypothetical expectations and assumptions that may or may not be representative of current or actual risks or events or forecasts of
expected risks or events, including the costs associated therewith. Such expectations and assumptions are necessarily uncertain and may
be prone to error or subject to misinterpretation given the long timelines involved and the lack of an established single approach to
identifying, measuring and reporting on many ESG matters. If we fail to achieve or improperly report on our progress toward achieving
our environmental goals and commitments, the resulting scrutiny from market participants or regulators could adversely affect our reputation
and/or our access to capital.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">A
shift in consumer demand from crude oil towards other energy sources or changes to trade patterns for crude oil and refined petroleum
products may have a material adverse effect on our business.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">A significant portion of our earnings
are related to the crude oil industry. A shift in the consumer demand from crude oil towards other energy resources such as wind energy,
solar energy, hydrogen energy, or nuclear energy will potentially affect the demand for our vessels and any vessel we may acquire in the
future. This could have a material adverse effect on our future performance, results of operations, cash flows, and financial position.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Seaborne trading and distribution
patterns are primarily influenced by the relative advantage of the various sources of production, locations of consumption, pricing differentials,
and seasonality. Changes to the trade patterns of crude oil and oil products may have a significant negative or positive impact on ton-miles
and, therefore, the demand for our tanker vessels. This could have a material adverse effect on our future performance, results of operations,
cash flows, and financial position.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; text-indent: 0.5in; margin: 0pt 0 0pt 0">Technological
innovation and quality and efficiency requirements from our customers could reduce our charter hire income and the value of our vessels,
or vessels we may acquire.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our customers, in particular those
in the oil industry, have a high and increasing focus on quality and compliance standards with their suppliers across the entire supply
chain, including the shipping and transportation segment. Our continued compliance with these standards and quality requirements is vital
for our operations. Charter hire rates and the value and operational life of a vessel are determined by a number of factors including
the vessel&#8217;s efficiency, operational flexibility and physical life. Efficiency includes speed, fuel economy and the ability to load
and discharge cargo quickly. Flexibility includes the ability to enter harbors, utilize related docking facilities and pass through canals
and straits. The length of a vessel&#8217;s physical life is related to its original design and construction, its maintenance and the
impact of the stress of operations. If new vessels are built that are more efficient or more flexible or have longer physical lives than
our vessels, or vessels we may acquire, competition from these more technologically advanced vessels could adversely affect the amount
of charter hire payments we receive for our vessels, or vessels we may acquire, and the resale value of our vessels, or vessels we may
acquire could significantly decrease which may have a material adverse effect on our future performance, results of operations, cash flows
and financial position.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; text-indent: 0.5in; margin: 0pt 0 0pt 0">Failure
to comply with the U.S. Foreign Corrupt Practices Act of 1977, or the FCPA, could result in fines, criminal penalties, and an adverse
effect on our business.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We may operate in a number of countries
throughout the world, including countries known to have a reputation for corruption. We are committed to doing business in accordance
with applicable anti-corruption laws and have adopted a code of business conduct and ethics that is consistent and in full compliance
with the FCPA. We are subject, however, to the risk that we, our affiliated entities or our or their respective officers, directors, employees,
and agents may take actions determined to be in violation of such anti-corruption laws, including the FCPA. In addition, actual or alleged
violations could damage our reputation and ability to do business. Furthermore, detecting, investigating, and resolving actual or alleged
violations is expensive and can consume significant time and attention of our senior management. Any such violation could result in substantial
fines, sanctions, civil and/or criminal penalties, curtailment of operations in certain jurisdictions, and might adversely affect our
business, earnings or financial condition.</P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">The smuggling of drugs
or other contraband onto our vessels, or vessels we may acquire may lead to governmental claims against us.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our vessels, or vessels we may acquire,
may call in ports where smugglers may attempt to hide drugs and other contraband on vessels, with or without the knowledge of crew members.
To the extent our vessels, or vessels we may acquire, are found with contraband, whether inside or attached to the hull of our vessels
and whether with or without the knowledge of any of our crew, we may face governmental or other regulatory claims which could have an
adverse effect on our business, results of operations, cash flows, and financial condition, as well as our ability to pay dividends. Under
some jurisdictions, vessels used for the conveyance of illegal drugs could result in forfeiture of the subject vessel to the government
of such jurisdiction.</P>

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

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<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">Maritime claimants could
arrest our vessels, or vessels we may acquire, which could interrupt our cash flow.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Crew members, suppliers of goods and
services to a vessel, shippers of cargo and other parties may be entitled to a maritime lien against that vessel for unsatisfied debts,
claims or damages. In many jurisdictions, a maritime lienholder may enforce its lien by &#8220;arresting&#8221; or &#8220;attaching&#8221;
a vessel through foreclosure proceedings. The arrest or attachment of our vessels or vessels we acquire could result in a significant
loss of earnings for the related off-hire period. In addition, in jurisdictions where the &#8220;sister ship&#8221; theory of liability
applies, a claimant may arrest the vessel which is subject to the claimant&#8217;s maritime lien and any &#8220;associated&#8221; vessel,
which is any vessel owned or controlled by the same owner. In countries with &#8220;sister ship&#8221; liability laws, claims might be
asserted against us or any of our vessels for liabilities of any other vessels we may own.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">Governments could requisition
our vessels, or vessels we acquire, during a period of war or emergency, resulting in loss of earnings.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">A government could requisition our
vessels for title or hire. Requisition for title occurs when a government takes control of a vessel and becomes the owner. Requisition
for hire occurs when a government takes control of a vessel and effectively becomes the charterer at dictated charter rates. Generally,
requisitions occur during a period of war or emergency. Although we would be entitled to compensation in the event of a requisition, the
amount and timing of payment of such compensation is uncertain. Government requisition of our vessels or vessels we may acquire could
negatively impact our revenues should we not receive adequate compensation.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">U.S. federal tax authorities
could treat us as a <FONT STYLE="font-style: normal; font-weight: normal">&#8220;</FONT>passive foreign investment company,<FONT STYLE="font-style: normal; font-weight: normal">&#8221;</FONT>
which could have adverse U.S. federal income tax consequences to U.S. shareholders.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">A foreign corporation will be treated
as a &#8220;passive foreign investment company,&#8221; or PFIC, for U.S. federal income tax purposes if either (1) at least 75% of its
gross income for any taxable year consists of certain types of &#8220;passive income&#8221; or (2) at least 50% of the average value of
the corporation&#8217;s assets produce or are held for the production of those types of &#8220;passive income.&#8221; For purposes of
these tests, &#8220;passive income&#8221; includes dividends, interest, gains from the sale or exchange of investment property and rents
and royalties other than rents and royalties which are received from unrelated parties in connection with the active conduct of a trade
or business. Income derived from the performance of services does not constitute &#8220;passive income&#8221; for this purpose. U.S. shareholders
of a PFIC are subject to a disadvantageous U.S. federal income tax regime with respect to the income derived by the PFIC, the distributions
they receive from the PFIC and the gain, if any, they derive from the sale or other disposition of their shares in the PFIC.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In general, income derived from the
bareboat charter of a vessel should be treated as &#8220;passive income&#8221; for purposes of determining whether a foreign corporation
is a PFIC, and such vessel should be treated as an asset which produces or is held for the production of &#8220;passive income.&#8221;
On the other hand, income derived from the time charter of a vessel should not be treated as &#8220;passive income&#8221; for such purpose,
but rather should be treated as services income; likewise, a time chartered vessel should generally not be treated as an asset which produces
or is held for the production of &#8220;passive income.&#8221;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We believe that the Rubico Predecessor
was not a PFIC for its 2024 taxable year and we do not expect to be treated as a PFIC in the current or subsequent taxable years. In this
regard, we intend to treat the gross income we derive or are deemed to derive from our time chartering activities as services income,
rather than rental income. Accordingly, we believe that our income from our time chartering activities does not constitute &#8216;&#8216;passive
income,&#8217;&#8217; and the assets that we own and operate in connection with the production of that income do not constitute passive
assets.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">There is, however, no direct legal
authority under the PFIC rules addressing our proposed method of operation. Accordingly, no assurance can be given that the United States
Internal Revenue Service, or IRS, or a court of law will accept our position, and there is a risk that the IRS or a court of law could
determine that we are a PFIC. Moreover, no assurance can be given that we would not constitute a PFIC for any future taxable year if there
were to be changes in the nature and extent of our operations.</P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our U.S. shareholders may face adverse
U.S. federal income tax consequences and certain information reporting obligations if we were treated as a PFIC. Under the PFIC rules,
unless those shareholders make an election available under the Code (which election could itself have adverse consequences for such shareholders,
as discussed below under &#8220;Taxation&#8212; U.S. Federal Income Taxation of U.S. Holders&#8212;The QEF Election&#8221;), such shareholders
would be liable to pay U.S. federal income tax at the then prevailing income tax rates on ordinary income plus interest upon excess distributions
and upon any gain from the disposition of their common shares, as if the excess distribution or gain had been recognized ratably over
the shareholder&#8217;s holding period of the common shares. See &#8220;Taxation&#8212;U.S. Federal Income Taxation of U.S. Holders&#8221;
for a more comprehensive discussion of the U.S. federal income tax consequences to U.S. shareholders if we were treated as a PFIC.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">We may be subject to U.S.
federal income tax on our U.S. source income, which would reduce our earnings.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Under the U.S. Internal Revenue Code
of 1986, as amended, or the Code, 50% of the gross shipping income of a vessel owning or chartering corporation, such as ourselves and
our subsidiaries, that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States
is characterized as U.S. source shipping income and such income is subject to a 4% U.S. federal income tax without allowance for deduction,
unless that corporation qualifies for exemption from tax under Section 883 of the Code.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We took the position for U.S. federal
income tax reporting purposes that the Rubico Predecessor was not subject to U.S. federal income taxation for the 2022 and 2023 taxable
years and intend to take this position for the 2024 taxable year. However, there are factual circumstances beyond our control that could
cause us to lose the benefit of the exemption and thereby become subject to U.S. federal income tax on our U.S. source shipping income.
Due to the factual nature of the issues involved, we may not qualify for exemption under Section 883 of the Code for 2025 or any future
taxable year.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">We plan to take the position
that the Spin-Off will not qualify for tax-free treatment under Section 355 of the Code.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">For U.S. federal income tax purposes,
if a corporate division, such as the Spin-Off qualifies for tax-free treatment under Section 355 of the Code, the distribution of our
common shares to the Parent&#8217;s shareholders would generally not be taxable as a distribution and shareholders would allocate a portion
of their tax basis in their shares of the Parent received in the Spin-Off. We intend to take the position that the Spin-Off will not satisfy
all of the requirements of Section 355 of the Code, and as such that the Spin-Off will not be treated as a tax-free corporate division
for U.S. federal income tax purposes. Based on this treatment, the distribution of our common shares to the Parent&#8217;s shareholders
will be taxable as a distribution for U.S. federal income tax purposes. The tax treatment of the Spin-Off is discussed below at &#8220;Tax
Considerations&#8212;U.S. Federal Income Taxation of U.S. Holders&#8212;U.S. Federal Income Tax Treatment of the Spin-Off.&#8221;</P>

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

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<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">We are a <FONT STYLE="font-style: normal; font-weight: normal">&#8220;</FONT>foreign
private issuer,<FONT STYLE="font-style: normal; font-weight: normal">&#8221;</FONT> which could make our common shares less attractive
to some investors or otherwise harm our stock price.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We are a &#8220;foreign private issuer,&#8221;
as such term is defined in Rule 405 under the Securities Act. As a &#8220;foreign private issuer&#8221; the rules governing the information
that we disclose differ from those governing U.S. corporations pursuant to the Exchange Act. We are not required to file quarterly reports
on Form 10-Q or provide current reports on Form 8-K disclosing significant events within four days of their occurrence. In addition, our
officers and directors are exempt from the reporting and &#8220;short-swing&#8221; profit recovery provisions of Section 16 of the Exchange
Act and related rules with respect to their purchase and sales of our securities. Our exemption from the rules of Section 16 of the Exchange
Act regarding sales of common shares by insiders means that you will have less data in this regard than shareholders of U.S. companies
that are subject to the Exchange Act. Moreover, we are exempt from the proxy rules, and proxy statements that we distribute will not be
subject to review by the Securities and Exchange Commission, or the SEC. Accordingly, there may be less publicly available information
concerning us than there is for other U.S. public companies that are not foreign private issuers. These exemptions and scaled disclosure
requirements are not related to our status as an emerging growth company and will continue to be available to us even if we no longer
qualify as an emerging growth company but remain a foreign private issuer. These factors could make our common shares less attractive
to some investors or otherwise harm our stock price.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We could lose our foreign private
issuer status under U.S. securities laws. The regulatory and compliance costs to us under U.S. securities laws as a U.S. domestic issuer
may be significantly higher. We would then also be required to file periodic reports and registration statements on U.S. domestic issuer
forms with the SEC, which are more detailed and extensive than the forms available to a foreign private issuer. We may then also be required
to modify certain of our policies to comply with good or required governance practices associated with U.S. domestic issuers. Such conversion
and modifications will involve additional costs.</P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">Changing laws and evolving
reporting requirements could have an adverse effect on our business.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Changing laws, regulations and standards
relating to reporting requirements, including the European Union General Data Protection Regulation, or GDPR, may create additional compliance
requirements for us. To maintain high standards of corporate governance and public disclosure, we have invested in, and continue to invest
in, reasonably necessary resources to comply with evolving standards.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">GDPR broadens the scope of personal
privacy laws to protect the rights of European Union citizens and requires organizations to report on data breaches within 72 hours and
be bound by more stringent rules for obtaining the consent of individuals on how their data can be used. Non-compliance with GDPR may
expose entities to significant fines or other regulatory claims which could have an adverse effect on our business, and results of operations.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B><U>RISKS RELATED TO OUR COMMON SHARES</U></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">There
is no existing market for our common shares, and a trading market that will provide you with adequate liquidity may not develop. The price
of our common shares may fluctuate significantly when and if trading in our common shares begins<FONT STYLE="font-weight: normal">. </FONT>Further,
there is no guarantee of a continuing public market to resell our common shares.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Prior to the Spin-Off, there has been
no public market for our common shares. We do not know the extent to which investor interest will lead to the development of a trading
market or how liquid that market might be. You may not be able to resell your common shares at or above the initial trading price. Additionally,
the lack of liquidity may result in wide bid-ask spreads, contribute to significant fluctuations in the market price of the common shares
and limit the number of investors who are able to buy the common shares.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We have applied to list our common
shares on the Nasdaq Capital Market, although there can be no assurance that we will meet the initial listing standards of such exchange
and that such application will be successful. Further, if our common stock is approved for listing on the Nasdaq Capital Market, there
is no guarantee that we will be able to maintain such listing for any period of time by perpetually satisfying such exchange&#8217;s continued
listing requirements. Our failure to continue to meet these requirements may result in our securities being delisted. We cannot assure
you that any continuing public market to resell our common shares will be available.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">The market price of our
common shares may in the future be subject to significant fluctuations.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The market price of our common shares
may in the future be subject to significant fluctuations as a result of many factors, some of which are beyond our control. Among the
factors that could in the future affect our stock price are:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: left">variations in our results of operations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: left">changes in market valuations of similar companies and stock market price and volume fluctuations generally;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: left">changes in earnings estimates or the publication of research reports by analysts;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: left">speculation in the press or investment community about our business or the shipping industry generally;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: left">strategic actions by us or our competitors such as acquisitions or restructurings;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: left">the thin trading market for our common shares, which makes it somewhat illiquid;</TD></TR></TABLE>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: left">regulatory developments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: left">additions or departures of key personnel;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: left">general market conditions; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: left">domestic and international economic, market and currency factors unrelated to our performance.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The stock markets in general, and
the markets for shipping and shipping stocks in particular, have experienced extreme volatility that has sometimes been unrelated to the
operating performance of individual companies. These broad market fluctuations may adversely affect the trading price of our common stock.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We
may rely in part on equity issuances, which will not require shareholder approval, to fund our growth, and such equity issuances could
dilute your ownership interests and may depress the market price of our common shares.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We may issue additional common shares
or other equity securities of equal or senior rank in the future in connection with, among other things, future vessel acquisitions or
repayment of outstanding indebtedness, without shareholder approval, in a number of circumstances.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">As part of our business strategy,
we may rely in part on issuances of equity, warrants or preferred securities, which may carry voting rights and may be convertible or
exercisable into common shares, to fund the growth of our fleet. We may issue such securities in private placements, including to related
parties, or in registered offerings.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our issuance of additional common
shares, including upon conversion of convertible securities or exercise of warrants, or other equity securities of equal or senior rank,
or with voting rights, may have the following effects:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: left">Our existing common shareholders&#8217; proportionate ownership interest in us will decrease;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: left">the amount of cash available for dividends payable per common share may decrease;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: left">the relative voting strength of each previously outstanding common share may be diminished; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: left">the market price of our common shares may decline.</TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in">A possible
&#8220;short squeeze&#8221; due to a sudden increase in demand of our common stock that largely exceeds supply may lead to further price
volatility in our common shares.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Investors may purchase our common
shares to hedge existing exposure in our common shares or to speculate on the price of our common shares. Speculation on the price of
our common shares may involve long and short exposures. To the extent aggregate short exposure exceeds the number of common shares available
for purchase in the open market, investors with short exposure may have to pay a premium to repurchase our common shares for delivery
to lenders of our common shares. Those repurchases may in turn, dramatically increase the price of our common shares until investors with
short exposure are able to purchase additional common shares to cover their short position. This is often referred to as a &#8220;short
squeeze.&#8221; Following such a short squeeze, once investors purchase the shares necessary to cover their short position, the price
of our common shares may rapidly decline. A short squeeze could lead to volatile price movements in our shares that are not directly correlated
to the performance or prospects of our company.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">As
a newly incorporated company, we may not have the surplus or net profits required by law to pay dividends. The declaration and payment
of dividends will always be subject to the discretion of our board of directors and will depend on a number of factors. Our board of directors
may not declare dividends in the future.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The declaration, timing and amount
of any dividend is subject to the discretion of our board of directors and will be dependent upon our earnings, financial condition, market
prospects and our growth strategy, capital expenditure requirements, dividends to holders of our preferred shares, investment opportunities,
restrictions in our financing arrangements, the provisions of Marshall Islands law affecting the payment of dividends to shareholders,
overall market conditions and other factors.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In addition, we may incur expenses
or liabilities, including extraordinary expenses, decreases in revenues, including as a result of unanticipated off-hire days or loss
of a vessel, or increased cash needs, or be subject to other circumstances in the future, including as a result of the risks described
in this registration statement and any future reports we may file with the SEC, that could reduce or eliminate the amount of cash that
we have available for distribution as dividends. Our growth strategy contemplates that we will finance the acquisition of additional vessels
in part through raising equity capital. However, if external sources of funds on terms acceptable to us are limited, our board of directors
may determine to finance acquisitions with cash from operations, which would reduce or even eliminate the amount of cash available for
the payment of dividends. In addition, any credit facilities that we may enter into or the terms of preferred shares which we may issue
in the future may include restrictions on our ability to pay dividends on our common shares. Further, under the terms of our current financing
arrangements, and possibly any future financing arrangements, we will not be permitted to pay dividends that would result in an event
of default or if an event of default has occurred and is continuing. As a result of these and other factors, we cannot assure you that
our board of directors will declare dividend payments on our common shares in the future.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.1in 0pt 0">Further, Marshall Islands law generally
prohibits the payment of dividends if the company is insolvent or would be rendered insolvent upon payment of such dividend, and dividends
may be declared and paid out of our operating surplus. Dividends may also be declared or paid out of net profits for the fiscal year in
which the dividend is declared and for the preceding fiscal year. As a newly incorporated company, we may not have the required surplus
or net profits to pay dividends, and we may be unable to pay dividends in any anticipated amount or at all.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our
significant shareholder has significant influence over us, and a trust established for the benefit of his family may be deemed to beneficially
own, directly or indirectly, 100% of our Series D Preferred Shares, and thereby to control the outcome of matters on which our shareholders
are entitled to vote.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Following the Spin-Off, Lax Trust,
which is an irrevocable trust established for the benefit of certain family members of Mr. Evangelos J. Pistiolis, may be deemed to beneficially
own, directly or indirectly, all of the 100,000 outstanding Series D Preferred Shares. Each Series D Preferred Share carries 1,000 votes.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">By the Lax Trust&#8217;s beneficial
ownership of 100% of our Series D Preferred Shares, following the Spin-Off and the Private Placement, the Lax Trust may be deemed to beneficially
own 97.0% of our total voting power and to control the outcome of matters on which our shareholders are entitled to vote, including the
election of our directors and other significant corporate actions.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In addition, following the Spin-Off
and the Private Placement, 3 Sororibus Trust, which is an irrevocable trust established for the benefit of certain family members of Mr.
Evangelos J. Pistiolis, may be deemed to beneficially own 46.8% of our Common Shares, and Mr. Evangelos J. Pistiolis may be deemed to
beneficially own 7.0% of our Common Shares.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The Lax Trust together with the 3
Sororibus Trust and Mr. Evangelos J. Pistiolis may be deemed to beneficially own 98.6% of our total voting power, and therefore to control
the outcome of matters on which our shareholders are entitled to vote, including the election of our directors and other significant corporate
actions.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In order to satisfy the minimum percentage
of voting of Mr. Evangelos J. Pistiolis contained in the AVIC and Huarong SLBs as described below as well as any future such minimum voting
rights financing agreement covenants, the voting rights per share of Series D Preferred Shares are adjusted such that during the term
of any facility containing such a minimum voting percentage covenant, the combined voting power controlled by Mr. Evangelos J. Pistiolis
or any related parties affiliated with Mr. Evangelos J. Pistiolis and the Lax Trust does not fall below a majority of our total voting
power, irrespective of any new common or preferred stock issuances. Both the number of the Series D Preferred Shares and the votes per
Series D Preferred Share are not adjusted in case of splits, subdivisions, reverse stock splits or combinations of the Company&#8217;s
outstanding shares.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">This concentration of ownership may
delay, deter or prevent acts that would be favored by our other shareholders or deprive shareholders of an opportunity to receive a premium
for their shares as part of a sale of our business, and it is possible that the interests of Lax Trust, 3 Sororibus Trust, Mr. Evangelos
J. Pistiolis or the family of Mr. Evangelos J. Pistiolis may conflict with our interests and the interests of our other holders of shares.
Any such conflicts of interest could result in our entry into transactions on terms not determined by market forces. In addition, this
concentration of share ownership may adversely affect the trading price of our shares because investors may perceive disadvantages in
owning shares in a company with such concentrated shareholding. This concentration of ownership of our voting shares could adversely affect
our business, financial condition and results of operations, and the trading price of our common shares.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Anti-takeover
provisions in our amended and restated articles of incorporation and bylaws could make it difficult for our shareholders to replace or
remove our current board of directors or could have the effect of discouraging, delaying or preventing a merger or acquisition, which
could adversely affect the market price of our common shares.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Several provisions of our amended
and restated articles of incorporation and bylaws which we will adopt prior to the Spin-Off may have anti-takeover effects. These provisions
are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability of our
board to maximize shareholder value in connection with any unsolicited offer to acquire our company. However, these anti-take-over provisions
could make it difficult for our shareholders to change the composition of our board of directors in any one year, preventing them from
changing the composition of our management. In addition, the same provisions may discourage, delay or prevent a merger or acquisition
that some shareholders may consider favorable.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0">These provisions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">authorize our board of directors to issue &#8220;blank check&#8221; preferred stock
without shareholder approval, including preferred shares with superior voting rights, such as the Series D Preferred Shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: left">provide for a classified board of directors with staggered, three-year terms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: left">permit the removal of any director only for cause;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: left">prohibiting shareholder action by written consent unless the written consent is signed by all shareholders
entitled to vote on the action;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: left">limiting the persons who may call special meetings of shareholders; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: left">establishing advance notice requirements for nominations for election to our board of directors or for proposing
matters that can be acted on by shareholders at meetings of shareholders.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In addition, in connection with the
Spin-Off we will enter into a shareholders&#8217; rights agreement pursuant to which our board of directors may cause the substantial
dilution of any person that attempts to acquire us without the approval of our board of directors.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">These anti-takeover provisions including
provisions of our shareholders&#8217; rights agreement, could substantially impede the ability of our shareholders to impose a change
in control and, as a result, may adversely affect the market price of our common shares and your ability to realize any potential change
of control premium.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We
are an &#8220;emerging growth company&#8221; and we cannot be certain if the reduced disclosure requirements applicable to emerging growth
companies will make our Common Stock less attractive to investors<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We are an &#8220;emerging growth company&#8221;
as defined in the JOBS Act, and we may take advantage of certain exemptions from various reporting requirements that are applicable to
other public companies that are not emerging growth companies. While we have elected to take advantage of some of the reduced reporting
obligations, we are choosing to &#8220;opt-out&#8221; of the extended transition period relating to the exemption from new or revised
financial accounting standards. We cannot predict if investors will find our Common Stock less attractive because we may rely on these
exemptions. If some investors find our Common Stock less attractive as a result, there may be a less active trading market for our Common
Stock and our share price may be more volatile.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In addition, under the JOBS Act, our
independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial
reporting pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, or Sarbanes-Oxley, for so long as we are an emerging growth company.
For as long as we take advantage of the reduced reporting obligations, the information that we provide shareholders may be different from
information provided by other public companies.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We
are incorporated in the Republic of the Marshall Islands, which does not have a well-developed body of corporate law, and as a result,
shareholders may have fewer rights and protections under Marshall Islands law than under a typical jurisdiction in the United States.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our corporate affairs are governed
by our Articles of Incorporation, as amended, our Bylaws, and by the Marshall Islands Business Corporations Act, or the BCA. The provisions
of the BCA resemble provisions of the corporation laws of a number of states in the United States. However, there have been few judicial
cases in the Republic of the Marshall Islands interpreting the BCA. The rights and fiduciary responsibilities of directors under the law
of the Republic of the Marshall Islands are not as clearly established as the rights and fiduciary responsibilities of directors under
statutes or judicial precedent in existence in certain United States jurisdictions. Shareholder rights may differ as well. While the BCA
does specifically incorporate the non- statutory law, or judicial case law, of the State of Delaware and other states with substantially
similar legislative provisions, our public shareholders may have more difficulty in protecting their interests in the face of actions
by management, directors or controlling shareholders than would shareholders of a corporation incorporated in a United States jurisdiction.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">As
a Marshall Islands corporation with principal executive offices in Greece and subsidiaries in the Marshall Islands, our operations may
be subject to economic substance requirements.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The Council of the European Union,
or the Council, routinely publishes a list of &#8220;non-cooperative jurisdictions&#8221; for tax purposes, which includes countries that
the Council believes need to improve their legal framework and to work towards compliance with international standards in taxation. In
February 2023, the Republic of the Marshall Islands, among others, was placed by the EU on the list of non-cooperative jurisdictions for
lacking in the enforcement of economic substance requirements and was subsequently removed from such list in October 2023. EU member states
have agreed upon a set of measures, which they can choose to apply against the listed countries, including increased monitoring and audits,
withholding taxes, and non-deductibility of costs, and although we are not currently aware of any such measures being adopted, they can
be adopted by one or more EU members states in the future. The European Commission has stated it will continue to support member states&#8217;
efforts to develop a more coordinated approach to sanctions for the listed countries. EU legislation prohibits certain EU funds from being
channeled or transited through entities in non-cooperative jurisdictions.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">We are a Marshall Islands corporation
with principal executive offices in Greece. The Marshall Islands has enacted economic substance regulations with which we may be obligated
to comply. Those regulations require certain entities that are not otherwise tax resident elsewhere that carry out particular activities
to comply with an economic substance test whereby the entity must show that it (i) is directed and managed in the Marshall Islands in
relation to that relevant activity, (ii) carries out core income-generating activity in relation to that relevant activity in the Marshall
Islands (although it is being understood and acknowledged by the regulators that income-generating activities for shipping companies will
generally occur in international waters), and (iii) having regard to the level of relevant activity carried out in the Marshall Islands,
has (a) an adequate amount of expenditures in the Marshall Islands, (b) adequate physical presence in the Marshall Islands, and (c) an
adequate number of qualified employees in the Marshall Islands.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">If we fail to comply with our obligations
under this legislation or any similar law applicable to us in any other jurisdictions, we could be subject to financial penalties and
spontaneous disclosure of information to foreign tax officials or with respect to the Marshall Islands economic substance requirements,
revocation of the formation documents and dissolution of the applicable non-compliant Marshall Islands entity or struck from the register
of companies in related jurisdictions. Any of the foregoing could be disruptive to our business and could have a material adverse effect
on our business, financial conditions, and operating results. Accordingly, any implementation of, or changes to, any of the economic substance
regulations that impact us could increase the complexity and costs of carrying on business in these jurisdictions, and thus could adversely
affect our business, financial condition or results of operations.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We do not know what actions the Marshall
Islands may take, if any, to remove itself from the list of &#8220;non-cooperative jurisdictions&#8221; if it should be placed back on
the list; how quickly the EU would react to any changes in regulations of the Marshall Islands; or how EU banks or other counterparties
will react while we or our subsidiaries remain as entities organized and existing under the laws of the Marshall Islands during a period
if the Marshall Islands is again placed on the list of &#8220;non-cooperative jurisdictions.&#8221; The effect of the EU list of non-cooperative
jurisdictions, and any noncompliance by us with legislation or regulations adopted by the Marshall Islands to achieve removal from the
list, could have a material adverse effect on our business, financial conditions and operating results.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">It may not be possible
for investors to serve process on or enforce U.S. judgments against us.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We and our subsidiaries are incorporated
in jurisdictions outside the U.S. and substantially all of our assets and those of our subsidiaries are located outside the U.S. In addition,
all of our directors and officers are non-residents of the U.S., and all or a substantial portion of the assets of these non-residents
are located outside the U.S. As a result, it may be difficult or impossible for U.S. investors to serve process within the U.S. upon us,
our subsidiaries or our directors and officers or to enforce a judgment against us for civil liabilities in U.S. courts. In addition,
you should not assume that courts in the countries in which we or our subsidiaries are incorporated or where our assets or the assets
of our subsidiaries are located (1) would enforce judgments of U.S. courts obtained in actions against us or our subsidiaries based upon
the civil liability provisions of applicable U.S. federal and state securities laws or (2) would enforce, in original actions, liabilities
against us or our subsidiaries based on those laws.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 6.6pt 0pt 0">Our
amended and restated articles of incorporation include forum selection provisions for certain disputes between us and our shareholders,
which could limit our shareholders<FONT STYLE="font-style: normal; font-weight: normal">&#8217;</FONT> ability to obtain a favorable judicial
forum for disputes with us or our directors, officers, or employees.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our amended and restated articles
of incorporation provide that, unless we consent in writing to the selection of an alternative forum, (A) to the fullest extent permitted
by law, the High Court of the Republic of Marshall Islands shall be the sole and exclusive forum for any internal corporate claim, intra-corporate
claim, or claim governed by the internal affairs doctrine, including (i) any derivative action or proceeding brought on behalf of the
Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer, employee or shareholder of the
Company to the Company or the Company&#8217;s shareholders, and (iii) any action asserting a claim arising pursuant to any provision of
the BCA or our amended and restated articles of incorporation or amended and restated bylaws, and (B) the United States District Court
for the Southern District of New York (or, if such court does not have jurisdiction over such claim, any other federal district court
of the United States) shall be the sole and exclusive forum for all claims arising under the Securities Act or the Exchange Act, as applicable,
and any rule or regulation promulgated thereunder, to the extent such claims would be subject to federal or state jurisdiction pursuant
to the Securities Act or Exchange Act, as applicable, and after giving effect to clause (A) above. Therefore, to the fullest extent permitted
by law, we have selected the High Court of the Republic of the Marshall Islands as the exclusive forum for any derivative action alleging
a violation of the Securities Act or Exchange Act. Although our forum selection provisions shall not relieve us of our statutory duties
to comply with the federal securities laws and the rules and regulations thereunder, and our shareholders are not deemed to have waived
our compliance with such laws, rules, and regulations, as applicable, our forum selection provisions may limit a shareholder&#8217;s ability
to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, or other employees, and
may increase the costs associated with such lawsuits, which may discourage lawsuits with respect to such claims. Please also see below,
&#8220;&#8212;We may not achieve the intended benefits of having forum selection provision if they are found to be unenforceable.&#8221;</P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; font-style: italic; font-weight: bold; text-align: left">We may not achieve the
intended benefits of having forum selection provisions if they are found to be unenforceable.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Section 22 of the Securities Act creates
concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities
Act and the rules and regulations thereunder and Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits
brought to enforce any duty or liability created by the Exchange Act and the rules and regulations thereunder.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our amended and restated articles
of incorporation include a forum selection clause which provides that, unless we consent in writing to an alternative forum, to the fullest
extent permitted by law, the High Court of the Republic of Marshall Islands shall be the sole and exclusive forum any internal corporate
claim, intra-corporate claim, or claim governed by the internal affairs doctrine, including, among others, any derivative action or proceeding
brought on behalf of the Company, and that, subject to the foregoing, the United States District Court for the Southern District of New
York (or, if such court does not have jurisdiction over such claim, any other federal district court of the United States) shall be the
sole and exclusive forum for all claims arising under the Securities Act or Exchange Act, to the extent such claims would be subject to
federal or state jurisdiction pursuant to the Securities Act or Exchange Act, as applicable. Therefore, to the fullest extent permitted
by law, we have selected the High Court of the Republic of the Marshall Islands as the exclusive forum for any derivative action alleging
a violation of the Securities Act or Exchange Act. The enforceability of similar forum selection provisions in other companies&#8217;
governing documents has been challenged in legal proceedings, and it is possible that in connection with any action a court could find
the forum selection provisions contained in our amended and restated articles of incorporation to be inapplicable or unenforceable (in
whole or in part) in such action. For example, with respect to derivative actions arising under the Exchange Act, there is currently disagreement
among federal Courts of Appeals in the United States (a circuit split between the Courts of Appeals for the Seventh and Ninth Circuits)
as to whether a forum selection clause which requires that derivative actions be brought in a specified forum other than the federal courts
would contravene Section 27 of the Exchange Act under certain circumstances. The circuit split follows a line of cases that analyze the
enforceability of forum selection provisions in the context of derivative Securities Act and Exchange Act claims. Accordingly, the applicability
of the provisions of our amended and restated articles of incorporation selecting a Marshall Islands forum for certain types of claims
may be limited with respect to such claims arising under the Securities Act or Exchange Act and, as a result, under certain such circumstances,
the effect of our forum selection provisions may be uncertain. As a result, we could be required to litigate claims in multiple jurisdictions,
incur additional costs with resolving such action in other jurisdictions, or otherwise not receive the benefits that we expect our forum
selection provisions to provide, which could adversely affect our business, financial condition and results of operations.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B><U>RISKS RELATED TO OUR RELATIONSHIP WITH OUR FLEET MANAGER
AND ITS AFFILIATES</U></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">We are dependent on our
Fleet Manager, an affiliate of our significant shareholder, to perform the day-to-day management of our fleet.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our executive management team will
be provided by Central Mare. We subcontract the day-to-day vessel management of our fleet, including crewing, maintenance and repair to
our Fleet Manager. Furthermore, upon delivery of any vessels we may acquire, we expect to subcontract their day-to-day management to our
Fleet Manager. Our Fleet Manager is a related party affiliated with the family of Mr. Evangelos J. Pistiolis, our significant shareholder.
We are dependent on our Fleet Manager for the technical and commercial operation of our fleet as well as for all accounting and reporting
functions and the loss of our Fleet Manager&#8217;s services or its failure to perform obligations to us could materially and adversely
affect the results of our operations. If our Fleet Manager suffers material damage to its reputation or relationships it may harm our
ability to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">continue to operate our vessels, or vessels we may acquire and service our customers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">renew existing charters upon their expiration;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">obtain new charters;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">obtain financing on commercially acceptable terms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">obtain insurance on commercially acceptable terms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">maintain satisfactory relationships with our customers and suppliers; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">successfully execute our growth strategy.</TD></TR></TABLE>

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

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">Our Fleet Manager is a
privately held company and there may be limited or no publicly available information about it.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our Fleet Manager is a privately held
company. The ability of our Fleet Manager to provide services for our benefit will depend in part on its own financial strength. Circumstances
beyond our control could impair our Fleet Manager&#8217;s financial strength, and there may be limited publicly available information
about its financial condition. As a result, an investor in our common shares might have little advance warning of problems affecting our
Fleet Manager, even though these problems could have a material adverse effect on us.</P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; font-style: italic; font-weight: bold; text-align: left">Our Fleet Manager may have
conflicts of interest between us and its other clients.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We subcontract the day-to-day vessel
management of our fleet, including crewing, maintenance and repair to our Fleet Manager. Our Fleet Manager may provide similar services
for vessels owned by other shipping companies, and it also may provide similar services to companies with which our Fleet Manager is affiliated,
including the Parent. These responsibilities and relationships could create conflicts of interest between our Fleet Manager&#8217;s performance
of its obligations to us, on the one hand, and our Fleet Manager&#8217;s performance of its obligations to its other clients, on the other
hand. These conflicts may arise in connection with the crewing, supply provisioning and operations of the vessels in our fleet versus
vessels owned by other clients of our Fleet Manager. In particular, our Fleet Manager may give preferential treatment to vessels owned
by other clients whose arrangements provide for greater economic benefit to our Fleet Manager. These conflicts of interest may have an
adverse effect on our results of operations.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B><U>RISKS RELATING TO THE SPIN-OFF</U></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; text-indent: 0.5in; margin: 0pt 0 0pt 0">We
may be unable to successfully consummate the Spin-Off or to achieve some or all of the benefits that we expect to achieve from the Spin-Off<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.1in 0pt 0">We believe that, as a publicly traded
company, we will be able to, among other things, better focus our financial and operational resources on our specific shipping business,
implement and maintain a capital structure designed to meet our specific needs, design and implement corporate strategies and policies
that are targeted to our business, more effectively respond to industry dynamics and create effective incentives for our management and
employees that are more closely tied to our business performance. However, by separating from the Parent, we may be more susceptible to
market fluctuations and have less leverage with customers, and we may experience other adverse events. In addition, we may be unable to
successfully consummate the Spin-Off or achieve some or all of the benefits that we expect to achieve as a separate company in the time
we expect, if at all. The completion of the Spin-Off will also require significant amounts of our management's time and effort, which
may divert management's attention from operating and growing our business.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; text-indent: 0.5in; margin: 0pt 0 0pt 0">We
may be unable to make, on a timely or cost-effective basis, the changes necessary to operate as a publicly traded company, and we may
experience increased costs after the Spin-Off.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.1in 0pt 0">Following the Spin-Off, we will need
to provide internally or obtain from unaffiliated third parties some of the services we currently receive from the Parent. We may be unable
to replace these services in a timely manner or on terms and conditions as favorable as those we receive from the Parent. We may be unable
to successfully establish the infrastructure or implement the changes necessary to operate independently or may incur additional costs.
If we fail to obtain the services necessary to operate effectively or if we incur greater costs in obtaining these services, our business,
financial condition and results of operations may be adversely affected.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We
have no operating history as a publicly traded company, and our historical financial information is not necessarily representative of
the results we would have achieved as a publicly traded company and may not be a reliable indicator of our future results.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We derived the historical financial
information included in this registration statement in part from the Parent&#8217;s consolidated financial statements, and this information
does not necessarily reflect the results of operations and financial position we would have achieved as a separate publicly-traded company
during the periods presented or those that we will achieve in the future. This is primarily because of the following factors:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: justify; padding-right: 0">Prior to the Spin-Off, we operated as part of the Parent&#8217;s broader corporate
organization, and the Parent performed various corporate functions for us. Our historical financial information reflects allocations of
corporate expenses from the Parent for these and similar functions. These allocations may not reflect the costs we will incur for similar
services in the future as a publicly traded company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: justify; padding-right: 0">Our historical financial information does not reflect changes that we expect to
                                                                     experience in the future as a result of our separation from the Parent, including changes in our cost structure, personnel needs,
                                                                     tax structure, financing and business operations. As a part of the Parent, we enjoyed certain benefits from the Parent&#8217;s
                                                                     operating diversity, size, borrowing leverage and available capital for investments, and we may lose these benefits after the
                                                                     Spin-Off. As a separate entity, we may be unable to purchase services and technologies or access capital markets on terms as
                                                                     favorable to us as those we obtained as part of the Parent prior to the Spin-Off.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Following the Spin-Off, we will also
be responsible for the additional costs associated with being a publicly traded company, including costs related to corporate governance,
investor and public relations and public reporting. In addition, certain costs incurred by the Parent, including executive oversight,
accounting, treasury, tax, legal, human resources, occupancy, procurement, information technology and other shared services, have historically
been allocated to us by the Parent; but these allocations may not reflect the future level of these costs to us as we begin to provide
these services ourselves. Therefore, our historical financial statements may not be indicative of our future performance as a separate
publicly traded company. We cannot assure you that our operating results will continue at a similar level when we are a separate publicly
traded company. For additional information about our past financial performance and the basis of presentation of our financial statements,
see &#8220;Item 5. Operating and Financial Review and Prospects&#8221; and our historical financial statements and the notes thereto included
elsewhere in this registration statement.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">We may not be able to access
the credit and capital markets at the times and in the amounts needed on acceptable terms.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">From time to time, we may need to
access the capital markets to obtain long-term and short-term financing. We have not previously accessed the capital markets as a separate
public company, and our access to, and the availability of, financing on acceptable terms and conditions in the future will be impacted
by many factors, including our financial performance, our credit ratings or absence thereof, the liquidity of the overall capital markets
and the state of the economy. We cannot assure you that we will have access to the capital markets at the times and in the amounts needed
or on terms acceptable to us.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_005"></A>ITEM 4.</TD><TD STYLE="text-align: justify">INFORMATION ON THE COMPANY</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">History and Development of the Company</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Overview</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We are an international owner and
operator of two modern, fuel efficient eco, 157,000 dwt Suezmax tankers, the M/T Eco Malibu with an age of 3.8 years and the M/T Eco West
Coast with an age of 4.0 years, each focusing on the transportation of crude oil.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We intend to expand our fleet into
other seaborne transportation sectors depending on available opportunities, opportunistically considering further expansion into Suezmax
crude oil tanker vessels as well as diversification into other sectors related to seaborne transportation of goods or passengers, including
recreational transportation, depending on our assessment of market conditions and available opportunities at the time when an acquisition
is possible. Our targets may include newbuilding vessels or vessels from the secondhand market, including acquisitions from unrelated
third parties, the Parent or other related parties.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Currently, we do not have any agreements
or commitments to acquire additional vessels.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We were incorporated under the laws
of the Republic of the Marshall Islands, pursuant to the BCA, on August 11, 2022. Our executive offices are currently located at 20 Iouliou
Kaisara Str, 19002, Paiania, Athens, Greece and our telephone number is +30 210 812 8107. Our website is www.rubicoinc.com. The SEC maintains
a website that contains reports, proxy and information statements, and other information that we file electronically at www.sec.gov. Information
on such websites does not constitute a part of this registration statement and is not incorporated by reference herein.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">On March 18, 2021, we entered into
a credit facility with ABN Amro for $36.8 million for the financing of the vessel M/T Eco West Coast (see &#8220;Item 5. Operating and
Financial Review and Prospects&#8212;B. Liquidity and Capital Resources&#8212;Debt Facilities<B>&#8212;</B>Prepayments of senior secured
loans&#8212;ABN Facility&#8221;). The facility bore interest at LIBOR plus a margin of 2.50%. From June 23, 2023, ABN Amro switched the
facility&#8217;s variable rate from LIBOR to Compounded SOFR. On December 14, 2023, this facility was fully prepaid using part of the
proceeds from the AVIC SLB (see &#8220;Item 5. Operating and Financial Review and Prospects&#8212;B. Liquidity and Capital Resources&#8212;Debt
Facilities<B>&#8212;</B>New Financings Committed under Sale and Leaseback Agreements&#8212;AVIC Sale and Leaseback&#8221;).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.1in 0pt 0">On May 6, 2021, we entered into a credit
facility with Alpha Bank for $38.0 million for the financing of the vessel M/T Eco Malibu (see &#8220;Item 5. Operating and Financial
Review and Prospects&#8212;B. Liquidity and Capital Resources&#8212;Debt Facilities<B>&#8212;</B>Prepayments of senior secured loans&#8212;Alpha
Bank Facility&#8221;). The facility bore interest at LIBOR plus a margin of 3.00%. From June 9, 2023, Alpha Bank switched the facility&#8217;s
variable rate from LIBOR to Term SOFR. On December 21, 2023, this facility was fully prepaid through part of the proceeds from the Huarong
SLB (see &#8220;Item 5. Operating and Financial Review and Prospects&#8212;B. Liquidity and Capital Resources&#8212;Debt Facilities<B>&#8212;</B>New
Financings Committed under Sale and Leaseback Agreements&#8212; Huarong Sale and Leaseback&#8221;).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">On December 14, 2023, we consummated
an SLB with AVIC International Leasing Co., Ltd (&#8220;AVIC&#8221; and the &#8220;AVIC SLB&#8221;) in the amount of $41.0 million, for
the purpose of refinancing the indebtedness secured over the M/T Eco West Coast. For more information, see &#8220;Item 5. Operating and
Financial Review and Prospects&#8212;B. Liquidity and Capital Resources&#8212;Debt Facilities <B>&#8212;</B>New Financings Committed under
Sale and Leaseback Agreements&#8212;AVIC SLB.&#8221;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">On December 20, 2023, we consummated
an SLB with China Huarong Shipping Financial Leasing Co Ltd. (&#8220;Huarong&#8221; and the &#8220;Huarong SLB&#8221;) in the amount of
$41.0 million, for the purpose of refinancing the indebtedness secured over the M/T Eco Malibu. For more information, see &#8220;Item
5. Operating and Financial Review and Prospects&#8212;B. Liquidity and Capital Resources&#8212;Debt Facilities<B>&#8212;</B>New Financings
Committed under Sale and Leaseback Agreements&#8212;Huarong SLB.&#8221;</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Reasons for the Spin-Off</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The Parent currently owns and operates
a fleet of modern, fuel efficient &#8220;ECO&#8221; tanker vessels focusing on the transportation of crude oil as well as clean petroleum
products and bulk liquid chemicals consisting of 2 VLCCs, 5 Suezmaxes and 3 MR tankers, two of which are 50% owned.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Following the Spin-Off, we will own
and operate two Suezmax crude oil tanker vessels and intend to pursue a flexible acquisition strategy by opportunistically considering
further expansion into Suezmax crude oil tanker vessels as well as diversification into other sectors related to seaborne transportation
of goods or passengers, including recreational transportation.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">By providing a more diversified acquisition
strategy versus the Parent&#8217;s more focused fleet while leveraging our Fleet Manager&#8217;s track record of success in building a
fleet, we and the Parent believe that the Spin-Off will maximize both the Parent&#8217;s and our shareholders&#8217; returns, as investment
value will be created by allowing investors to make independent investment decisions with respect to each of us and the Parent based on,
among other factors, our different business models, strategies, risk exposures, valuation potential and industry focus. We and the Parent
also believe that the Spin-Off may better position both companies for potential sale or merger opportunities in the future.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In determining whether to effect the
spin-off, the board of directors of the Parent also considered the costs and risks associated with the transaction, including those associated
with preparing us to become a separate publicly traded company, the risk of volatility in our and the Parent&#8217;s stock price that
may occur immediately following the Spin-Off, including the potential impact on the price of our common shares due to sales by our shareholders
whose investment objectives may not be met by our Common Stock, the time that it may take for us to attract an appropriate shareholder
base, and the resulting risk that the trading value of the two separate entities after the Spin-Off may be less than the trading value
of the Parent&#8217;s common shares before the Spin-Off. Notwithstanding these costs and risks, however, the Parent&#8217;s board of directors
determined that a spin-off, in the form contemplated herein, and the combined but separate ownership of the Parent common shares and our
common shares is the best alternative to enhance long-term shareholder value relative to other strategic alternatives.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Business Overview</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We are an international owner and
operator of two modern, fuel efficient eco, 157,000 dwt Suezmax tankers, the M/T Eco Malibu with an age of 3.8 years and the M/T Eco West
Coast with an age of 4.0 years, each focusing on the transportation of crude oil.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">The following table lists the vessels in our fleet as of the date
of this registration statement:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; width: 22%; text-align: center; text-indent: 8.95pt"><FONT STYLE="font-size: 10pt"><B>Vessel Name</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; text-align: center; text-indent: 1.75pt"><FONT STYLE="font-size: 10pt"><B>Year Built</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; text-align: center; text-indent: 8.8pt"><FONT STYLE="font-size: 10pt"><B>Dwt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; text-align: center; text-indent: 8.85pt"><FONT STYLE="font-size: 10pt"><B>Yard</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; text-align: center; text-indent: 8.95pt"><FONT STYLE="font-size: 10pt"><B>Charterer</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; text-align: center"><FONT STYLE="font-size: 10pt"><B>End of firm period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Charterer&#8217;s Optional Periods</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Gross Rate fixed period/ options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; text-align: center; text-indent: 9.05pt"><FONT STYLE="font-size: 10pt"><B>Type of Employment</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: center; text-indent: 9pt"><FONT STYLE="font-size: 10pt">M/T Eco West Coast</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; text-indent: 8.8pt"><FONT STYLE="font-size: 10pt">2021</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; text-indent: 8.9pt"><FONT STYLE="font-size: 10pt">157,000</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; text-indent: 8.9pt"><FONT STYLE="font-size: 10pt">Hyundai</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; text-indent: 8.9pt"><FONT STYLE="font-size: 10pt">Clearlake</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; text-indent: 9pt"><FONT STYLE="font-size: 10pt">January 2027</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; text-indent: 9pt"><FONT STYLE="font-size: 10pt">1+1 years</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">$32,850 / $34,750 / $36,750</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Time Charter<SUP>(1)</SUP></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; text-align: center; text-indent: 9pt"><FONT STYLE="font-size: 10pt">M/T Eco Malibu</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; text-indent: 8.8pt"><FONT STYLE="font-size: 10pt">2021</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; text-indent: 8.9pt"><FONT STYLE="font-size: 10pt">157,000</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; text-indent: 8.9pt"><FONT STYLE="font-size: 10pt">Hyundai</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; text-indent: 8.9pt"><FONT STYLE="font-size: 10pt">Clearlake</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; text-indent: 9pt"><FONT STYLE="font-size: 10pt">March 2027</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; text-indent: 9pt"><FONT STYLE="font-size: 10pt">1+1 years</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">$32,850 / $34,750 / $36,750</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Time Charter<SUP>(1)</SUP></FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Both of our vessels are chartered by Clearlake Shipping Pte Ltd (&#8220;Clearlake&#8221;).
According to the provisions of each time charter, the Rubico Predecessor is entitled to terminate the charter in case of the charterer&#8217;s
failure of punctual and regular payment of hire, while the charterer may cancel the relevant charter if we are in breach of certain maintenance
obligations under the relevant agreement, if the relevant vessel is not available for a scheduled voyage due to the action of third parties,
or if the relevant vessel is or is expected to be off-hire for more than sixty consecutive days due to certain mechanical or operational
causes. In addition, both parties have the option to terminate the relevant charter in case of the outbreak of war or hostilities between
two or more of the United States, the United Kingdom, the former U.S.S.R. (except that declaration of war or hostilities solely between
any two or more of the countries or republics having been part of the former U.S.S.R. shall be exempted), the People&#8217;s Republic
of China and the Marshall Islands.</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: left">Our Business Strategy</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Competitive Strengths</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0"><I>Opportunity for growth.</I> We
believe we will be well positioned to opportunistically expand and maximize our current fleet due to competitive cost structure, strong
customer relationships and experienced management team.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0"><I>Demonstrated access to financing</I>.
We believe that we are well placed to take advantage of business opportunities due to the Fleet Manager&#8217;s operational platform,
which we aim to leverage, along with our Fleet Manager&#8217;s demonstrated access to financing at the Parent. We believe that our ability
to access financing will continue to allow us to capture additional market opportunities when they arise.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0"><I>Our Fleet Manager&#8217;s commercial
relationships, reputation and track record</I>. We believe that our Fleet Manager&#8217;s network of commercial relationships and reputation
and track record in building shipping fleets should provide us with access to attractive acquisition, chartering and vessel financing
opportunities.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0"><I>Modern, Fuel Efficient, Scrubber
Fitted Fleet. </I>Our vessels have the latest-generation, fuel efficient design and specifications. We believe that modern, fuel-efficient
vessels like ours command higher charter rates than conventional vessels.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Strategies</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0"><I>Opportunistic and sector-agnostic
vessel acquisition strategy. </I>We plan to exploit opportunities in any sector related to seaborne transportation of goods or passengers,
including recreational transportation that provides an attractive demand and supply profile as well as a positive market outlook in the
medium to long-term by acquiring vessels trading on this sector. The decision for entering a new sector will be based on robust fundamentals
and thoughtful analysis of factors affecting both the demand side and the supply side, while the selection of the target vessel will be
subject to strict qualitative criteria including the environmental performance and energy efficiency of the acquisition candidates.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0"><I>Expand our fleet through accretive
acquisitions</I>. We intend to grow our current fleet through timely and selective acquisitions of additional vessels at attractive valuations.
In evaluating acquisitions, we consider and analyze, among other things, our expectation of fundamental developments in the shipping industry,
the level of liquidity in the resale and charter market, the vessel condition and technical specifications, the expected remaining useful
life, as well as the overall strategic positioning of our fleet and customers. For vessels acquired with charters attached, we also consider
the credit quality of the charterer and the duration and terms of the contracts in place. Based on our Fleet Manager&#8217;s successful
track record, commercial expertise and reputation in the marketplace as well as our transparent and public corporate structure, we believe
that we are well-positioned to source off-market opportunities to acquire secondhand vessels. As a result, we may be able to acquire vessels
on more favorable terms than what would be obtained without access to such opportunities.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0"><I>Access to attractive chartering
opportunities</I>. Our Fleet Manager has built relationships with many well-known charterers, which we believe is the result of its and
our Parent&#8217;s reputation for reliable service, safety and dependability. Through a combination of fixed period time charters and
spot charters, our Parent and Fleet Manager have historically provided services to many national, regional and international oil companies,
charterers and oil traders, including Shell, BP, ExxonMobil, Petrobras, ConocoPhillips, Pemex, Hellenic Petroleum, Glencore, Clearlake,
Vitol and Trafigura. We focus on the needs of our customers and intend to acquire tankers and upgrade our fleet based on the requirements
and specifications of our charterers, which we believe will enable us to obtain repeat business from our customers.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0"><I>Environmental, Social, Governance,
or ESG, Practices</I>: We actively manage a broad range of ESG initiatives, taking into consideration their expected impact on the sustainability
of our business over time, and the potential impact of our business on society and the environment. Scrubber installations, Existing Vessel
Design Index, or EEXI, upgrades, and Energy Saving Devices (&#8220;ESDs&#8221;) installations, weather routing, slow steaming, ballast
and trim optimization during the ballast voyage legs, application of noise reduction designs and frequent propeller and hull cleaning
policy constitute examples of the environmental practices our management team has deployed. Moreover, we pay considerable attention to
our human resources both on our vessels, or vessels we may acquire and ashore, proven by a variety of practices, including, gender discrimination
elimination, performance KPIs, worldwide training and medical insurance.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0 0pt 0; font-size: 10pt; font-weight: bold; text-align: left"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Management of Our Fleet</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Prior to the consummation of the Spin-Off,
we intend to enter into a letter agreement (the &#8220;CSI Letter Agreement&#8221;) with our Fleet Manager, a related party affiliated
with the family of Mr. Evangelos J. Pistiolis, our significant shareholder, that will detail the terms on which any vessels we may acquire
will be managed. Both Athenean and Roman, our vessel-owning subsidiaries, have entered into management agreements, each a Management Agreement
and together the Management Agreements, with our Fleet Manager on May 28, 2020. Both the Management Agreements and the CSI Letter Agreement,
once entered into, can only be terminated subject to an eighteen-month advance notice, subject to a termination fee equal to twelve months
of fees payable under the CSI Letter Agreement or each of the Management Agreements.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Pursuant to the CSI Letter Agreement,
once entered into, as well as each of the Management Agreements, we pay a management fee of $651 per day per vessel for the provision
of technical, commercial, operation, insurance, bunkering and crew management, commencing three months before the vessel is scheduled
to be delivered by the shipyard. In addition, each of the Management Agreements provides and the CSI Letter Agreement is intended to provide
for payment to our Fleet Manager of: (i) $592 per day for superintendent visits plus actual expenses; (ii) a chartering commission of
1.25% on all freight, hire and demurrage revenues; (iii) a commission of 1.00% on all gross vessel sale proceeds or the purchase price
paid for vessels and (iv) a financing fee of 0.2% on derivative agreements and loan financing or refinancing. Our Fleet Manager will also
perform supervision services for any newbuilding vessel we may acquire while the vessel is under construction, for which we will pay our
Fleet Manager the actual cost of the supervision services plus a fee of 7% of such supervision services.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our Fleet Manager provides, at cost,
all accounting, reporting and administrative services. Finally, each of the Management Agreements provide and the CSI Letter Agreement
is expected to provide for a performance incentive fee for the provision of management services to be determined at the discretion of
our Board of Directors. Each of the Management Agreements has and the CSI Letter Agreement is expected to have an initial term of five
years, after which they will both continue to be in effect until terminated by either party subject to an eighteen-month advance notice
of termination. Pursuant to the terms of each of the Management Agreements and the intended terms of the CSI Letter Agreement, all fees
payable to our Fleet Manager are adjusted annually according to the US Consumer Price Inflation (&#8220;CPI&#8221;) of the previous year
and if CPI is less than 2% then a 2% increase is effected.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Employment of Our Fleet</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 7.1pt 0pt 0">As of the date of this registration
statement, both of our current vessels are chartered on a time charter by Clearlake Shipping Pte Ltd. For both of our vessels, we had
entered into time charters with Clearlake for a period of three years at a firm daily rate of $33,950, with a charterer&#8217;s option
to extend for two additional years at $34,750 and $36,750, respectively. On July 12, 2023, our Parent entered into an agreement with Clearlake
to extend the duration of the fixed period of the time charterparties of both vessels to a fixed term of a minimum of 30 months and maximum
of 36 months. The daily rate of the extended period was agreed at $32,850, with the daily rates of the optional periods remaining the
same. The time charter for M/T Eco Malibu commenced on May 15, 2021, with the fixed term expiring between September 13, 2026 and March
13, 2027 and the time charter for M/T Eco West Coast commenced on March 30, 2021, with the fixed term expiring between July 30, 2026 and
January 30, 2027, with the fixed term depending on the period elected by the charterer as set out above. A time charter is generally a
contract to provide your ship for a predefined period to the charterer for an agreed daily US$ rate. This rate can be fixed or index-linked,
with the latter mounting volatility of freight earnings, as shipping freight indices fluctuate on a seasonal and year-to-year basis. Fluctuations
derive from imbalances in the availability of cargoes for shipment and the number of vessels available at any given time to transport
these cargoes. Vessels operating in the time charter market ensure that there will be employment on the vessel for the defined period,
while the index-linked hire rate may enable us to capture increased profit margins during periods of improvements in tanker vessel charter
rates.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B><U>The International Shi</U>pp<U>ing Industry</U></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The seaborne transportation industry
is a vital link in international trade, with ocean going vessels representing the most efficient and often the only method of transporting
large volumes of basic commodities and finished products. Demand for tankers is dictated by world oil demand and trade, which is influenced
by many factors, including international economic activity; geographic changes in oil production, processing, and consumption; oil price
levels; inventory policies of the major oil and oil trading companies; and strategic inventory policies of countries such as the United
States, China and India.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Shipping demand, measured in ton-miles,
is a product of (a) the amount of cargo transported in ocean going vessels, multiplied by (b) the distance over which this cargo is transported.
The distance is the more variable element of the ton-mile demand equation and is determined by seaborne trading patterns, which are principally
influenced by the locations of production and consumption. Seaborne trading patterns are also periodically influenced by geo-political
events that divert vessels from normal trading patterns, as well as by inter-regional trading activity created by commodity supply and
demand imbalances. Tonnage of oil shipped is primarily a function of global oil consumption, which is driven by economic activity as well
as the long-term impact of oil prices on the location and related volume of oil production. Tonnage of oil shipped is also influenced
by transportation alternatives (such as pipelines) and the output of refineries.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Demand for tankers and tonnage of
oil shipped is primarily a function of global oil consumption, which is driven by economic activity, as well as the long-term impact of
oil prices on the location and related volume of oil production. Global oil demand returned to limited growth in 2010 and has since been
expanding at a modest pace, as a steady rise in Asia has outweighed decreasing demand in Europe and in the United States, with a notable
exception for 2020 and 2021 in which years the COVID-19 epidemic dramatically reduced oil demand. According to the International Energy
Agency, global oil demand increased to 102.6 million barrels/day in 2024, compared to 101.7 million barrels/day in 2023.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 34.1pt 0pt 0">We strategically monitor developments
in the tanker industry on a regular basis and, subject to market demand, will seek to enter into shorter or longer time or bareboat charters
according to prevailing market conditions.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We will compete for charters on the
basis of price, vessel location, size, age and condition of the vessel, as well as on our reputation as an operator. We will arrange our
time charters and bareboat charters through the use of brokers, who negotiate the terms of the charters based on market conditions. We
currently compete primarily with owners of tankers in Suezmax class size. Ownership of tankers is highly fragmented and is divided among
major oil companies and independent vessel owners.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B><U>Customers</U></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">The only customer of the Rubico Predecessor during the last year
was Clearlake.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B><U>Seasonality</U></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Historically, oil trade and, therefore,
charter rates increased in the winter months and eased in the summer months as demand for oil and oil products in the Northern Hemisphere
rose in colder weather and fell in warmer weather. The tanker industry, in general, has become less dependent on the seasonal transport
of heating oil than a decade ago as new uses for oil and oil products have developed, spreading consumption more evenly over the year.
This is most apparent from the higher seasonal demand during the summer months due to energy requirements for air conditioning and motor
vehicles. This seasonality may affect operating results. However, to the extent that our vessels, or any vessels we may acquire are chartered
at fixed rates on a long-term basis, seasonal factors will not have a significant direct effect on our business.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Environmental and Other Regulations</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Government regulation and laws significantly
affect the ownership and operation of our fleet. We are subject to international conventions and treaties, national, state and local laws
and regulations in force in the countries in which our vessels and other vessels we may acquire may operate or are registered relating
to safety and health and environmental protection including the storage, handling, emission, transportation and discharge of hazardous
and non-hazardous materials, and the remediation of contamination and liability for damage to natural resources. Compliance with such
laws, regulations and other requirements entails significant expense, including vessel modifications and implementation of certain operating
procedures.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">A variety of government and private
entities subject our vessels and other vessels we may acquire to both scheduled and unscheduled inspections. These entities include the
local port authorities (applicable national authorities such as the United States Coast Guard, (the &#8220;USCG&#8221;), harbor master
or equivalent), classification societies, flag state administrations (countries of registry) and charterers, particularly terminal operators.
Certain of these entities require us to obtain permits, licenses, certificates and other authorizations for the operation of our vessels
and other vessels we may acquire. Failure to maintain necessary permits or approvals could require us to incur substantial costs or result
in the temporary suspension of the operation of one or more of our vessels and other vessels we may acquire.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0.1in 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Increasing environmental concerns have
created a demand for vessels that conform to stricter environmental standards. We are required to maintain operating standards for our
vessels and other vessels we may acquire that emphasize operational safety, quality maintenance, continuous training of our officers and
crews and compliance with United States and international regulations. We believe that the operation of our vessels is in substantial
compliance with applicable environmental laws and regulations and that our vessels have all material permits, licenses, certificates or
other authorizations necessary for the conduct of our operations. However, because such laws and regulations frequently change and may
impose increasingly stricter requirements, we cannot predict the ultimate cost of complying with these requirements, or the impact of
these requirements on the resale value or useful lives of our vessels and other vessels we may acquire. In addition, a future serious
marine incident that causes significant adverse environmental impact could result in additional legislation or regulation that could negatively
affect our profitability.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">International Maritime Organization
(IMO)</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 8.5pt 0pt 0">The IMO, the United Nations agency for
maritime safety and the prevention of pollution by vessels, adopted the International Convention for the Prevention of Pollution from
Ships, 1973, as modified by the Protocol of 1978 relating thereto, collectively referred to as MARPOL 73/78 and herein as &#8220;MARPOL,&#8221;
the International Convention for the Safety of Life at Sea of 1974 (&#8220;SOLAS Convention&#8221;), and the International Convention
on Load Lines of 1966 (the &#8220;LL Convention&#8221;) and International Convention on Standards of Training, Certification and Watchkeeping
for Seafarers (&#8220;STCW&#8221;). MARPOL establishes environmental standards relating to oil leakage or spilling, garbage management,
sewage, air emissions, handling and disposal of noxious liquids and the handling of harmful substances in packaged forms. MARPOL is applicable
to dry bulk, tanker and LNG carriers, among other vessels, and is divided into six Annexes, each of which regulates a different source
of pollution. Annex I relates to oil leakage or spilling; Annexes II and III relate to harmful substances carried in bulk, in liquid or
in packaged form, respectively; Annexes IV and V relate to sewage and garbage management, respectively; and Annex VI, lastly, relates
to air emissions.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Since 2014, the IMO&#8217;s Marine
Environmental Protection Committee, or the &#8220;MEPC,&#8221; amendments to MARPOL Annex I Condition Assessment Scheme, or &#8220;CAS&#8221;
have required compliance with the 2011 International Code on the Enhanced Programme of Inspections during Surveys of Bulk Carriers and
Oil Tankers, or &#8220;ESP Code,&#8221; which provides for enhanced inspection programs. Effective July 1, 2024, amendments to the ESP
Code became effective, addressing inconsistencies on examination of ballast tanks at annual surveys for bulk carriers and oil tankers.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>Air Emissions</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In September of 1997, the IMO adopted
Annex VI to MARPOL to address air pollution from vessels. Effective May 2005, Annex VI sets limits on sulfur oxide and nitrogen oxide
emissions from all commercial vessel exhausts and prohibits &#8220;deliberate emissions&#8221; of ozone depleting substances (such as
halons and chlorofluorocarbons), emissions of volatile compounds from cargo tanks, and the shipboard incineration of specific substances.
Annex VI also includes a global cap on the sulfur content of fuel oil and allows for special areas to be established with more stringent
controls on sulfur emissions, as explained below. Emissions of &#8220;volatile organic compounds&#8221; from certain vessels, and the
shipboard incineration (from incinerators installed after January 1, 2000) of certain substances (such as polychlorinated biphenyls, (&#8220;PCBs&#8221;)
are also prohibited. We believe that our vessels are currently compliant in all material respects with these regulations.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The Marine Environment Protection
Committee (&#8220;MEPC&#8221;) adopted amendments to Annex VI regarding emissions of sulfur oxide, nitrogen oxide, particulate matter
and ozone depleting substances, which entered into force on July 1, 2010. The amended Annex VI seeks to further reduce air pollution by,
among other things, implementing a progressive reduction of the amount of sulfur contained in any fuel oil used on board ships. Effective
January 1, 2020, there has been a global limit of 0.5% m/m sulfur oxide emissions (reduced from 3.50%). This limitation can be met by
using low-sulfur compliant fuel oil, alternative fuels or exhaust gas cleaning systems (or &#8220;EGCS&#8221;). Ships are required to
obtain bunker delivery notes and International Air Pollution Prevention (&#8220;IAPP&#8221;) Certificates from their flag states that
specify sulfur content. Additionally, at MEPC 73, amendments to Annex VI to prohibit the carriage of bunkers above 0.5% sulfur on ships
became effective on March 1, 2020. Fuels with higher sulfur content than required by Reg. 14 of Annex VI can still be delivered to a ship,
provided the ship uses equivalent measures, such as an EGCS. Additional amendments to Annex VI revising, among other terms, the definition
of &#8220;Sulphur content of fuel oil&#8221; and &#8220;low-flashpoint fuel&#8221; and pertaining to the sampling and testing of onboard
fuel oil, became effective in April 2022. These regulations subject ocean-going vessels to stringent emissions controls, and may cause
us to incur substantial costs.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0 0pt 0">MEPC 77 adopted a non-binding resolution which
urges member states and ship operators to voluntarily use distillate or other cleaner alternative fuels or methods of propulsion that
are safe for ships and could contribute to the reduction of black carbon emissions from ships when operating in or near the Arctic.</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Sulfur content standards are even
stricter within certain &#8220;Emission Control Areas,&#8221; or (&#8220;ECAs&#8221;). As of January 1, 2015, ships operating within an
ECA were not permitted to use fuel with sulfur content in excess of 0.1% m/m. Amended Annex VI establishes procedures for designating
new ECAs. Currently, the IMO has designated four ECAs, including specified portions of the Baltic Sea area, North Sea area, North American
area and United States Caribbean Sea area. In December 2022, the Committee adopted Resolution MEPC.361(79) establishing a new ECA for
the Mediterranean Sea as a whole. These amendments entered into force on May 1, 2024, however, ships operating in this ECA will be exempted
from compliance with the 0.10% m/m sulfur content standard for fuel oil until July 1, 2025. At MEPC 82, the IMO adopted additional amendments
to Annex VI designating the Canadian Arctic and the Norwegian Sea as ECAs, which will become effective on March 1, 2026. Ocean-going vessels
in these areas will be subject to stringent emission controls and ocean-going vessels trading in ECAs are subject to increased operational
costs due to the higher price of fuel with low sulfur content and may cause us to incur additional costs. Other areas in China are subject
to local regulations that impose stricter emission controls. If other ECAs are approved by the IMO, or other new or more stringent requirements
relating to emissions from marine diesel engines or port operations by vessels are adopted by the U.S. Environmental Protection Agency
(&#8220;EPA&#8221;) or the states where we operate, compliance with these regulations could entail significant capital expenditures or
otherwise increase the costs of our operations.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">MEPC 79 adopted amendments to Annex
VI on the reporting of mandatory values related to the implementation of the IMO short-term GHG reduction measure, including attained
EEXI, CII and rating values to the IMO DCS, which became effective May 1, 2024. MEPC 80 adopted the 2023 IMO Strategy on Reduction of
GHG Emissions from Ships with enhanced targets to mitigate harmful emissions. The revised IMO GHG Strategy comprises a common ambition
to ensure an uptake of alternative zero and near-zero GHG fuels by 2030 and to achieve net-zero emissions from international shipping
by 2050. In March 2024, MEPC 81 agreed on a draft outline of an &#8216;IMO net-zero framework&#8217; for cutting GHG emissions from international
shipping, which lists regulations under MARPOL to be adopted or amended to allow a new global pricing mechanism for maritime GHG emissions.
At the conclusion of MEPC 82, a draft legal text was used as a basis for ongoing talks about mid-term GHG reduction measures, which are
expected to be adopted in 2025. The proposed mid-term measures include a goal-based marine fuel standard, phasing in the mandatory use
of fuels with less GHG intensity, and a global GHG emission pricing mechanism.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Amended Annex VI also establishes
new tiers of stringent nitrogen oxide emissions standards for marine diesel engines, depending on their date of installation. Now Annex
VI provides for a three-tier reduction in NOx emissions from marine diesel engines, with the final tier (or Tier III) to apply to engines
installed on vessels constructed on or after January 1, 2016 and which operate in the North American ECA or the U.S. Caribbean Sea ECA
as well as ECAs designated in the future by the IMO. At MEPC 70 and MEPC 71, the MEPC approved the North Sea and Baltic Sea as ECAs for
nitrogen oxide for ships built on or after January 1, 2021. The EPA promulgated equivalent (and in some senses stricter) emissions standards
in late 2009. Additionally, amendments to Annex II, which strengthen discharge requirements for cargo residues and tank washings in specified
sea areas (including North West European waters, Baltic Sea area, Western European waters and Norwegian Sea), came into effect in January
2021. If other ECAs are approved by the IMO, or other new or more stringent requirements relating to emissions from marine diesel engines
or port operations by vessels are adopted by the U.S. Environmental Protection Agency (&#8220;EPA&#8221;) or the states where we operate,
compliance with these regulations could entail significant capital expenditures or otherwise increase the costs of our operations.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">As determined at the MEPC 70, Regulation
22A of MARPOL Annex VI became effective as of March 1, 2018, and requires ships above 5,000 gross tonnage to collect and report annual
data on fuel oil consumption to an IMO database, with the first year of data collection having commenced on January 1, 2019. The IMO used
such data as the first step in its roadmap (through 2023) for developing its strategy to reduce greenhouse gas emissions from ships, as
discussed further below. Amendments to Annex VI requiring bunker delivery notes to include a flashpoint of fuel oil or a statement that
the flashpoint has been measured at or above 70&deg;C as mandatory information, became effective May 1, 2024.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">As of January 1, 2013, MARPOL made
mandatory certain measures relating to energy efficiency for ships. All ships are now required to develop and implement Ship Energy Efficiency
Management Plans (&#8220;SEEMPS&#8221;), and new ships must be designed in compliance with minimum energy efficiency levels per capacity
mile as defined by the Energy Efficiency Design Index (&#8220;EEDI&#8221;). Under these measures, by 2025, all newbuild ships are required
to be 30% more energy efficient than those built in 2014. Additionally, MEPC 75 adopted amendments to MARPOL Annex VI which brought forward
the effective date of the EEDI's &quot;phase 3&quot; requirements from January 1, 2025, to April 1, 2022, for several ship types, including
gas carriers, general cargo ships, and LNG carriers. MEPC 81 adopted amendments to the guidelines for the development of SEEMPs, including
methodology for collecting data. These amendments will go into effect in August 1, 2025.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Additionally, MEPC 76 adopted amendments
to Annex VI which impose new regulations to reduce greenhouse gas emissions from ships. The revised Annex VI entered into force in November
2022, and includes requirements to assess and measure the energy efficiency of all ships and set the required attainment values, with
the goal of reducing the carbon intensity of international shipping. The requirements include (1) a technical requirement to reduce carbon
intensity based on a new Energy Efficiency Existing Ship Index (&#8220;EEXI&#8221;), and (2) operational carbon intensity reduction requirements
based on a new operational carbon intensity indicator (&#8220;CII&#8221;). The attained EEXI is required to be calculated for ships of
400 gross tonnage and above, in accordance with different values set for ship types and categories. With respect to the CII requirement,
which took effect from January 1, 2023, ships of 5,000 gross tonnage are required to document and verify their actual annual operational
CII achieved against a determined required annual operational CII. All ships that fall under the new CII regime are required to have a
CII rating of C or above in order to be compliant. Ships that have a CII rating of D for three consecutive years or E, are required to
submit a corrective action plan, to show how the required index (C or above) would be achieved or else they will be deemed non-compliant.
The EEXI and CII certification requirements entered into effect on January 1, 2023.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Additionally, MEPC 76 adopted amendments
requiring ships of 5,000 gross tonnage and above to revise their SEEMP to include methodology for calculating the ship&#8217;s attained
annual operation CII and the required annual operational CII, on or before June 1, 2023. MEPC 76 also approved amendments to MARPOL Annex
I to prohibit the use and carriage for use as fuel of heavy fuel oil (or HFO) by ships in Arctic waters on and after July 1, 2024. For
ships subject to Regulation 12A (oil fuel tank protection), the prohibition will become effective on or after July 1, 2029.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Pursuant to the IMO&#8217;s short-term
targets for the reduction of greenhouse gas emissions in the shipping industry by 2030, we may incur costs to comply with these revised
standards. Additional or new conventions, laws and regulations may be adopted that could require the installation of expensive emission
control systems and could adversely affect our business, results of operations, cash flows and financial condition.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>Safety Management System Requirements</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The SOLAS Convention was amended to
address the safe manning of vessels and emergency training drills. The Convention of Limitation of Liability for Maritime Claims, or the
LLMC, sets limitations of liability for a loss of life or personal injury claim or a property claim against ship owners. We believe that
our vessels are in substantial compliance with SOLAS and LLMC standards.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Under Chapter IX of the SOLAS Convention,
or the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention, or the ISM Code, our operations
are also subject to environmental standards and requirements. The ISM Code requires the party with operational control of a vessel to
develop an extensive safety management system that includes, among other things, the adoption of a safety and environmental protection
policy setting forth instructions and procedures for operating its vessels safely and describing procedures for responding to emergencies.
We rely upon the safety management system that we and our technical management team have developed for compliance with the ISM Code. The
failure of a vessel owner or bareboat charterer to comply with the ISM Code may subject such party to increased liability, may decrease
available insurance coverage for the affected vessels and may result in a denial of access to, or detention in, certain ports.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The Military Sealift Command adopted
amendments to modernize the Global Maritime Distress and Safety System (or GMDSS), which entered into force on January 1, 2024. The amendments,
which include amendments to SOLAS, may require vessel owners/operators to ensure their radio equipment is compliant.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The ISM Code requires that vessel
operators obtain a Safety Management Certificate (or &#8220;SMC&#8221;) for each vessel they operate. This certificate evidences compliance
by a vessel&#8217;s management with the ISM Code requirements for a safety management system. No vessel can obtain a safety management
certificate unless its manager has been awarded a Document of Compliance (or &#8220;DOC&#8221;), issued by each flag state (or Recognized
Organization (&#8220;RO&#8221;) on behalf of the flag administration), under the ISM Code. We have obtained applicable Documents of Compliance
for our offices and safety management certificates for our vessel. The DOC &amp; SMC are renewed as required.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Amendments to SOLAS chapter II-2,
intended to prevent the supply of oil fuel not complying with SOLAS flashpoint requirements, requiring that ships carrying oil fuel must,
prior to bunkering, be provided with a declaration certifying that the oil fuel supplied is in conformity with SOLAS regulation II.2/4.2.1,
will enter into effect January 1, 2026.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Regulation II-1/3-10 of the SOLAS
Convention governs ship construction and stipulates that ships over 150 meters in length must have adequate strength, integrity, and stability
to minimize risk of loss or pollution. Goal-based standards amendments in SOLAS regulation II-1/3-10 entered into force in 2012, and from
July 1, 2016 with respect to new oil tankers and bulk carriers. Regulation II-1/3-10 requires that all oil tankers and bulk carriers of
150 meters in length and above, for which the building contract is placed on or after July 1, 2016, satisfy applicable structural requirements
conforming to the functional requirements of the International Goal-based Ship Construction Standards for Bulk Carriers and Oil Tankers,
or GBS Standards. Effective July 1, 2024, amendments to the International Code on the Enhanced Programme of Inspections during Surveys
of Bulk Carriers and Oil Tankers, 2011 became effective, addressing inconsistencies on examination of ballast tanks at annual surveys
for bulk carriers and oil tankers.</P>

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

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.1in 0pt 0">Amendments to the SOLAS Convention
Chapter VII apply to vessels transporting dangerous goods and require those vessels be in compliance with the International Maritime Dangerous
Goods Code (&#8220;IMDG Code&#8221;). Effective January 1, 2018, the IMDG Code includes (1) updates to the provisions for radioactive
material, reflecting the latest provisions from the International Atomic Energy Agency, (2) new marking, packing and classification requirements
for dangerous goods and (3) new mandatory training requirements. Amendments which took effect on January 1, 2020, also reflect the latest
material from the UN Recommendations on the Transport of Dangerous Goods, including (1) new provisions regarding IMO type 9 tank, (2)
new abbreviations for segregation groups; and (3) special provisions for carriage of lithium batteries and of vehicles powered by flammable
liquid or gas. Amendments to the IMDG Code relating to segregation requirements for certain substances, and classification and transport
of carbon came into effect in June 2022. Updates to the IMDG Code, in line with the updates to the United Nations Recommendations on the
Transport of Dangerous Goods, which set the recommendations for all transport modes, became effective January 1, 2024.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The IMO has also adopted the International
Convention on Standards of Training, Certification and Watchkeeping for Seafarers (&#8220;STCW&#8221;). As of February 2017, all seafarers
are required to meet the STCW standards and be in possession of a valid STCW certificate. Flag states that have ratified SOLAS and STCW
generally employ the classification societies, which have incorporated SOLAS and STCW requirements into their class rules, to undertake
surveys to confirm compliance.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0.1in 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Actions by the IMO&#8217;s Maritime
Safety Committee and United States agencies indicate that cybersecurity regulations for the maritime industry are likely to be further
developed in the near future in an attempt to combat cybersecurity threats. For example, effective January 2021, cyber-risk management
systems must be incorporated by ship-owners and managers. This might cause companies to create additional procedures for monitoring cybersecurity,
which could require additional expenses and/or capital expenditures. The impact of such regulations is hard to predict at this time.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>Pollution Control and Liability Requirements</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The IMO has negotiated international
conventions that impose liability for pollution in international waters and the territorial waters of the signatories to such conventions.
For example, the IMO adopted an International Convention for the Control and Management of Ships&#8217; Ballast Water and Sediments, or
the BWM Convention, in 2004. The BWM Convention entered into force globally on September 8, 2017. The BWM Convention requires ships to
manage their ballast water to remove, render harmless, or avoid the uptake or discharge of new or invasive aquatic organisms and pathogens
within ballast water and sediments. The BWM Convention&#8217;s implementing regulations call for a phased introduction of mandatory ballast
water exchange requirements, to be replaced in time with mandatory concentration limits, and require all ships to carry a ballast water
record book and an international ballast water management certificate.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Specifically, ships over 400 gross
tons generally must comply with a &#8220;D-1 standard,&#8221; requiring the exchange of ballast water only in open seas and away from
coastal waters. The &#8220;D-2 standard&#8221; specifies the maximum amount of viable organisms allowed to be discharged, and compliance
dates vary depending on the IOPP renewal dates. For most ships, compliance with the D-2 standard involves installing on-board systems
to treat ballast water and eliminate unwanted organisms. Ballast Water Management systems (or BWMS), which include systems that make use
of chemical, biocides, organisms or biological mechanisms, or which alter the chemical or physical characteristics of the Ballast Water,
must be approved in accordance with IMO Guidelines (Regulation D-3). Pursuant to the BWM Convention amendments that entered into force
in October 2019, BWMS installed on or after October 28, 2020 shall be approved in accordance with BWMS Code, while BWMS installed before
October 23, 2020 must be approved taking into account guidelines developed by the IMO or the BWMS Code. MEPC 72&#8217;s amendments to
the BWM Convention requires all ships to meet the D-2 standard. The cost of compliance could increase for ocean carriers and may have
a material effect on our operations. However, many countries already regulate the discharge of ballast water carried by vessels from country
to country to prevent the introduction of invasive and harmful species via such discharges. The U.S., for example, requires vessels entering
its waters from another country to conduct mid-ocean ballast exchange, or undertake some alternate measure, and to comply with certain
reporting requirements. Amendments to the BWM Convention concerning commissioning testing of BWMS became effective in 2022, and other
amendments concerning the form of the Ballast Water Record Book entered into force on February 1, 2025.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The IMO adopted the International
Convention on Civil Liability for Oil Pollution Damage of 1969, as amended by different Protocols in 1976, 1984, and 1992, and amended
in 2000, the CLC. Under the CLC and depending on whether the country in which the damage results is a party to the 1992 Protocol to the
CLC, a vessel's registered owner may be strictly liable for pollution damage caused in the territorial waters of a contracting state by
discharge of persistent oil, subject to certain exceptions. The 1992 Protocol changed certain limits on liability expressed using the
International Monetary Fund currency unit, the Special Drawing Rights. The limits on liability have since been amended so that the compensation
limits on liability were raised. The right to limit liability is forfeited under the CLC where the spill is caused by the shipowner's
actual fault and under the 1992 Protocol where the spill is caused by the shipowner's intentional or reckless act or omission where the
shipowner knew pollution damage would probably result. The CLC requires ships over 2,000 tons covered by it to maintain insurance covering
the liability of the owner in a sum equivalent to an owner's liability for a single incident. We have protection and indemnity insurance
for environmental incidents. P&amp;I Clubs in the International Group issue the required Bunkers Convention &quot;Blue Cards&quot; to
enable signatory states to issue certificates. We will ensure that our vessels are in possession of a CLC State issued certificate attesting
that the required insurance coverage is in force as required by law.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The IMO also adopted the International
Convention on Civil Liability for Bunker Oil Pollution Damage, or the Bunker Convention, to impose strict liability on ship owners (including
the registered owner, bareboat charterer, manager or operator) for pollution damage in jurisdictional waters of ratifying states caused
by discharges of bunker fuel. The Bunker Convention requires registered owners of ships over 1,000 gross tons to maintain insurance for
pollution damage in an amount equal to the limits of liability under the applicable national or international limitation regime (but not
exceeding the amount calculated in accordance with the LLMC). With respect to non-ratifying states, liability for spills or releases of
oil carried as fuel in a ship&#8217;s bunkers typically is determined by the national or other domestic laws in the jurisdiction where
the events or damages occur.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0"></P>

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<P STYLE="margin: 0pt 0 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Ships are required to maintain a certificate
attesting that they maintain adequate insurance to cover an incident. In jurisdictions such as the United States where the Bunker Convention
has not been adopted, various legislative schemes or common law govern, and liability is imposed either on the basis of fault or on a
strict-liability basis.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>Anti-Fouling Requirements</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In 2001, the IMO adopted the International
Convention on the Control of Harmful Anti-fouling Systems on Ships, or the &#8220;Anti-fouling Convention,&#8221; which entered into force
on September 17, 2008, and prohibits the use of organotin compound coatings to prevent the attachment of mollusks and other sea life to
the hulls of vessels. Vessels of over 400 gross tons engaged in international voyages will also be required to undergo an initial survey
before the vessel is put into service or before an International Anti-fouling System Certificate is issued for the first time; and subsequent
surveys when the anti-fouling systems are altered or replaced. In 2023, amendments to the Anti-fouling Convention came into effect which
includes controls on the biocide cybutryne; ships shall not apply cybutryne or re-apply anti-fouling systems containing cybutryne from
January 1, 2023.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">We have obtained Anti-fouling System Certificates for our vessels
that is subject to the Anti-fouling Convention.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>Compliance Enforcement</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Noncompliance with the ISM Code or
other IMO regulations may subject the ship owner or bareboat charterer to increased liability, may lead to decreases in available insurance
coverage for affected vessels and may result in the denial of access to, or detention in, some ports. The USCG and European Union authorities
have indicated that vessels not in compliance with the ISM Code by applicable deadlines will be prohibited from trading in U.S. and European
Union ports, respectively. As of the date of this registration statement, our vessels are ISM Code certified. However, there can be no
assurance that such certificates will be maintained in the future<B>.</B> The IMO continues to review and introduce new regulations. It
is impossible to predict what additional regulations, if any, may be passed by the IMO and what effect, if any, such regulations might
have on our operations.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">United States Regulations</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>General</I></P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0.5in">Newly elected President Donald Trump has
signed a number of executive orders and directives that are likely to have an impact on U.S. regulations. For example, a regulatory freeze
was issued, which permits the withdrawal of rules sent to be published and authorizes those in charge of federal agencies to delay for
60 days the effective date of rules that have been published but are not yet effective. This regulatory freeze impacts U.S. EPA decisions
and proposed amendments. Additionally federal agencies have placed employees on leave as a result of an executive order regarding diversity,
equity and inclusion programs, which may impact implementation and enforcement of regulations. This and additional executive orders could
impact regulatory requirements.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"><I>The U.S. Oil Pollution Act of 1990 and the Comprehensive Environmental
Response, Compensation and Liability Act</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The U.S. Oil Pollution Act of 1990,
or OPA, established an extensive regulatory and liability regime for the protection and clean-up of the environment from oil spills. OPA
affects all &#8220;owners and operators&#8221; whose vessels trade or operate within the U.S., its territories and possessions or whose
vessels operate in U.S. waters, which includes the U.S.&#8217;s territorial sea and its 200 nautical mile exclusive economic zone around
the U.S. The U.S. has also enacted the Comprehensive Environmental Response, Compensation and Liability Act, or CERCLA, which applies
to the discharge of hazardous substances other than oil, except in limited circumstances, whether on land or at sea. OPA and CERCLA both
define &#8220;owner and operator&#8221; in the case of a vessel as any person owning, operating or chartering by demise, the vessel. Both
OPA and CERCLA impact our operations.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Under OPA, vessel owners and operators
are &#8220;responsible parties&#8221; and are jointly, severally and strictly liable (unless the spill results solely from the act or
omission of a third party, an act of God or an act of war) for all containment and clean-up costs and other damages arising from discharges
or threatened discharges of oil from their vessels, including bunkers (fuel). OPA defines these other damages broadly to include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: left">injury to, destruction or loss of, or loss of use of, natural resources and related assessment costs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: left">injury to, or economic losses resulting from, the destruction of real and personal property;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: left">loss of subsistence use of natural resources that are injured, destroyed or lost;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: left">net loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction or loss
of real or personal property, or natural resources;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: left">lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property
or natural resources; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: left; padding-right: 0">net cost of increased or additional public services necessitated by removal activities
following a discharge of oil, such as protection from fire, safety or health hazards, and loss of subsistence use of natural resources.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">OPA contains statutory caps on liability
and damages; such caps do not apply to direct cleanup costs. Effective March 2023, the USCG adjusted the limits of OPA liability for a
tank vessel, other than a single-hull tank vessel, over 3,000 gross tons liability to the greater of $2,500 per gross ton or $21,521,000
(subject to perodic adjustment for inflation), for non-tank vessels, edible oil tank vessels, and any oil spill response vessels, to the
greater of $1,300 per gross ton or $1,076,000 (subject to periodic adjustment for inflation). These limits of liability do not apply if
an incident was proximately caused by the violation of any applicable U.S. federal safety, construction or operating regulation by a responsible
party (or its agent, employee or a person acting pursuant to a contractual relationship) or a responsible party&#8217;s gross negligence
or willful misconduct. The limitation on liability similarly does not apply if the responsible party fails or refuses to (i) report the
incident as required by law where the responsible party knows or has reason to know of the incident; (ii) reasonably cooperate and assist
as requested in connection with oil removal activities; or (iii) without sufficient cause, comply with an order issued under the Federal
Water Pollution Act (Section 311 (c), (e)) or the Intervention on the High Seas Act.</P>

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

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">CERCLA contains a similar liability
regime whereby owners and operators of vessels are liable for clean-up, removal and remedial costs, as well as damages for injury to,
or destruction or loss of, natural resources, including the reasonable costs associated with assessing the same, and health assessments
or health effects studies. There is no liability if the discharge of a hazardous substance results solely from the act or omission of
a third party, an act of God or an act of war. Liability under CERCLA is limited to the greater of $300 per gross ton or $5.0 million
for vessels carrying a hazardous substance as cargo and the greater of $300 per gross ton or $500,000 for any other vessel. These limits
do not apply (rendering the responsible person liable for the total cost of response and damages) if the release or threat of release
of a hazardous substance resulted from willful misconduct or negligence, or the primary cause of the release was a violation of applicable
safety, construction or operating standards or regulations. The limitation on liability also does not apply if the responsible person
fails or refused to provide all reasonable cooperation and assistance as requested in connection with response activities where the vessel
is subject to OPA.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">OPA and CERCLA each preserve the right
to recover damages under existing law, including maritime tort law. OPA and CERCLA both require owners and operators of vessels to establish
and maintain with the USCG evidence of financial responsibility sufficient to meet the maximum amount of liability to which the particular
responsible person may be subject. Vessel owners and operators may satisfy their financial responsibility obligations by providing a proof
of insurance, a surety bond, qualification as a self-insurer or a guarantee. We comply and plan to comply going forward with the USCG&#8217;s
financial responsibility regulations by providing applicable certificates of financial responsibility.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The 2010 <I>Deepwater Horizon </I>oil
spill in the Gulf of Mexico resulted in additional regulatory initiatives or statutes, including higher liability caps under OPA, new
regulations regarding offshore oil and gas drilling, and a pilot inspection program for offshore facilities. However, several of these
initiatives and regulations have been or may be revised. For example, the U.S. Bureau of Safety and Environmental Enforcement&#8217;s,
or BSEE, revised Production Safety Systems Rule, or PSSR, effective December 27, 2018, modified and relaxed certain environmental and
safety protections under the 2016 PSSR. Additionally, in August 2023, the BSEE amended the Well Control Rule, which strengthens testing
and performance requirements, and may affect offshore drilling operations. Compliance with any new requirements of OPA and future legislation
or regulations applicable to the operation of our vessels and other vessels we may acquire could negatively impact the cost of our operations
and adversely affect our business.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">OPA specifically permits individual
states to impose their own liability regimes with regard to oil pollution incidents occurring within their boundaries, provided they accept,
at a minimum, the levels of liability established under OPA and some states have enacted legislation providing for unlimited liability
for oil spills. Many U.S. states that border a navigable waterway have enacted environmental pollution laws that impose strict liability
on a person for removal costs and damages resulting from a discharge of oil or a release of a hazardous substance. These laws may be more
stringent than U.S. federal law. Moreover, some states have enacted legislation providing for unlimited liability for discharge of pollutants
within their waters, although in some cases, states which have enacted this type of legislation have not yet issued implementing regulations
defining vessel owners&#8217; responsibilities under these laws. We intend to comply with all applicable state regulations in the ports
where the Company&#8217;s vessels call.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We currently maintain pollution liability
coverage insurance in the amount of $1 billion per incident for each of our vessels. If the damages from a catastrophic spill were to
exceed our insurance coverage, that could have an adverse effect on our business and results of operation.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>Other United States Environmental Initiatives</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The U.S. Clean Air Act of 1970 (including
its amendments of 1977 and 1990), or CAA, requires the EPA to promulgate standards applicable to emissions of volatile organic compounds
and other air contaminants. The CAA requires states to adopt State Implementation Plans, or SIPs, some of which regulate emissions resulting
from vessel loading and unloading operations which may affect our vessels and other vessels we may acquire.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The U.S. Clean Water Act, or CWA,
prohibits the discharge of oil, hazardous substances and ballast water in U.S. navigable waters unless authorized by a duly-issued permit
or exemption, and imposes strict liability in the form of penalties for any unauthorized discharges. The CWA also imposes substantial
liability for the costs of removal, remediation and damages and complements the remedies available under OPA and CERCLA. In 2015, the
EPA expanded the definition of &#8220;waters of the United States,&#8221; or WOTUS, thereby expanding federal authority under the CWA.
On December 30, 2022, the EPA and U.S. Army Corps of Engineers announced the final revised WOTUS rule, which was published on January
18, 2023. In August 2023, the EPA and Department of the Army issued a final rule to amend the revised WOTUS definition to conform the
definition of WOTUS to the U.S. Supreme Court&#8217;s interpretation of the Clean Water Act in its decision dated May 25, 2023. The final
rule became effective September 8, 2023 and operates to limit the Clean Water Act. On March 12, 2025, the EPA announced it would work
with the U.S. Army Corp of Engineers further to review the definition of WOTUS further to the U.S. Supreme Court&#8217;s interpretation
and undertake a rulemaking process to revise the definition of WOTUS. During the rulemaking process, the EPA advised it would provide
guidance implementing the pre-2015 definition of WOTUS.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The EPA and the USCG have also enacted
rules relating to ballast water discharge, compliance with which requires the installation of equipment on our vessels and other vessels
we may acquire to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements or procedures
at potentially substantial costs, and/or otherwise restrict our vessels and other vessels we may acquire from entering U.S. Waters. The
EPA will regulate these ballast water discharges and other discharges incidental to the normal operation of certain vessels within United
States waters pursuant to the Vessel Incidental Discharge Act, or VIDA, which was signed into law on December 4, 2018 and requires that
the USCG develop implementation, compliance and enforcement regulations regarding ballast water. On October 26, 2020, the EPA published
a Notice of Proposed rulemaking for Vessel Incidental Discharge National Standards of Performance under VIDA, and in November 2020, held
virtual public meetings. On October 18, 2023, the EPA published a Supplemental Notice to the Vessel Incidental Discharge National Standards
of Performance, which shares new ballast water information that the EPA received from the USCG. On September 20, 2024, the EPA finalized
national standards of performance for non-recreational vessels 79-feet in length and longer with respect to incidental discharges and
on October 9, 2024, these Vessel Incidental Discharge National Standards of Performance were published. Within two years of publication,
the USCG is required to develop corresponding implementing regulations. Currently USCG ballast water management regulations adopted under
the U.S. National Invasive Species Act, or NISA, require mid-ocean ballast exchange programs and installation of approved USCG technology
for all vessels equipped with ballast water tanks bound for U.S. ports or entering U.S. waters.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Therefore, until new USCG regulations
are final and enforceable, non-military, non-recreational vessels greater than 79 feet in length must continue to comply with the requirements
of the VGP, including submission of a Notice of Intent (&#8220;NOI&#8221;) or retention of a PARI form and submission of annual reports.
We have submitted NOIs for all our vessels where required. Compliance with the EPA, U.S. Coast Guard and state regulations requires the
installation of ballast water treatment equipment on our vessels or the implementation of other port facility disposal procedures at potentially
substantial cost, or may otherwise restrict our vessels from entering U.S. waters. Our vessels are equipped with ballast water treatment
systems, which are subject to functionality monitoring and treated ballast water sampling and analysis, in compliance with the requirements
stipulated in EPA VGP 2013.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">European Union Regulations</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In October 2009, the European Union
amended a directive to impose criminal sanctions for illicit ship-source discharges of polluting substances, including minor discharges,
if committed with intent, recklessly or with serious negligence and the discharges individually or in the aggregate result in deterioration
of the quality of water. Aiding and abetting the discharge of a polluting substance may also lead to criminal penalties. The directive
applies to all types of vessels, irrespective of their flag, but certain exceptions apply to warships or where human safety or that of
the ship is in danger. Criminal liability for pollution may result in substantial penalties or fines and increased civil liability claims.
Regulation (EU) 2015/757 of the European Parliament and of the Council of April 29, 2015 (amending EU Directive 2009/16/EC) governs the
monitoring, reporting and verification of carbon dioxide emissions from maritime transport, and, subject to some exclusions, requires
companies with ships over 5,000 gross tonnage to monitor and report carbon dioxide emissions annually, which may cause us to incur additional
expenses. As of January 2019, large ships calling at EU ports have been required to collect and publish data on carbon dioxide emissions
and other information. The system entered into force on March 1, 2018. July 2020 saw the European Parliament&#8217;s Committee on Environment,
Public Health and Food Safety vote in favor of the inclusion of vessels of 5,000 gross tons and above in the EU Emissions Trading System
(in addition to voting for a revision to the monitoring, reporting and verification of CO2 emissions). In September 2020, the European
Parliament adopted the proposal from the European Commission to amend the regulation on monitoring carbon dioxide emissions from maritime
transport.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">On July 14, 2021, the European Commission
published a package of draft proposals as part of its &#8221;Fit for 55&#8221; environmental legislative agenda and as part of the wider
EU Green Deal growth strategy. There are two key initiatives relevant to maritime arising from the proposals: (a) a bespoke emissions
trading scheme for maritime (Maritime ETS) which commenced in 2024 and applies to all ships above a gross tonnage of 5000; and (b) a FuelEU
draft regulation which seeks to require all ships above a gross tonnage of 5000 to carry on board a &#8220;FuelEU certificate of compliance&#8221;
from June 30, 2025 as evidence of compliance with the limits on the greenhouse gas intensity of the energy used on-board by a ship and
with the requirements on the use of on-shore power supply (OPS) at berth.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">ETS was agreed in December 2022 and
FuelEU was passed into law on July 25, 2023 and entered into force on January 1, 2025. More specifically, Maritime ETS is to apply gradually
over the period from 2024 to 2026. In 2025, shipping companies would have to surrender 40% of ETS allowances for 2024 emissions; in 2026
shipping companies would have to surrender 70% of ETS allowances for the 2025 missions; and 100% in 2027 for 2026 emissions. The cap under
the ETS would be set by taking into account EU MRV system emissions data for the years 2018 and 2019, adjusted, from year 2021 and is
to capture 100% of the emissions from intra-EU maritime voyages; 100% of emissions from ships at berth in EU ports; and 50% of emissions
from voyages which start or end at EU ports (but the other destination is outside the EU). More recent proposed amendments signal that
100% of non-EU emissions may be caught if the IMO does not introduce a global market-based measure by 2028. All maritime allowances will
be auctioned and there will be no free allocation for the shipping sector. From a risk management perspective, new systems, including
data management systems, personnel, cost recovery mechanisms, revised service agreement terms, and emissions reporting procedures will
have to be put in place, at significant cost, to prepare for and manage the administrative aspects of ETS compliance.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Additionally, on July 25, 2023, the
European Council of the European Union adopted the Fuel EU Maritime Regulation 2023/1805 (&#8220;FuelEU&#8221;) under the FuelEU Initiative
of its &#8220;Fit-for-55&#8221; package which sets limitations on the acceptable yearly greenhouse gas intensity of the energy used by
covered vessels. Among other things, the Maritime Fuel Regulation requires that greenhouse gas intensity of fuel used by covered vessels
is reduced by 2% starting January 1, 2025, with additional reductions contemplated every five years (up to 80% by 2050). Shipping companies
may enter into pooling mechanisms with other shipping companies in order to achieve compliance, bank surplus emissions and borrow compliance
balances from future years. A FuelEU Document of Compliance is required to be kept on board a vessel to show compliance by June 30, 2026.
Both the ETS and FuelEU schemes have significant impacts on the management of the vessels calling to EU ports, by increasing the complexity
and monitoring of, and costs associated with the operation of vessels and affecting the relationships with our time charterers.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Responsible recycling and scrapping
of ships are becoming increasingly important issues for shipowners and charterers alike as the industry strives to replace old ships with
cleaner, more energy efficient models. The recognition of the need to impose recycling obligations on the shipping industry is not new.
In 2009, the IMO oversaw the creation of the Hong Kong Ship Recycling Convention (the &#8220;Hong Kong Convention&#8221;), which sets
standards for ship recycling. Concerned at the lack of progress in satisfying the conditions needed to bring the Hong Kong Convention
into force, the EU published its own Ship Recycling Regulation 1257/2013 (SRR) in 2013, with a view to facilitating early ratification
of the Hong Kong Convention both within the EU and in other countries outside the EU. The 2013 regulations are vital to responsible ship
recycling in the EU. SRR requires that, from December 31, 2020, all existing ships sailing under the flag of EU member states and non-EU
flagged ships calling at an EU port or anchorage must carry on-board an Inventory of Hazardous Materials (IHM) with a certificate or statement
of compliance, as appropriate. For EU-flagged vessels, a certificate (either an Inventory Certificate or Ready for Recycling Certificate)
will be necessary, while non-EU flagged vessels will need a Statement of Compliance. Now that the Hong Kong Convention has been ratified
and will enter into force on June 26, 2025, it is expected the EU Ship Recycling Regulation will be reviewed in light of this.</P>

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

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The European Union has adopted several
regulations and directives requiring, among other things, more frequent inspections of high-risk ships, as determined by type, age, and
flag as well as the number of times the ship has been detained. The European Union also adopted and extended a ban on substandard ships
and enacted a minimum ban period and a definitive ban for repeated offenses. The regulation also provided the European Union with greater
authority and control over classification societies, by imposing more requirements on classification societies and providing for fines
or penalty payments for organizations that failed to comply. Furthermore, the EU has implemented regulations requiring vessels to use
reduced sulfur content fuel for their main and auxiliary engines. The EU Directive 2005/33/EC (amending Directive 1999/32/EC) introduced
requirements parallel to those in Annex VI relating to the sulfur content of marine fuels. In addition, the EU imposed a 0.1% maximum
sulfur requirement for fuel used by ships at berths in the Baltic, the North Sea, and the English Channel (the so-called &#8220;SOx-Emission
Control Area&#8221;). As of January 2020, EU member states must also ensure that ships in all EU waters, except the SOx-Emission Control
Area, use fuels with a 0.5% maximum sulfur content.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">EU Directive 2004/35/CE (as amended)
regarding the prevention and remedying of environmental damage addresses liability for environmental damage (including damage to water,
land, protected species and habitats) on the basis of the &#8220;polluter pays&#8221; principle. Operators whose activities caused the
environmental damage are liable for the damage (subject to certain exceptions). With regard to specified activities causing environmental
damage, operators are strictly liable. The directive applies where damage has already occurred and where there is an imminent threat of
damage. The directive requires preventative and remedial actions, and that operators report environmental damage or an imminent threat
of such damage.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In 2021, the EU adopted a European
Climate Law (Regulation (EU) 2021/1119), establishing the aim of reaching net zero greenhouse gas emissions in the EU by 2050, with an
intermediate target of reducing greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. In July 2021, the European
Commission launched the Fit for 55 (described above) to support the climate policy agenda.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">On November 10, 2022, the EU Parliament adopted the Corporate Sustainability
Reporting Directive (&#8220;CSRD&#8220;). EU member states have 18 months to integrate it into national law. The CSRD will create new,
detailed sustainability reporting requirements and will significantly expand the number of EU and non-EU companies subject to the EU sustainability
reporting framework. The required disclosures will go beyond environmental and climate change reporting to include social and governance
matters (for example, respect for employee and human rights, anti- corruption and bribery, corporate governance and diversity and inclusion).
In addition, it will require disclosure regarding the due diligence processes implemented by a company in relation to sustainability matters
and the actual and potential adverse sustainability impacts of an in-scope company&#8217;s operations and value chain. The CSRD will begin
to apply for financial years starting in 2024 to large EU and non-EU undertakings subject to certain financial and employee thresholds
being met. New systems, personnel, data management systems and reporting procedures will have to be put in place, at significant cost,
to prepare for and manage the administrative aspect of CSRD compliance. We note that following the publication of the Omnibus package
of proposals on February 26, 2025 which are designed to simplify EU regulations and cut red tape, the application of all reporting requirements
in the CSRD for companies that are due to report in 2026 and 2027 is postponed and to 2028. If implemented into law, the Omnibus package
will simplify compliance for SMEs and all companies with up to 1,000 employees and 50 million turnover will be outside the scope of the
CSRD. For the companies in scope (above 1,000 employees and 50 million turnover), the Commission will adopt a delegated act to revise
and simplify the existing sustainability reporting standards (ESRS). The proposed provisions in CSRD also create a derogation for companies
with more than 1,000 employees and a turnover below EUR 450 million by making the reporting of Taxonomy voluntary, and also, put a stronger
emphasis on transition finance by introducing the option of reporting on partial Taxonomy-alignment.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">International Labor Organization</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The International Labor Organization
(the &#8220;ILO&#8221;) is a specialized agency of the UN that has adopted the Maritime Labor Convention 2006 (&#8220;MLC 2006&#8221;).
A Maritime Labor Certificate and a Declaration of Maritime Labor Compliance is required to ensure compliance with the MLC 2006 for all
ships above 500 gross tonnage or over and are either engaged in international trade. We believe that our vessels are in substantial compliance
with and are certified to meet MLC 2006 and its amendments.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Greenhouse Gas Regulation</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Currently, the emissions of greenhouse
gases from international shipping are not subject to the Kyoto Protocol to the United Nations Framework Convention on Climate Change (this
task having been delegated to the IMO), which entered into force in 2005 and pursuant to which adopting countries have been required to
implement national programs to reduce greenhouse gas emissions with targets extended through 2020. In December 2009, more than 27 nations,
including the U.S. and China, signed the Copenhagen Accord, which includes a non-binding commitment to reduce greenhouse gas emissions.
The 2015 United Nations Climate Change Conference in Paris resulted in the Paris Agreement, which entered into force on November 4, 2016
and does not directly limit greenhouse gas emissions from ships. On January 20, 2025, President Donald Trump signed an executive order
&nbsp;&nbsp;initiating the United States' withdrawal from the Paris Agreement; the withdrawal will take at least one year to complete.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">At MEPC 70 and MEPC 71, a draft outline
of the structure of the initial strategy for developing a comprehensive IMO strategy on reduction of greenhouse gas emissions from ships
was approved. In accordance with this roadmap, a MEPC 80 in July 2023, the IMO adopted the 2023 IMO Strategy on Reduction of GHG Emissions
from Ships, which revoked the 2018 initial strategy. The 2023 IMO GHG Strategy identifies a number of levels of ambition, including (1)
decreasing the carbon intensity from ships through implementation of further phases of energy efficiency for new ships; (2) reducing carbon
dioxide emissions per transport work, as an average across international shipping, by at least 40% by 2030, comparted to 2008; and (3)
uptake of zero or near-zero Green House Gas (&#8220;GHG&#8221;) emission technologies, fuels, and/or energy sources, striving to represent
10% of the energy sources used by international shipping by 2030; and (4) to reach net-zero GHG emissions by or around 2050. At the conclusion
of MEPC 82, a draft legal text was used as a basis for ongoing talks about mid-term GHG reduction measures, which are expected to be adopted
in 2025. The proposed mid-term measures include a goal-based marine fuel standard, phasing in the mandatory use of fuels with less GHG
intensity, and a global GHG emission pricing mechanism. The latter could be in the form of a global carbon levy or in the form of a global
emissions trading scheme thus removing the need for the existing fragmented and localized schemes as are present in the EU, China, Japan
and Singapore. UK too is consulting on introducing a UK based emissions trading scheme (UK ETS) to apply from 2026 for ships above 5000GT
but for domestic voyages only (i.e voyages taking place between two UK ports). These regulations could cause us to incur additional substantial
expenses.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">As noted above, the 70th MEPC meeting
in October 2016 adopted a mandatory data collection system (DCS) which requires ships above 5,000 gross tons to report consumption data
for fuel oil, hours under way and distance travelled. Unlike the EU MRV (see below), the IMO DCS covers any maritime activity carried
out by ships, including dredging, pipeline laying, ice-breaking, fish-catching and off-shore installations. The SEEMPs of all ships covered
by the IMO DCS must include a description of the methodology for data collection and reporting. After each calendar year, the aggregated
data are reported to the flag state. If the data have been reported in accordance with the requirements, the flag state issues a statement
of compliance to the ship. Flag states subsequently transfer this data to an IMO ship fuel oil consumption database, which is part of
the Global Integrated Shipping Information System (GISIS) platform. IMO will then produce annual reports, summarizing the data collected.
Thus, currently, data related to the GHG emissions of ships above 5,000 gross tons calling at ports in the European Economic Area (EEA)
must be reported in two separate, but largely overlapping, systems: the EU MRV, which applies since 2018, and the IMO DCS &#8211; which
applies since 2019. The proposed revision of Regulation (EU) 2015/757 adopted on 4 February 2019 aims to align and facilitate the simultaneous
implementation of the two systems however it is still not clear when the proposal will be adopted.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">IMO&#8217;s MEPC 76 adopted amendments
to Annex VI that will require ships to reduce their greenhouse gas emissions. The Revised MARPOL Annex VI entered into force on November
1, 2022. The revised Annex VI includes carbon intensity measures (requirements for ships to calculate their Energy Efficiency Existing
Ship Index (EEXI) following technical means to improve their energy efficiency and to establish their annual operational carbon intensity
indicator and rating. MEPC 76 also adopted guidelines to support the implementation of the amendments.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In 2021, the EU adopted a European
Climate Law (Regulation (EU) 2021/1119), establishing the aim of reaching net zero greenhouse gas emissions in the EU by 2050, with an
intermediate target of reducing greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. In July 2021, the European
Commission launched the Fit for 55 (described above) to support the climate policy agenda. Starting in January 2018, large ships over
5,000 gross tonnage calling at EU ports have been required to collect and publish data on carbon dioxide emissions and other information.
As previously discussed, regulations relating to the inclusion of greenhouse gas emissions from the maritime sector in the European Union&#8217;s
carbon market are also forthcoming.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In the United States, the EPA issued
a finding that greenhouse gases endanger the public health and safety, adopted regulations to limit greenhouse gas emissions from certain
mobile sources, and proposed regulations to limit greenhouse gas emissions from large stationary sources. The EPA or individual U.S. states
could enact environmental regulations that could negatively affect our operations. On November 2, 2021, the EPA issued a proposed rule
under the CAA designed to reduce methane emissions from oil and gas sources. In November 2022, the EPA issued a supplemental proposal
that would achieve more comprehensive emissions reductions and add proposed requirements for sources not previously covered. The EPA held
a public hearing in January 2023 on the proposal and in December 2023, issued a final rule to sharply reduce emissions of methane and
other air pollution from oil and natural gas operations, including storage vessels. In 2024, the EPA issued a final Waste Emissions Charge
rule to reduce methane emissions, applicable to waste emissions from high-emitting oil and gas facilities. On March 14, 2025, a Congressional
resolution, signed by President Trump, disapproved the 2024 Waste Emissions Charge Rule, such that it is no longer in effect.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Any passage of climate control legislation
or other regulatory initiatives by the IMO, the EU, the U.S. or other countries where we operate, or any treaty adopted at the international
level to succeed the Kyoto Protocol or Paris Agreement, that restricts emissions of greenhouse gases could require us to make significant
financial expenditures which we cannot predict with certainty at this time. Even in the absence of climate control legislation, our business
may be indirectly affected to the extent that climate change may result in sea level changes or certain weather events.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Vessel Security Regulations</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Since the terrorist attacks of September
11, 2001 in the United States, there have been a variety of initiatives intended to enhance vessel security such as the U.S. Maritime
Transportation Security Act of 2002, or MTSA.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">To implement certain portions of the
MTSA, the USCG issued regulations requiring the implementation of certain security requirements aboard vessels operating in waters subject
to the jurisdiction of the United States and at certain ports and facilities, some of which are regulated by the EPA.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Similarly, Chapter XI-2 of the SOLAS
Convention imposes detailed security obligations on vessels and port authorities and mandates compliance with the International Ship and
Port Facilities Security Code, or the ISPS Code. The ISPS Code is designed to enhance the security of ports and ships against terrorism.
To trade internationally, a vessel must attain an International Ship Security Certificate, or ISSC, from a recognized security organization
approved by the vessel&#8217;s flag state. Ships operating without a valid certificate may be detained, expelled from, or refused entry
at a port until they obtain an ISSC. The various requirements, some of which are found in the SOLAS Convention, include, for example,
on-board installation of automatic identification systems to provide a means for the automatic transmission of safety-related information
from among similarly equipped ships and shore stations, including information on a ship&#8217;s identity, position, course, speed and
navigational status; on-board installation of ship security alert systems, which do not sound on the vessel but only alert the authorities
on shore and our Fleet Manager; the development of vessel security plans; ship identification number to be permanently marked on a vessel&#8217;s
hull; a continuous synopsis record kept onboard showing a vessel&#8217;s history including the name of the ship, the state whose flag
the ship is entitled to fly, the date on which the ship was registered with that state, the ship&#8217;s identification number, the port
at which the ship is registered and the name of the registered owner(s) and their registered address; and compliance with flag state security
certification requirements.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The USCG regulations, intended to
align with international maritime security standards, exempt non-U.S. vessels from MTSA vessel security measures, provided such vessels
have on board a valid ISSC that attests to the vessel&#8217;s compliance with the SOLAS Convention security requirements and the ISPS
Code. Future security measures could have a significant negative financial impact on us.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">All vessels have been issued with
ISSC, which is subject to Verifications that have ensured that the security system and any associated security equipment of the vessel
fully complies with the applicable requirements of MTSA and the ISPS Code, is in satisfactory condition and fit for the service for which
the vessel is intended.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The cost of vessel security measures
has also been affected by the escalation in the frequency of acts of piracy against ships, notably off the coast of Somalia, including
the Gulf of Aden and the Red Sea and the Arabian Sea areas and the West Africa area including the Gulf of Guinea. Substantial loss of
revenue and other costs may be incurred as a result of detention of a vessel or additional security measures, and the risk of uninsured
losses could significantly affect our business. Costs are incurred in taking additional security measures in accordance with Best Management
Practices to Deter Piracy, notably those contained in the BMP5 industry standard.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Inspection by Classification Societies</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The hull and machinery of every commercial
vessel must be classed by a classification society authorized by its country of registry. The classification society certifies that a
vessel is safe and seaworthy in accordance with the applicable rules and regulations of the country of registry of the vessel and SOLAS.
Most insurance underwriters make it a condition for insurance coverage and lending that a vessel be certified &#8220;in class&#8221; by
a classification society which is a member of the International Association of Classification Societies, the IACS. The IACS has adopted
harmonized Common Structural Rules, or the Rules, which apply to oil tankers and bulk carriers constructed on or after July 1, 2015. The
Rules attempt to create a level of consistency between IACS Societies. Our vessels are certified as being &#8220;in class&#8221; by their
Classification Society (American Bureau of Shipping).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">A vessel must undergo annual surveys,
intermediate surveys, dry-dockings and special surveys. In lieu of a special survey, a vessel&#8217;s machinery may be on a continuous
survey cycle, under which the machinery would be surveyed periodically over a five-year period. Every vessel is also required to be drydocked
every 30 to 36 months for inspection of the underwater parts of the vessel. If any vessel does not maintain its class and/or fails any
annual survey, intermediate survey, dry-docking or special survey, the vessel will be unable to carry cargo between ports and will be
unemployable and uninsurable which could cause us to be in violation of certain covenants in our financing arrangements. Any such inability
to carry cargo or be employed, or any such violation of covenants, could have a material adverse impact on our financial condition and
results of operations.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: left">Risk of Loss and Liability Insurance</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">General</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The operation of any cargo vessel
includes risks such as mechanical failure, physical damage, collision, property loss, cargo loss or damage and business interruption due
to political circumstances in foreign countries, piracy incidents, hostilities and labor strikes. In addition, there is always an inherent
possibility of marine disaster, including oil spills and other environmental mishaps, and the liabilities arising from owning and operating
vessels in international trade. OPA, which imposes virtually unlimited liability upon shipowners, operators and bareboat charterers of
any vessel trading in the exclusive economic zone of the United States for certain oil pollution accidents in the United States, has made
liability insurance more expensive for shipowners and operators trading in the United States market. We carry insurance coverage as customary
in the shipping industry. However, not all risks can be insured, specific claims may be rejected and we might not be always able to obtain
adequate insurance coverage at reasonable rates.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Hull &amp; Machinery and War Risks Insurances</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We maintain marine hull and machinery
and war risks insurances, which include the risk of actual or constructive total loss, for our vessel. Our vessels are covered up to at
least their fair market value with a deductible of $150,000 per incident. We also maintain increased value coverage for our vessels. Under
this increased value coverage, in the event of total loss of the relevant vessel, we will be able to recover the sum insured under the
increased value policy in addition to the sum insured under the hull and machinery policy. Increased value insurance also covers excess
liabilities which are not recoverable under our hull and machinery policy by reason of under insurance.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Protection and Indemnity
Insurance</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Protection and indemnity insurance,
provided by mutual protection and indemnity associations, or P&amp;I Associations, covers our third-party liabilities in connection with
our shipping activities. This includes third-party liability and other related expenses of injury, illness or death of crew, passengers
and other third parties, loss or damage to cargo, claims arising from collisions with other vessels, damage to other third-party property
such as fixed and floating objects, pollution arising from oil or other substances, salvage, towing and other related costs, including
wreck removal. Protection and indemnity insurance is a form of mutual indemnity insurance, extended by protection and indemnity mutual
associations, or &#8220;clubs.&#8221;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our coverage limit is as per International
Group&#8217;s rules, where there are standard sub-limits for oil pollution at $1 billion, passenger liability at $2 billion and seamen
liabilities at $3 billion. The 12 P&amp;I Associations that comprise the International Group insure approximately 90% of the world&#8217;s
commercial tonnage and have entered into a pooling agreement to reinsure each association&#8217;s liabilities in excess of each association&#8217;s
own retention of $10 million up to, currently, approximately $8.9 billion. As a member of a P&amp;I Association, which is a member of
the International Group, we are subject to calls payable to the associations based on our claim records as well as the claim records of
all other members of the individual associations and members of the shipping pool of P&amp;I Associations comprising the International
Group.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Permits and Authorizations</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We are required by various governmental
and quasi-governmental agencies to obtain certain permits, licenses and certificates with respect to our vessels and other vessels we
may acquire. The kinds of permits, licenses and certificates required depend upon several factors, including the commodity transported,
the waters in which the vessel operates, the nationality of the vessel&#8217;s crew and the age of a vessel. We believe that we have obtained
all permits, licenses and certificates currently required to permit our vessels to operate as planned. Additional laws and regulations,
environmental or otherwise, may be adopted which could limit our ability to do business or increase the cost of us doing business in the
future.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Organizational Structure</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Rubico Inc. is a wholly owned subsidiary
of the Parent and following the Spin-Off will be the owner of all of the issued and outstanding shares of the Rubico Predecessor, Athenean
Empire Inc. and Roman Empire Inc., each incorporated under the laws of the Republic of the Marshall Islands. Rubico Inc. was incorporated
on August 11, 2022 as Central Tactical Acquisitions Inc. and on March 3, 2023 its articles of incorporation were amended to effect a change
in the name of the corporation to Rubico Inc.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">D.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Property, Plants and Equipment</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We do not own any real estate property.
We maintain our principal executive offices at 20 Iouliou Kaisara Str, 19002, Paiania, Athens, Greece. Other than our vessels, we do not
have any material property. See &#8220;Item 4.B. Business Overview &#8211; Our Current Fleet&#8221;.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_006"></A>ITEM 4A.</TD><TD STYLE="text-align: justify">UNRESOLVED STAFF COMMENTS</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">None.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_007"></A>ITEM 5.</TD><TD STYLE="text-align: justify">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0.1in 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The following discussion of the results
of our operations and our financial condition should be read in conjunction with the financial statements and the notes to those statements
included in &#8220;Item 18. Financial Statements.&#8221; This discussion contains forward-looking statements that involve risks, uncertainties,
and assumptions. Actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors,
including those set forth in &#8220;Item 3. Key Information&#8211;D. Risk Factors.&#8221;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Operating Results</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B><U>Factors Affecting our Results of Operations</U></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">We believe that the important measures for analyzing trends in
the results of our operations consist of the following:</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 7.1pt 0pt 47.55pt"><I>Calendar days</I>. We define calendar days as the total
number of days the vessels were in our possession for the relevant period. Calendar days are an indicator of the size of our fleet during
the relevant period and affect both the amount of revenues and expenses that we record during that period.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 47.55pt"><I>Available days. </I>We define available days as the
number of calendar days less the aggregate number of days that our vessels are off-hire due to scheduled repairs, or scheduled guarantee
inspections in the case of new buildings, vessel upgrades or special or intermediate surveys and the aggregate amount of time that we
spend positioning our vessels. Companies in the shipping industry generally use available days to measure the number of days in a period
during which vessels should be capable of generating revenues. Our calculation of Available Days may not be comparable to that reported
by other companies due to differences in methods of calculation.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 7.1pt 0pt 47.55pt"><I>Operating days. </I>We define operating days as the
number of available days in a period less the aggregate number of days that our vessels are off-hire due to unforeseen technical circumstances.
The shipping industry uses operating days to measure the aggregate number of days in a period that our vessels actually generate revenues.
Our calculation of Operating Days may not be comparable to that reported by other companies due to differences in methods of calculation.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 7.1pt 0pt 47.55pt"><I>Fleet utilization. </I>We calculate fleet utilization
by dividing the number of operating days during a period by the number of available days during that period. The shipping industry uses
fleet utilization to measure a company&#8217;s efficiency in finding suitable employment for its vessels and minimizing the number of
days that its vessels are off-hire for reasons other than scheduled repairs or scheduled guarantee inspections in the case of new buildings,
vessel upgrades, special or intermediate surveys and vessel positioning. We believe monitoring Fleet utilization assists management in
making decisions regarding areas where we may be able to improve efficiency and increase revenue and as such provides useful information
to investors regarding the efficiency of our operations.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 47.55pt"><I>TCE Revenues / TCE Rates. </I>We define TCE revenues
as revenues minus voyage expenses. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage,
which would otherwise be paid by a charterer under a time charter, as well as commissions. We believe that presenting revenues net of
voyage expenses neutralizes the variability created by unique costs associated with particular voyages or the deployment of vessels on
the spot market and facilitates comparisons between periods on a consistent basis. We calculate daily TCE rates by dividing TCE revenues
by operating days for the relevant time period. TCE revenues include demurrage revenue, which represents fees charged to charterers associated
with our spot market voyages when the charterer exceeds the agreed upon time required to load or discharge a cargo. Our calculation of
TCE may not be similar to other method of calculation of other companies.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In the shipping industry, economic
decisions are based on vessels&#8217; deployment upon anticipated TCE rates, and industry analysts typically measure shipping freight
rates in terms of TCE rates. This is because under time-charter and bareboat contracts the customer usually pays the voyage expenses,
while under voyage charters the ship-owner usually pays the voyage expenses, which typically are added to the hire rate at an approximate
cost. Consistent with industry practice, we use TCE rates because it provides a means of comparison between different types of vessel
employment and, therefore, assists our decision-making process.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In evaluating our financial condition,
we focus on the below measures to assess our historical operating performance and we use future estimates of the same measures to assess
our future financial performance. In assessing the future performance of our fleet, the greatest uncertainty relates to future charter
rates at the expiration of a vessel&#8217;s present period employment, whether under a time charter or a bareboat charter. Decisions about
future purchases and sales of vessels are based on the availability of excess internal funds, the availability of financing and the financial
and operational evaluation of such actions and depend on the overall state of the shipping market and the availability of relevant purchase
candidates.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B><U>Time Charter Revenues</U></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our time charter revenues are driven
primarily by the number and size of vessels in our fleet, the number of operating days during which our vessels generate revenues and
the amount of daily charterhire that our vessels earn under charters, which, in turn, are affected by a number of factors, including our
decisions relating to vessel acquisitions and disposals, the amount of time that we spend positioning our vessels, the amount of time
that our vessels spend in dry-dock undergoing repairs, maintenance and upgrade work, the duration of the charter, the age, condition and
specifications of our vessels, levels of supply and demand in the global transportation market for oil and other factors affecting spot
market charter rates such as vessel supply and demand imbalances.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Vessels operating on period charters,
time charters or bareboat charters provide more predictable cash flows, but can yield lower profit margins than vessels operating in the
short-term, or spot, charter market during periods characterized by favorable market conditions. Vessels operating in the spot charter
market, either directly or through a pool arrangement, could generate revenues that are less predictable, but could enable us to capture
increased profit margins during periods of improvements in charter rates, although we could be exposed to the risk of declining charter
rates, which could have a materially adverse impact on our financial performance. If we employ vessels on period charters, future spot
market rates may be higher or lower than the rates at which we have employed our vessels on period time charters.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Under a time charter, the charterer
typically pays us a fixed daily charter hire rate and bears all voyage expenses, including the cost of bunkers (fuel oil) and port and
canal charges. We remain responsible for paying the chartered vessel&#8217;s operating expenses, including the cost of crewing, insuring,
repairing and maintaining the vessel, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, and we
also pay commissions to CSI, one or more unaffiliated ship brokers and charterer to in-house brokers associated with the charterer for
the arrangement of the relevant charter.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Under a bareboat charter, the vessel
is chartered for a stipulated period of time, which gives the charterer possession and control of the vessel, including the right to appoint
the master and the crew. Under bareboat charters, all voyage and operating costs are paid by the charterer.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">As of the date of this registration
statement, we have not bareboat chartered-in any vessels. We may in the future operate vessels in the spot market until the vessels have
been chartered under appropriate medium to long-term charters.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B><U>Vessel Operating Expenses</U></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Vessel operating expenses include
crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable
stores, tonnage taxes and value added tax, or VAT, and other miscellaneous expenses. We analyze vessel operating expenses on a U.S. dollar
per day basis. Additionally, vessel operating expenses can fluctuate due to factors beyond our control, such as unplanned repairs and
maintenance attributable to damages or regulatory compliance and factors which may affect the shipping industry in general, such as developments
relating to insurance premiums, or developments relating to the availability of crew.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B><U>Voyage Expenses</U></B></P>

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

<P STYLE="margin: 0pt 0; text-indent: 40pt; font-size: 10pt; text-align: justify">Voyage expenses primarily consist of port charges, including
canal dues, bunkers (fuel costs) and commissions. All these expenses, except commissions, are paid by the charterer under a time charter
or bareboat charter contract. The amount of voyage expenses are primarily driven by the routes that the vessels travel, the amount of
ports called on, the canals crossed and the price of bunker fuels paid.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B><U>Dry -docking Costs</U></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Dry-docking costs relate to regularly
scheduled intermediate survey or special survey dry-docking necessary to preserve the quality of our vessels as well as to comply with
international shipping standards and environmental laws and regulations. Dry-docking costs can vary according to the age of the vessel,
the location where the dry-dock takes place, shipyard availability, local availability of manpower and material, and the billing currency
of the yard. Please see &#8220;Item 18. Financial Statements&#8212;Note 2&#8212;Significant Accounting Policies.&#8221; In the case of
tankers, dry- docking costs may also be affected by new rules and regulations. For further information please see &#8220;Item 4. Information
on the Company&#8212;B. Business Overview&#8212;Environmental Regulations.&#8221;</P>

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<P STYLE="margin: 0pt 0 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B><U>Management Fees&#8212;Related Party</U></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">As from May 28, 2020, the Athenean
Rubico Predecessor and Roman Rubico Predecessor, our vessel owning subsidiaries, have outsourced to CSI, a related party controlled by
the family of Mr. Evangelos J. Pistiolis, all operational, technical and commercial functions relating to the chartering and operation
of M/T&#8217;s Eco Malibu and Eco West Coast. See &#8220;Item 7. Major shareholders and related party transactions &#8212; B. Related
Party Transactions&#8221;.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B><U>General and Administrative Expenses</U></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">General and administrative expenses represent
an allocation of the expenses incurred by our Parent based on the number of calendar days of our vessels to total calendar days of the
Parent&#8217;s fleet. These expenses consisted mainly of executive compensation (including bonuses), professional fees, utilities and
directors' liability insurance.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B><U>Inflation</U></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Although inflation has had a moderate
impact on our vessel operating expenses and corporate overheads, management does not consider inflation to be a significant risk to direct
costs in the current and foreseeable economic environment. It is anticipated that insurance costs, which have risen over the last three
years, may well continue to rise over the next few years. Oil transportation is a specialized area and the number of vessels is increasing.
There will therefore be an increased demand for qualified crew and this has and will continue to put inflationary pressure on crew costs.
However, in a shipping downturn, costs subject to inflation can usually be controlled because shipping companies typically monitor costs
to preserve liquidity and encourage suppliers and service providers to lower rates and prices in the event of a downturn.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B><U>Interest and Finance Costs</U></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We incur interest expense on outstanding
indebtedness under our financing facilities, which we include in interest and finance costs. We also incur finance costs in establishing
those facilities which are deferred and amortized over the period of the respective facility. The amortization of the finance costs is
presented in interest and finance costs.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Main components of managing our business and
main drivers of profitability</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0">The management of financial, general and administrative elements
involved in the conduct of our business and ownership of our vessels requires the following main components:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">management of our financial resources, including banking relationships, i.e., administration of bank loans,
sale and leasebacks and bank accounts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">management of our accounting system and records and financial reporting;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">administration of the legal and regulatory requirements affecting our business and assets; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">management of the relationships with our service providers and customers.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0">The principal factors that affect our profitability, cash flows
and shareholders&#8217; return on investment include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">charter rates and periods of charter hire for our tankers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">utilization of our tankers (earnings efficiency);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">levels of our tankers operating expenses and dry-docking costs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">depreciation and amortization expenses;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">financing costs; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">fluctuations in foreign exchange rates.</TD></TR></TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD COLSPAN="5" STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Year ended December 31, 2022 compared with year ended December 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>(Expressed in thousands of U.S. Dollars)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year Ended December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>change YE22 v YE23</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 48%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><I>$</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><I>%</I></FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>24,784</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>24,478</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>(306)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>-1%</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>EXPENSES:</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Voyage expenses</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">508</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">508</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><I>0%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Vessel operating expenses</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">4,901</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">4,816</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">(85)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><I>-2%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Vessel depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">4,480</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">4,480</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><I>0%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Management fees-related parties</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">528</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">550</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">22</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><I>4%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">394</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">1,688</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">1,294</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><I>328%</I></FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>13,973</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>12,436</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>(1,537)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>-11%</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>OTHER EXPENSES:</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Interest and finance costs</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">(3,312)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">(5,867)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">(2,555)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><I>77%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Interest income</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">62</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">62</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><I>100%</I></FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total other expenses, net</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>(3,312)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>(5,805)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>(2,493)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>75%</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Net Income</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>10,661</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>6,631</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>(4,030)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>-38%</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B><I>&nbsp;</I></B></P>

<!-- Field: Page; Sequence: 48 -->
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<P STYLE="margin: 0pt 0 0pt 0; font-size: 10pt; text-align: left"><B><I></I></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B><I>Year on Year Comparison of Operating Results</I></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">During the year ended December 31,
2023, revenues, voyage expenses, vessel operating expenses, vessel depreciation and management fees-related parties remained approximately
on the same levels as the vessels remained on the same time-charters and their utilization didn&#8217;t vary between the years.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B>General and administrative expenses</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">During the year ended December 31,
2023, our general and administrative expenses increased by $1.3 million, or 328%, compared to the year ended December 31, 2022, due to
the allocation of $1.3 million of bonuses to the Parent&#8217;s CEO declared in 2023 (with no bonuses being declared in 2022).</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B>Interest and Finance Costs</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: left">During the year ended December 31, 2023, interest and finance
costs increased by $2.6 million, or 77%, compared to the same period in 2022 mainly due to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">a $2.0 million increase in interest costs mainly due to the increase in the variable
interest rate of our credit facilities (LIBOR and SOFR) which increased from 4.22% in January 2023 to 5.37% in December 2023, while LIBOR
ranged from 0.10% in January 2022 to 4.22% in December 2022;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">an increase of $0.6 million in amortization of deferred financing fees due to the
acceleration of the amortization of deferred financing fees relating to the prepayment of the ABN and the Alpha Bank facilities (see &#8220;&#8212;B.
Liquidity and Capital Resources&#8212;Debt Facilities&#8212;Prepayments of senior secured loans)&#8221;.</TD></TR></TABLE>

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

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">change YE23 v YE24</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: center; border-bottom: Black 1pt solid">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: center; border-bottom: Black 1pt solid">%</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DDEBF7">
    <TD STYLE="width: 48%; font-size: 10pt; font-weight: bold; text-align: left">Revenues</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: center">24,478</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: center">24,205</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: center">(273)</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: center">-1%</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">EXPENSES:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Voyage expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">508</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">495</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">(13)</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-3%</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Vessel operating expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">4,816</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">4,655</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">(161)</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-3%</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Vessel depreciation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">4,480</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">4,181</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">(299)</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-7%</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Management fees-related party</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">550</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">567</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">17</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">3%</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">General and administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">1,688</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">1,887</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">199</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">12%</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DDEBF7">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Operating income</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">12,436</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">12,420</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">(16)</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">0%</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">OTHER EXPENSES:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Interest and finance costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">(5,867)</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">(6,501)</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">(634)</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">11%</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Interest income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">62</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">25</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">(37)</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-60%</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DDEBF7">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Total other expenses, net</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">(5,805)</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">(6,476)</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">(671)</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">12%</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DDEBF7">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Net Income</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">6,631</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">5,944</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">(687)</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">-10%</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0 0pt 0; font-size: 10pt; font-style: italic; font-weight: bold; text-align: left"></P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Year on Year Comparison
of Operating Results</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">During the year ended December 31,
2024, revenues, voyage expenses, vessel operating expenses and management fees-related parties remained approximately on the same levels
as the vessels remained on the same time-charters and their utilization didn&#8217;t vary between the years.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">General and administrative expenses</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">During the year ended December 31,
2024, our general and administrative expenses increased by $0.2 million, or 12%, compared to the year ended December 31, 2023, mainly
due to an increase of $0.2 million of bonuses allocated to us from the Parent compared to the same period in 2023.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: left"><B>Vessel depreciation</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">During the year ended December 31, 2024, Vessel depreciation
decreased by $0.3 million, or 7%, compared to the same period in 2023, due to the fact that effective January 1, 2024, we revised our
scrap rate estimate from $300 to $430 per lightweight ton, a fact that increased the residual value per vessel by $3.2 million leading
to a corresponding decrease in depreciable value over the average remaining 21.3 years of useful life of the vessels.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: left"><B>Interest and finance costs</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">During the year ended December 31, 2024, Interest and
finance costs increased by $0.6 million, or 11%, compared to the same period in 2023, mainly due to an increase of $1.1 million in interest
expense (mainly due to the refinancing of all our vessels in December 2023 that resulted in an aggregate increase of debt outstanding
of $20.9 million, at the time of refinancing) offset by a decrease in amortization of finance charges of $0.5 million (mainly due to the
acceleration of finance charges of $0.6 million of the ABN and Alpha Bank facilities in December 2023 due to their refinancing, please
see &#8220;Debt Facilities&#8221; below).</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Implications of Being an Emerging Growth Company</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">We had less than $1.235 billion in
revenue during our last fiscal year, which means that we qualify as an &#8220;emerging growth company&#8221; as defined in the JOBS Act.
An emerging growth company may take advantage or specified reduced reporting and other burdens that are otherwise applicable generally
to public companies. These provisions include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">exemption from the auditor attestation requirement in the assessment of the emerging
growth company&#8217;s internal controls over financial reporting under Section 404(b) of Sarbanes- Oxley;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">exemption from compliance with any new requirements adopted by the Public Company
Accounting Oversight Board, or the PCAOB, requiring mandatory audit firm rotation or a supplement to the auditor&#8217;s report in which
the auditor would be required to provide additional information about the audit and financial statements.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.1in 0pt 0">We may take advantage of these provisions
until the end of the fiscal year following the fifth anniversary of our initial public offering or such earlier time that we are no longer
an emerging growth company. We will cease to be an emerging growth company if, among other things, we have more than $1.235 billion in
&#8220;total annual gross revenues&#8221; during the most recently completed fiscal year. We may choose to take advantage of some, but
not all, of these reduced burdens. For as long as we take advantage of the reduced reporting obligations, the information that we provide
shareholders may be different from information provided by other public companies. We are choosing to &#8220;opt out&#8221; of the extended
transition period relating to the exemption from new or revised financial accounting standards and as a result, we will comply with new
or revised accounting standards on the relevant dates on which adoption of such standards is required for non- emerging growth public
companies. Section 107 of the JOBS Act provides that our decision to opt out of the extended transition period for complying with new
or revised accounting standards is irrevocable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Liquidity and Capital Resources</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Since our formation, our principal
sources of funds have been funds in the form of equity or working capital provided by our Parent, operating cash flow and long-term borrowing.
Our principal use of funds has been capital expenditures to build our vessels, maintain the quality of our vessels, comply with international
shipping standards and environmental laws and regulations and fund working capital requirements.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our business is capital intensive
and its future success will depend on our ability to maintain a high-quality fleet through the acquisition of newer vessels and the selective
sale of older vessels. Future acquisitions are subject to management&#8217;s expectation of future market conditions, our ability to acquire
vessels on favorable terms and our liquidity and capital resources.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">As of December 31, 2023, we had an
indebtedness of $80.0 million, which after excluding unamortized financing fees amounts to a total indebtedness of $81.8 million. As of
December 31, 2023, our cash and cash equivalent balances amounted to $3.8 million, held in U.S. Dollar accounts, $1.0 million of which
are classified as restricted cash.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">As of December 31, 2024, we had an
indebtedness of $75.8 million, which after excluding unamortized financing fees amounts to a total indebtedness of $77.4 million. As of
December 31, 2024, our cash and cash equivalent balances amounted to $2.2 million, held in U.S. Dollar accounts, $1.0 million of which
are classified as restricted cash.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">As of the date of this registration
statement we have no contractual commitments for the acquisition of any vessel or for any material capital expenditures with respect to
our existing vessels in the twelve-month period following the end of the period covered by our financial statements. See &#8220;&#8212;Debt
Facilities&#8221; below for a description of amortization payments due under our financing agreements. Our cash flow projections indicate
that cash on hand and cash to be provided by operating activities as well as net proceeds from the Private Placement will be sufficient
to cover the liquidity needs that become due in the twelve-month period following the end of the period covered by our financial statements.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">Working Capital Requirements and Sources of
Capital</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">As of December 31, 2024, we had a working capital deficit (current assets
less current liabilities) of $5.6 million, which includes an amount of $2.2 million of unearned revenue. This amount represents current
liabilities that do not require future cash settlement. For the year ended December 31, 2024 we realized a net income of $5.9 million
and generated cash flow from operations <FONT STYLE="letter-spacing: -0.25pt">of </FONT>$10.5 million. In our opinion we will be able
to finance our working capital deficit and our obligations as they come due in the twelve-month period ending one year after December
31, <FONT STYLE="letter-spacing: -0.1pt">2024.</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our operating cash flow, for the remainder
of 2024 provided that SOFR expectations for 2024 remain as they are as of the date of this registration statement, is expected to slightly
increase when compared to the same period in 2023, since all our vessels have financing facilities with fluctuating interest rates, leading
to a decrease in interest costs (please see &#8220;Item 11. Quantitative and qualitative disclosures about market risk -Interest rate
risk&#8221; for a sensitivity analysis the increase in interest rates).</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">Cash Flow Information</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Cash and cash equivalents and restricted cash were $3.4 million,
$3.8 million and $2.2 million as of December 31, 2022, 2023 and 2024, respectively.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in"><I>Net Cash from Operating Activities</I>.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Net cash provided by operating activities
decreased by $1.3 million, or 11%, in the year ended December 31, 2024 to $10.5 million, compared to $11.8 million in the year ended December
31, 2023.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Net cash provided by operating activities
decreased by $3.7 million, or 24%, in the year ended December 31, 2023 to $11.8 million, compared to $15.5 million in the year ended December
31, 2022.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Net cash provided by operating activities
increased by $2.2 million, or 17%, for 2022 to $15.5 million, compared to $13.3 million for 2021.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Adjustments to reconcile net income
to net cash provided by operating activities for the year ended December 31, 2024 totaled $4.6 million. This consisted mainly of $4.2
million of depreciation expenses and $0.2 million of amortization of deferred financing costs. The cash inflow from operations was increased
by a $0.7 million increase in current liabilities and offset by a $0.5 million increase in current assets.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Adjustments to reconcile net income
to net cash provided by operating activities for the year ended December 31, 2023 totaled $5.2 million. This consisted mainly of $4.5
million of depreciation expenses and $0.7 million of amortization of deferred financing costs.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Adjustments to reconcile net income
to net cash provided by operating activities for the year ended December 31, 2022 totaled $4.7 million. This consisted mainly of $4.5
million of depreciation expenses and $0.2 million of amortization of deferred financing costs. The cash inflow from operations was increased
by a $0.2 million increase in current liabilities.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in"><I>Net Cash from Investing Activities</I>.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">There was no net cash used in or provided by investing activities
in the years ended December 31, 2023 and 2024.</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Net cash used in investing activities
in the year ended December 31, 2022 was $0.1 million that comprised of advances for vessels under construction of 2021, paid in 2022.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in"><I>Net Cash from Financing Activities</I>.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Net cash used in financing activities
in the period ended December 31, 2024 was $12.1 million, consisting of $7.6 million of principal payments of long-term debt, $4.4 million
of net advances to the parent and $0.1 million payments of financing costs.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Net cash used in financing activities
in the year ended December 31, 2023 was $11.5 million, consisting of $82.0 million of proceeds from long term debt, offset by $61.2 million
of long-term debt prepayments, $25.6 million of advances to the parent, $5.0 million of principal payments of long-term debt and $1.7
million payments of financing costs.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Net cash used in financing activities
in the year ended December 31, 2022 was $15.9 million, consisting of $10.5 million payments to the parent and $5.4 million of principal
payments of long-term debt.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0.5in">Debt Facilities</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</P>

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0.65pt 0 0; text-indent: 32.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a more complete description of debt facilities entered into in the year ended December 31, 2024 as well as for a description of debt
facilities entered into before the year ended December 31, 2024 please see &ldquo;Item 18. Financial Statements&mdash;Note 7&mdash;Debt.&rdquo;.</FONT></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in"><B><I><U>Prepayments of senior secured loans</U></I></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in"><I><U>ABN Facility</U></I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 65.6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">On March 18, 2021, we entered into
a credit facility with ABN AMRO for $36.8 million for the financing of the vessel M/T Eco West Coast. This facility was drawn down in
full. The credit facility was repayable in 24 consecutive quarterly installments of $0.61 million commencing in June 2021, plus a balloon
installment of $22.0 million payable together with the last installment.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The facility bore interest at LIBOR
plus a margin of 2.50%. From June 23, 2023, ABN Amro switched the facility&#8217;s variable rate from LIBOR to Compounded SOFR. On December
14, 2023, this facility was fully prepaid using part of the proceeds from the AVIC SLB (see &#8220;&#8212;AVIC SLB&#8221;).</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in"><I><U>Alpha Bank Facili</U>ty</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 87.6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">On May 6, 2021, we entered into a
credit facility with Alpha Bank for $38.0 million for the financing of the vessel M/T Eco Malibu. This facility was drawn down in full.
The credit facility was repayable in 12 consecutive quarterly installments of $0.75 million and 12 consecutive quarterly installments
of $0.63 million, commencing three months from draw down, and a balloon payment of $21.5 million payable together with the last installment.
The facility bore interest at LIBOR plus a margin of 3.00%. From June 9, 2023, Alpha Bank switched the facility&#8217;s variable rate
from LIBOR to Term SOFR. On December 21, 2023, this facility was fully prepaid through part of the proceeds from the Huarong SLB (see
&#8220;&#8212;Huarong SLB&#8221;).</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in"><B><I><U>New Financings Committed under Sale and Leaseback Agreements</U></I></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in"><B><I><U>AVIC SLB</U></I></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">On December 14, 2023 we consummated
an SLB with AVIC in the amount of $41.0 million, for the purpose of refinancing the indebtedness secured over the M/T Eco West Coast.
We bareboat chartered back the vessel for a period of ten years at bareboat hire rates comprising of 120 consecutive monthly installments
of $0.18 million and a balloon payment of $19.0 million payable together with the last installment, plus interest based on Term SOFR plus
2.65% per annum. As part of this transaction, we have continuous options to buy back the vessel at purchase prices stipulated in the bareboat
agreement depending on when the option will be exercised. At the end of the ten-year period, we have an obligation to buy back the vessel
at a cost represented by the balloon payment.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in"><B><I><U>Huarong SLB</U></I></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">On December 20, 2023, we consummated
an SLB with Huarong in the amount of $41.0 million, for the purpose of refinancing the indebtedness secured over the M/T Eco Malibu. We
bareboat chartered back the vessel for a period of ten years at bareboat hire rates comprising of 120 consecutive monthly installments
of $0.18 million and a balloon payment of $19.0 million payable together with the last installment, plus interest based on Term SOFR plus
2.50% per annum. As part of this transaction, we have continuous options to buy back the vessel at purchase prices stipulated in the bareboat
agreement depending on when the option will be exercised. At the end of the ten-year period, we have an obligation to buy back the vessel
at a cost represented by the balloon payment.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We expect to enter into amendments
to the AVIC and Huarong SLBs with the lenders pursuant to which we together with the Parent will become joint guarantors of the SLBs prior
to the Spin-Off. As of the date of this registration statement both we and our Parent are in compliance with all covenants in the AVIC
and Huarong SLBs.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We also expect to provide a corporate
guarantee to China Merchants Bank Financial Leasing Co. Ltd. (&#8220;CMBFL&#8221;) upon completion of the Spin-Off. CMBFL is the financier
of three of our Parent&#8217;s vessels and, as of the date of this registration statement, their aggregate outstanding loan balance to
the Parent is $145.8 million.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Research and development, patents and licenses, etc.</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">D.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Trend Information</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our results of operations depend primarily
on the charter rates earned by our vessels. Over the course of 2024, the BDTI reached a high of 1,552 and a low of 860 while the BCTI
reached a high of 1,411 and a low of 460. Historically and even more so since the start of the financial crisis in 2008 the performance
of the BDTI and the BCTI have been characterized by high volatility. Although the BDTI and the BCTI were 1,107 and 758 respectively as
of March 31, 2025, there can be no assurance that the tanker charter market will continue to increase, and the market could again decline.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Meanwhile, the war in Ukraine has
amplified the volatility in the tanker market. In the short term, the effect of the invasion of Ukraine has been positive for the tanker
market, yet the overall longer-term effect on ton-mile demand is uncertain given that cargoes exported previously from Russia will need
to be substituted by cargoes from different sources due to the oil and oil products embargo enacted by the United States, the European
Union and the United Kingdom.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In addition, the continuing war in
Ukraine led to increased economic uncertainty amidst fears of a more generalized military conflict or significant inflationary pressures,
due to the increases in fuel and grain prices following the sanctions imposed on Russia. Whether the present dislocation in the markets
and resultant inflationary pressures will transition to a long-term inflationary environment is uncertain, and the effects of such a development
on charter rates, vessel demand and operating expenses in the sector in which we operate are uncertain. As described above, the initial
effect of the invasion in Ukraine on the tanker freight market was positive, despite the short-term volatility in charter rates and increases
on specific items of operating costs. If these conditions are sustained, the longer-term net impact on the tanker market and our business
would be difficult to predict. However, such events may have unpredictable consequences, and contribute to instability in global economy,
a decrease in supply or cause a decrease in worldwide demand for certain goods and, thus, shipping. Regarding the possible impact of supply
chain disruptions that have or may emanate from the military conflict in Ukraine, our operations have not been affected materially and
we do not expect them to be in the future.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Furthermore, the intensity and duration
of the war between Israel and Hamas is difficult to predict and its impact on the world economy and our industry is uncertain. Beginning
in late 2023, vessels in the Red Sea and Gulf of Aden have been subject to attempted hijackings and attacks by drones and projectiles
characterized by Houthi groups in Yemen as a response to the war between Israel and Hamas. A number of companies have rerouted their vessels
to avoid transiting the Red Sea, incurring greater shipping costs and delays and for vessels transiting the region, war risk premium has
increased substantially. While much uncertainty remains regarding the global impact of the war between Israel and Hamas, it is possible
that such tensions could result in the eruption of further hostilities in other regions, including in and around the Red Sea and the Persian
Gulf. Regarding the possible impact of supply chain disruptions that have or may emanate from the war between Israel and Hamas, our operations
have not been affected materially and we do not expect them to be materially affected in the future.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Inflation has had a moderate impact
on our vessel operating expenses and corporate overheads. It is anticipated that insurance costs, which have risen over the last three
years, may well continue to rise over the next few years. Oil transportation is a specialized area and the number of vessels is increasing.
There will therefore be an increased demand for qualified crew and this has and will continue to put inflationary pressure on crew costs.
However, in a shipping downturn, costs subject to inflation can usually be controlled because shipping companies typically monitor costs
to preserve liquidity and encourage suppliers and service providers to lower rates and prices in the event of a downturn.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">For further discussion of industry trends, refer to industry disclosure
under &#8220;Item 4. Information on the Company&#8212;B. Business Overview.&#8221;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: left">EBITDA</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">EBITDA which is not a measure prepared
in accordance with U.S. GAAP (i.e., a &#8220;Non-US GAAP&#8221; measure) is used as a supplemental financial measure by management and
external users of financial statements, such as investors, to assess our financial and operating performance. We define EBITDA as earnings
before interest, taxes, depreciation and amortization. We believe that this non-U.S. GAAP financial measure assists our management and
investors by increasing the comparability of our performance from period to period. This is achieved by excluding the potentially disparate
effects between periods of interest, taxes, depreciation and amortization, and which items are affected by various and possibly changing
financing methods, capital structure and historical cost basis and which items may significantly affect results of operations between
periods.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">This Non-U.S. GAAP measure should
not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP. In
evaluating EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments
in this presentation. Our definition of EBITDA may not be the same as reported by other companies in the shipping industry or other industries.
EBITDA does not represent and should not be considered as an alternative to operating income or cash flow from operations, as determined
by U.S. GAAP.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><B><U>Reconciliation of Net Income to EBITDA</U></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">YEAR ENDED DECEMBER 31,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; border-bottom: Black 1pt solid">(Expressed in thousands of U.S. Dollars)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="width: 55%; font-size: 10pt; font-weight: bold; text-align: left">Net Income</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; font-weight: bold; text-align: center">10,661</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; font-weight: bold; text-align: center">6,631</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; font-weight: bold; text-align: center">5,944</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Add: Vessel depreciation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">4,480</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">4,480</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">4,181</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="font-size: 10pt; text-align: left">Add: Interest and finance costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">3,312</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">5,867</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">6,501</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Less: Interest Income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">(62)</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">(25)</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">EBITDA</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">18,453</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">16,916</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">16,601</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>Performance Indicators</I></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The figures shown below are non-GAAP
financial and non-financial statistical metrics used by management to measure performance of our vessels. For the &#8220;Fleet Data&#8221;
figures, there are no comparable U.S. GAAP measures.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">YEAR ENDED DECEMBER 31,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; border-bottom: Black 1pt solid">(Expressed in thousands of U.S. Dollars)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Fleet Data:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; font-size: 10pt; text-align: left">Calendar days</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: center">730</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: center">730</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: center">732</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="font-size: 10pt; text-align: left">Available days</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">730</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">730</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">732</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Operating days</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">730</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">730</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">732</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="font-size: 10pt; text-align: left">Fleet utilization</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">100.00%</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">100.00%</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">100.00%</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Average Daily Results:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="font-size: 10pt; text-align: left">TCE rate</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">33,254</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">32,836</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">32,391</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Daily Vessel Operating Expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">6,714</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">6,597</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">6,359</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Time charter equivalent rate, or TCE
rate, is a metric of the average daily revenue performance of a vessel. Our definition of TCE may not be the same as reported by other
companies in the shipping industry or other industries. Our method of calculating TCE rate is determined by dividing TCE revenues by operating
days for the relevant time period. TCE revenues are revenues minus voyage expenses. Voyage expenses primarily consist of port, canal and
fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, but are
payable by us in the case of a voyage charter, as well as commissions. TCE revenues and TCE rate, which are standard shipping industry
performance metrics, provide additional supplemental information in conjunction with shipping revenues, the most directly comparable U.S.
GAAP measure. We use TCE rates and TCE revenues to compare period-to-period changes in our performance and it assists investors and our
management in evaluating our financial performance. The following table reconciles our net revenues from vessel to TCE rate.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">We define vessel operating expenses
to include crew wages and related costs, spares and consumable stores, insurance, maintenance and repairs and registration, taxes and
other related expenses. Daily vessel operating expenses are calculated by dividing vessel operating expenses by fleet calendar days for
the relevant time period. Our ability to control our fixed and variable expenses, including our daily vessel operating expenses, also
affects our financial results.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">YEAR ENDED DECEMBER 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-style: italic; text-align: left; border-bottom: Black 1pt solid">(Expressed in thousands of U.S. Dollars, except for daily rates)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; font-size: 10pt; text-align: left">Revenues</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: center">24,784</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: center">24,478</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: center">24,205</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="font-size: 10pt; text-align: left">Voyage expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">(508)</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">(508)</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">(495)</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">Time charter equivalent revenues</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">24,276</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">23,970</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">23,710</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="font-size: 10pt; text-align: left">Operating days</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">730</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">730</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">732</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Daily time charter equivalent rate</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">33,254</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">32,836</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">32,391</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"><B>E.</B></TD><TD STYLE="text-align: justify"><B>Critical Accounting Estimates</B></TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The discussion and analysis of our
financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with U.S.
GAAP. The preparation of those financial statements requires us to make estimates and judgments that affect the reported amounts of assets
and liabilities, revenues and expenses and related disclosure of contingent assets and liabilities at the date of our financial statements.
Actual results may differ from these estimates under different assumptions and conditions.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Critical accounting estimates are
those that reflect significant judgments of uncertainties and potentially result in materially different results under different assumptions
and conditions. We have described below what we believe is our most critical accounting estimate, because it generally involves a comparatively
higher degree of judgment in its application. For a description of all our significant accounting policies, see Note 2 to our audited
carve-out financial statements included in this registration statement.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Impairment of Long-lived Assets</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Critical accounting estimates are
those estimates made in accordance with generally accepted accounting principles that involve a significant level of estimation uncertainty
and have had or are reasonably likely to have a material impact on our financial condition or results of operations.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We prepared our carve-out financial
statements in accordance with U.S. GAAP, which requires us to make estimates in the application of our accounting policies based on our
best assumptions, judgments and opinions. We base these estimates on the information currently available to us and on various other assumptions
we believe are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions.
Following is a discussion of the accounting policies that involve a high degree of judgment and the methods of their application. For
a further description of our material accounting policies, please read Note 2 of the carve-out financial statements included elsewhere
in this registration statement.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We evaluate the existence of impairment
indicators whenever events or changes in circumstances indicate that the carrying values of our long-lived assets are not recoverable.
Such indicators of potential impairment include, vessel sales and purchases, business plans and overall market conditions. If there are
indications for impairment present, we determine undiscounted projected net operating cash flows for each vessel and compare it to the
vessel&#8217;s carrying value. If the carrying value of the related vessel exceeds its undiscounted projected net operating net cash flows,
the carrying value is reduced to its fair value.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The carrying values of our vessels
and any vessels we may acquire may not represent their fair market value at any point in time since the market prices of second-hand vessels
tend to fluctuate with changes in charter rates and the cost of newbuildings.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Although we believe that the assumptions
used to evaluate potential impairment are reasonable and appropriate, such assumptions are highly subjective. There can be no assurance
as to how long charter rates and vessel values will remain at their current levels or whether they will improve or decrease by any significant
degree. Charter rates may be at depressed levels for some time, which could adversely affect our revenue and profitability, and future
assessments of vessel impairment.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In order to perform the undiscounted
cash flow test, we make assumptions about future charter rates, commissions, vessel operating expenses, dry-dock costs, fleet utilization,
scrap rates used to calculate estimated proceeds at the end of vessels&#8217; useful lives and the estimated remaining useful lives of
the vessels. These assumptions are based on historical trends as well as future expectations. The undiscounted projected net operating
cash flows are determined by considering the charter revenues from existing time charters for the fixed fleet days and an estimated daily
time charter equivalent for the unfixed days (based on the ten-year historical averages of the one-year, three-year and five-year time
charter rates) over the remaining useful life of each vessel, which we estimate to be 25 years from the date of initial delivery from
the shipyard. Expected outflows for scheduled vessels&#8217; maintenance and vessel operating expenses are based on historical data, and
adjusted annually assuming an average annual inflation derived from the most recent twenty-year average consumer price index. Effective
fleet utilization, average commissions, dry-dock costs and scrap values are also based on historical data.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">In Note 2 to our audited carve-out
financial statements included in this registration statement we discuss our policy for impairing the carrying value of our vessels. During
the past two years, the market values of Suezmax tankers have been increasing and hence we believe that there are no indications for impairment
of our vessels. Thus, no undiscounted cash flow tests were deemed necessary to be performed for any of our vessels. Therefore, for the
years ended December 31, 2023 and 2024, this is not considered a critical accounting estimate.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">As of December 31, 2023 and 2024,
based on third party valuations, the basic charter-free market value of our operating vessels was higher than their carrying value by
approximately 58% and 66.7%, respectively.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our estimates of basic charter-free
market value assume that our vessels are in good and seaworthy condition without need for repair and if inspected would be certified in
class without notations of any kind. Our estimates are based on third party valuations from established shipbrokers.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Our vessels are currently employed under long-term time charters.
For more information, see &#8220;Business Overview&#8212;Our Fleet.&#8221;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_008"></A>ITEM 6.</TD><TD STYLE="text-align: justify">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>A.</B></TD><TD STYLE="text-align: left"><B>Directors and Senior Management</B></TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Set forth below are the names, ages
and positions of our directors and executive officers following the Spin-Off. Members of our board of directors are elected annually on
a staggered basis, and each director elected holds office for a three-year term. Officers are elected from time to time by vote of our
board of directors and hold office until a successor is elected. The business address of each of our directors and executive officers
listed below is 20 Iouliou Kaisara Str, 19002, Paiania, Athens, Greece.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 31%; border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 24%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Age</B></FONT></TD>
    <TD STYLE="width: 45%; border-bottom: black 1pt solid; padding-left: 13.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Position</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Kalliopi Ornithopoulou</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">66</FONT></TD>
    <TD STYLE="padding-left: 13.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Director, President, Chief Executive Officer</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Nikolaos Papastratis</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">46</FONT></TD>
    <TD STYLE="padding-left: 13.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Director, Chief Financial Officer</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Aristovoulos Christinis</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">71</FONT></TD>
    <TD STYLE="padding-left: 13.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Independent Non-Executive Director</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">George Xiradakis</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">61</FONT></TD>
    <TD STYLE="padding-left: 13.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Independent Non-Executive Director</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">George M. Daskalakis</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">70</FONT></TD>
    <TD STYLE="padding-left: 13.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Independent Non-Executive Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Biographical information with respect to each of our directors
and executives is set forth below.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 7.1pt 0pt 0"><B>Kalliopi Ornithopoulou </B>has more than 40 years of
maritime and international business experience in the areas of finance and banking. She has served in executive positions of both Greek
and International banks with a specialization in shipping from 1982 until 2010. From September 2009 to the date of this registration statement
she is a freelance financial advisor for Greek shipping companies as well as for Aegean Baltic Bank and two UK-based banks. Ms. Ornithopoulou
holds a B.Sc in Economics and Politics from Pantios University of Athens.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0"><B>Nikolaos Papastratis </B>has more than 17 years of experience
in the shipping finance, finance and accounting industry. Mr. Papastratis experience includes Financial Reporting / Controlling in Central
Mare Inc from September 2009 to the date of this registration statement, a ship management company and a related party affiliated with
the family of Mr. Evangelos J. Pistiolis, our significant shareholder, being responsible for its shipping company client accounts. Currently
Mr. Nikolaos Papastratis holds the position of Financial Controller in Central Mare. Prior to Central Mare, Mr. Papastratis was an in-house
management consultant in the Vardinogiannis Group of companies for 3 years and prior to that a consultant in the advisory and corporate
finance department of PriceWaterhouseCoopers for 2 years. Mr. Papastratis holds a BA in Economics from the Kapodistrian University of
Athens and an MBA from the Athens Laboratory of Business Administration (ALBA).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0"><B>Aristovoulos Christinis </B>has more than 50 years of
maritime and international business experience having started as a deck hand in a cargo vessel and progressed to various executive positions
in the operations and chartering departments of London based tanker and dry-cargo shipping companies (Solidor Shipping, European Navigation
London, Spinoza Shipping, Marcan Shipping, Top Tankers UK). From 1995 to 2004 he was a full member of the Baltic Exchange London, a membership
organization for the maritime industry and freight market information provider for the trading and settlement of physical and derivative
contracts. From April 2018 to the date of this registration statement he has been working as freelance advisor to the shipping industry
with various worldwide shipping companies. Mr. Christinis holds a Shipping diploma from London Westminster College.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B>George Xiradakis </B>has more than 40 years of maritime and international
finance experience. He served as Senior Manager in the French bank Credit Lyonnais both in Athens and Paris. In 1999 he founded XRTC
Business Consultants which acts as a commercial representative of foreign banks and institutions in Greek Shipping Market and he has
been its Managing Director from the company&rsquo;s inception up to the date of this registration statement. Since 2009 XRTC is acting
as Advisor to Chinese Finance market and in 2010 it was awarded in Lloyd&rsquo;s List Greek Shipping Awards the &ldquo;Financier of the
Year 2010&rdquo; award for the completion of the first bilateral loan between a Chinese bank that was a milestone transaction in the
world of ship financing being the first transaction of the new Chinese market. He graduated from the Nautical Marine Academy of Aspropyrgos-Athens
in 1984 and he holds a diploma in Commercial Operations from City of London Polytechnic and an MSc in Maritime Studies from University
of Wales. Mr. Xiradakis is President of the Association of Banking and Financial Executives of Hellenic Shipping, Vice President of China
Hellenic Chamber (HCCI). He is President Emeritus of International Propeller Club-Port of Piraeus, Vice President of the Heraklion Port
Authority, Member of the BOD of the Piraeus Chamber of Commerce &amp; Industry, BOD member of Piraeus Marine Club, Member of the Mediterranean
Committee of China Classification Society and Member of the Greece- China Association, Hellenic Maritime Museum and Hellas Liberty Floating
Museum. He is currently a non-executive director of C3is Inc. and Imperial Petroleum Inc., both of which are listed on the Nasdaq Capital
Market, and has also been a Board Member of other US listed shipping companies.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0"><B>George M. Daskalakis </B>has been an active sale and
purchase shipbroker for the last 43 years having participated in more than 3,500 transactions. From July 1996 to the date of this registration
statement he has been the senior partner and director of Allied Shipbroking Inc, one of the largest shipbroking and ship-chartering firms
in Greece. Before that he has served as a managing director in Belacasa Compania Naviera S.A. for 9 years where he introduced to the Greek
shipping market the bareboat chartering structure and helped establish more than 25 new shipping companies by arranging the purchase
and financing of their fleet through finance brokers. From 1980 to 1987 he worked as a shipbroker in Vakis Vlahoulis S.A. and Overseas
Agency S.A.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">No family relationships exist among any of the directors and executive
officers.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: left">Compensation</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We expect to pay aggregate cash compensation
of $0.1 million for the first year following the Spin-Off for the services of our executive officers and directors. Each director will
be fully indemnified by us for actions associated with being a director to the extent permitted under Marshall Islands law. We do not
have a retirement plan for our officers or directors.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We will enter into an agreement with
Central Mare Inc., or Central Mare, a related party affiliated with the family of Mr. Evangelos J. Pistiolis, our significant shareholder,
pursuant to which Central Mare will furnish our executive officers as described below.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Under the terms of the agreement for
the provision of our executive officers, we will be obligated to pay base salary and additional incentive compensation as determined by
our Board of Directors. The initial term of the agreement will expire after one year from its inception and will be automatically extended
for successive one-year terms unless Central Mare or we provide notice of non-renewal at least sixty days prior to the expiration of the
then applicable term.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">If any of our officers&#8217; employment
is terminated without cause, she or he will be entitled to certain personal and household security costs. If she or he is removed from
our Board of Directors or not re-elected, then her or his employment will terminate automatically without prejudice to Central Mare&#8217;s
rights to pursue damages for such termination. In the event of a change of control, each officer will be entitled to receive a cash payment
of three years&#8217; annual base salary. The agreement will also contain death and disability provisions for each officer. In addition,
the officers will be subject to non-competition and non-solicitation undertakings.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We have adopted our 2025 Equity Incentive
Plan, or the Plan. The Plan is administered by the Compensation Committee of our board of directors, which can make awards totaling in
aggregate up to 15% of the number of common shares outstanding at the time any award is granted. Under the Plan, our officers, key employees,
directors, consultants and service providers may be granted incentive stock options, non-qualified stock options, stock appreciation rights,
restricted stock, unrestricted stock, restricted stock units, and unrestricted stock at the discretion of our Compensation Committee.&nbsp;Any
awards granted under the Plan that are subject to vesting are conditioned upon the recipient's continued service as an employee or a director
of the Company, through the applicable vesting date.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: left">Board Practices</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our directors do not have service
contracts and do not receive any benefits upon termination of their directorships. Our board of directors has an audit committee, a compensation
committee and a nominating committee. Our board of directors has adopted a charter for each of these committees.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 0">Audit Committee</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our audit committee consists of George
Xiradakis (Chairman), Aristovoulos Christinis and George M. Daskalakis. Our board of directors has determined that the members of the
audit committee meet the applicable independence requirements of the SEC and the Nasdaq Capital Market.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The audit committee has powers and
performs the functions customarily performed by such a committee (including those required of such a committee by and the Nasdaq Capital
Market and the SEC). The audit committee is responsible for selecting and meeting with our independent registered public accounting firm
regarding, among other matters, audits and the adequacy of our accounting and control systems.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: left">Compensation Committee</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our compensation committee consists
of George Xiradakis, Aristovoulos Christinis and George M. Daskalakis, each of whom is an independent director. The compensation committee
reviews and approves the compensation of our executive officers.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Nominating Committee</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our nominating committee consists
of George Xiradakis, Aristovoulos Christinis and George M. Daskalakis, each of whom is an independent director. The nominating committee
is responsible for overseeing the selection of persons to be nominated to serve on our board of directors.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">D.</TD><TD STYLE="text-align: left">Employees</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We have no direct employees while
our executive officers and a number of employees are furnished to us pursuant to agreements with Central Mare, as described below. Our
Fleet Manager ensures that all seamen have the qualifications and licenses required to comply with international regulations and shipping
conventions, and that our vessels employ experienced and competent personnel. As of December 31, 2024, the Rubico Predecessor employed
42 sea-going employees, indirectly through our Fleet Manager.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">E.</TD><TD STYLE="text-align: left">Share Ownership</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The common shares beneficially owned
by our directors and executive officers are disclosed below in &#8220;Item 7. Major Shareholders and Related Party Transactions.&#8221;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">F.</FONT></TD><TD STYLE="text-align: left">Disclosure of a registrant&#8217;s action to recover erroneously awarded compensation</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_009"></A>ITEM 7.</TD><TD STYLE="text-align: justify">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Major Shareholders</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Prior to the Spin-Off, our sole shareholder
is the Parent. The following table sets forth information regarding beneficial ownership of our voting securities, comprising our common
shares and Series D Preferred Shares, immediately following the completion of the Spin-Off by each person or entity known by us to be
the beneficial owner of more than 5% of each class of our voting securities, each of our directors and executive officers, and all of
our directors and executive officers as a group. To the best of our knowledge, except as disclosed in the table below or with respect
to our directors and executive officers, we are not, and will not be following the Spin-Off, controlled, directly or indirectly, by another
corporation, by any foreign government or by any other natural or legal persons. We are not aware of any arrangements the operation of
which may at a subsequent date result in our change of control. All shareholders of common stock are entitled to one vote for each common
share held and holders of our Series D Preferred Shares are entitled to 1,000 votes per Series D Preferred Share held.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Except as otherwise noted below, we
based the share amounts reported in the table below on each person&#8217;s beneficial ownership of the Parent common shares on the date
of this registration statement, assuming the capital structure of the Parent immediately prior to the Spin-Off will be the same as its
capital structure as of the date of this registration statement, and giving effect to a distribution in the Spin-Off of an expected 3,057,337
of our common shares at an assumed distribution ratio of one common share for every two common shares of the Parent held by such person
or underlying our common share purchase warrants, as well as the issuance of 75,000 common shares in the Private Placement concurrently
with the Spin-Off distribution. The distribution ratio of the Spin-Off distribution of our common shares will depend on the number of
common shares of the Parent outstanding, as well as the number of shares of common stock into which its outstanding common stock purchase
warrants are exercisable or convertible, on the record date for the Spin-Off distribution set by the Parent&#8217;s board of directors.
As of the date of this registration statement, the Parent had outstanding 4,626,197 shares of common stock, 100,000 Series D Preferred
Shares and common stock purchase warrants exercisable to purchase up to 1,488,478 common shares of the Parent whose holders will receive
the Spin-Off distribution of our common shares on an as-exercised basis. Information for certain holders is based on their latest filings
with the Securities and Exchange Commission with respect to beneficial ownership of common shares of the Parent or information delivered
to us.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 45%; border-bottom: black 1pt solid; vertical-align: bottom">
    <P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>Identity of Person or Group</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 26%; border-bottom: black 1pt solid; vertical-align: bottom">
    <P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 19.75pt"><B>Number of Shares Beneficially Owned</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 14%; border-bottom: black 1pt solid; vertical-align: bottom">
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0.5in 0pt 19.85pt"><B>Percent of</B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0.5in 0pt 19.85pt"><B>Class</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 12%; border-bottom: black 1pt solid; vertical-align: bottom">
    <P STYLE="font-size: 10pt; text-align: center; text-indent: -0.05pt; margin: 0pt 14.55pt 0pt 14.45pt"><B>Percent of Total Voting</B></P>
    <P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0.5in 0pt 20.15pt"><B>Power</B></P></TD></TR>
  <TR>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Lax Trust(1)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 0.5pt; text-align: left"><FONT STYLE="font-size: 10pt">100,000 Series D Preferred Shares</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 19.85pt; text-align: center"><FONT STYLE="font-size: 10pt">100.0%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 20.15pt; text-align: center"><FONT STYLE="font-size: 10pt">97.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">3 Sororibus Trust(2)(3)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 0.15pt; text-align: left"><FONT STYLE="font-size: 10pt">1,465,359 Common Shares</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 19.85pt; text-align: center"><FONT STYLE="font-size: 10pt">46.8%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 20.15pt; text-align: center"><FONT STYLE="font-size: 10pt">1.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Evangelos J. Pistiolis(3)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 0.5pt; text-align: left"><FONT STYLE="font-size: 10pt">223,223 Common Shares</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 19.85pt; text-align: center"><FONT STYLE="font-size: 10pt">7.0%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 20.15pt; text-align: center"><FONT STYLE="font-size: 10pt">0.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Directors and executive officers as a group</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 0.15pt; text-align: left"><FONT STYLE="font-size: 10pt">0 Common Shares</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 19.85pt; text-align: center"><FONT STYLE="font-size: 10pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 20.15pt; text-align: center"><FONT STYLE="font-size: 10pt">0.0%</FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">___________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">(1)</TD><TD STYLE="text-align: justify; padding-right: 24.75pt">The Lax Trust is an irrevocable trust established for the benefit of certain family
members of Mr. Evangelos J. Pistiolis. The business address of the Lax Trust is Level 3, 18 Stanley Street, Auckland 1010, New Zealand.
In order to satisfy the minimum percentage of voting of Mr. Evangelos J. Pistiolis contained in the AVIC and Huarong SLBs as described
above as well as any future such minimum voting rights financing agreement covenants, the voting rights per share of Series D Preferred
Shares are adjusted such that during the term of any facility containing such a minimum voting percentage covenant, the combined voting
power controlled by Mr. Evangelos J. Pistiolis or any related parties affiliated with Mr. Evangelos J. Pistiolis and the Lax Trust does
not fall below a majority of our total voting power, irrespective of any new common or preferred stock issuances. Both the number of the
Series D Preferred Shares and the votes per Series D Preferred Share are not adjusted in case of splits, subdivisions, reverse stock splits
or combinations of the Company&#8217;s outstanding shares.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">(2)</TD><TD STYLE="text-align: justify; padding-right: 32.3pt">3 Sororibus Trust is an irrevocable trust established for the benefit of certain family
members of Mr. Evangelos J. Pistiolis. The business address of 3 Sororibus Trust is 31 Kitiou Kyprianou, 3036, Limassol, Cyprus. 3 Sororibus
Trust is the sole shareholder of Family Trading Inc., or Family Trading, a Marshall Islands corporation, and may be deemed to beneficially
own all of the common shares beneficially owned by Family Trading.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in">(3)</TD><TD STYLE="text-align: justify; padding-right: 17.25pt">The above information is derived, in part, from the Amendment No. 39 to the Schedule
13D/A filed with the SEC on February 14, 2024 reporting beneficial ownership of the common shares of the Parent.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Related Party Transactions</FONT></TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: left">Management Agreements</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Please see &#8220;Item 4. Information
on the Company - B. Business Overview - Management of Our Fleet&#8221; for a description of the management of our vessels, or any vessels
we may acquire from CSI and &#8220;Item 6. Directors, Senior Management and Employees-B. Compensation.&#8221; for a description of the
terms under which our officers are provided to us by Central Mare.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Contribution and Conveyance Agreement</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We intend to enter into the Contribution
and Conveyance Agreement with the Parent prior to the Spin-Off. Pursuant to the Contribution and Conveyance Agreement, the Parent will,
immediately prior to the Spin-Off, (i) contribute the Rubico Predecessor to us in exchange for the shares to be distributed in the Spin-Off
and (ii) indemnify us and the Rubico Predecessor for any and all obligations and other liabilities arising from or relating to the operation,
management or employment of our vessels prior to the effective date of the Spin-Off.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Interests of Experts and Counsel</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_010"></A>ITEM 8.</TD><TD STYLE="text-align: justify">FINANCIAL INFORMATION</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Carve-out Statements and Other Financial Information</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">See Item 18.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Legal Proceedings</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Various claims, suits, and complaints,
including those involving government regulations and product liability, arise in the ordinary course of the shipping business. We are
not a party to any material litigation where claims or counterclaims have been filed against us other than routine legal proceedings incidental
to our business.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Dividend Policy</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The declaration, timing and amount
of any dividend is subject to the discretion of our board of directors and will be dependent upon our earnings, financial condition, market
prospects, capital expenditure requirements, dividends to holders of our preferred shares, investment opportunities, restrictions in our
financing arrangements, the provisions of the Marshall Islands law affecting the payment of dividends to shareholders, overall market
conditions and other factors. We have not declared any dividends since our inception. Our board of directors may review and amend our
dividend policy from time to time in light of our plans for future growth and other factors.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">In addition, we may incur expenses
or liabilities, including extraordinary expenses, decreases in revenues, including as a result of unanticipated off-hire days or loss
of a vessel, or increased cash needs, or be subject to other circumstances in the future, including as a result of the risks described
in this registration statement and any future reports we may file with the SEC, that could reduce or eliminate the amount of cash that
we have available for distribution as dividends. Our growth strategy contemplates that we will finance the acquisition of additional vessels
in part through raising equity capital. However, if external sources of funds on terms acceptable to us are limited, our board of directors
may determine to finance acquisitions with cash from operations, which would reduce or even eliminate the amount of cash available for
the payment of dividends. In addition, any credit facilities that we may enter into or the terms of preferred shares which we may issue
in the future may include restrictions on our ability to pay dividends on our common shares. Further, under the terms of our current financing
arrangements, and possibly any future financing arrangements, we will not be permitted to pay dividends that would result in an event
of default or if an event of default has occurred and is continuing. As a result of these and other factors, we cannot assure you that
our board of directors will declare dividend payments on our common shares in the future.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In addition, since we are a holding
company with no material assets other than the shares of our subsidiaries and affiliates through which we conduct our operations, our
ability to pay dividends will depend on our subsidiaries and affiliates distributing to us their earnings and cash flow.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.1in 0pt 0">Further, Marshall Islands law generally
prohibits the payment of dividends if the company is insolvent or would be rendered insolvent upon payment of such dividend, and dividends
may be declared and paid out of our operating surplus. Dividends may also be declared or paid out of net profits for the fiscal year in
which the dividend is declared and for the preceding fiscal year. As a newly incorporated company, we may not have the required surplus
or net profits to pay dividends, and we may be unable to pay dividends in any anticipated amount or at all.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Significant Changes</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">There have been no significant changes
since the date of the carve-out financial statements included in this registration statement, other than those described in note 11 &#8220;Subsequent
events&#8221; of such financial statements.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_011"></A>ITEM 9.</TD><TD STYLE="text-align: justify">THE OFFER AND LISTING</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Offer and Listing Details</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">There currently is no existing public trading
market for our common shares. However, we have applied to have our common shares listed on the Nasdaq Capital Market under the ticker
symbol &#8220;RUBI&#8221;.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Upon consummation of the Spin-Off
and Private Placement, our authorized capital stock will consist of 1,000,000,000 shares of common stock, par value $0.01, of which we
expect approximately 3,132,337 shares will be issued and outstanding, and 20,000,000 shares of preferred stock, par value $0.01, of which
100,000 shares are designated Series D Preferred Stock. All of our shares of stock are in registered form. Information regarding the rights,
preferences and restrictions attaching to each class of our shares is described in the section entitled &#8220;Item 10.A. &#8211; Share
Capital&#8221; herein.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Plan of Distribution</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our common shares and Series D Preferred
Shares will be distributed by the Parent by the declaration and issuance of a distribution to the holders of the Parent&#8217;s outstanding
common shares and Series D preferred shares. In addition, our common shares will be distributed to holders of the Parent&#8217;s outstanding
common stock purchase warrants on an as-exercised basis to the extent such warrants contain anti-dilution provisions conferring an interest
equivalent to the Spin-Off distribution at an assumed distribution ratio of one common share for every two common shares of the Parent
held by such person or underlying our common share purchase warrants. The Spin-Off is conditioned on, among other things, the approval
of the Parent&#8217;s board of directors and obtaining certain regulatory and third-party consents and approvals, including the approval
of our request for our common shares to be listed on the Nasdaq Capital Market and the effectiveness of this registration statement. As
of the date of this registration statement, the Parent has 4,626,197 common shares outstanding and common stock purchase warrants exercisable
to purchase up to 1,488,478 common shares of the Parent whose holders will receive the Spin-Off distribution of our common shares on an
as-exercised basis. The distribution ratio of the Spin-Off distribution of our common shares will depend on the number of common shares
of the Parent that are outstanding, as well as the number of shares of common stock into which the Parent&#8217;s outstanding common stock
purchase warrants are exercisable, on the record date for the Spin-Off distribution set by the Parent.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The Spin-Off is not being underwritten
by an investment bank or otherwise. The purpose of the Spin-Off is described in the section of this registration statement entitled &#8220;History
and Development of the Company.&#8221; The Parent will pay any fees or other expenses incurred in connection with the Spin-Off and the
application for the listing of our common shares on the Nasdaq Capital Market. We anticipate the aggregate fees and expenses in connection
with the Spin-Off to be approximately $0.5 million.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Markets</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Our common shares are expected to be listed and traded on the
Nasdaq Capital Market under the symbol &#8220;RUBI&#8221;.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">D.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Selling Shareholders</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">E.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Dilution</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">F.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Expenses of the Issue</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_012"></A>ITEM 10.</TD><TD STYLE="text-align: justify">ADDITIONAL INFORMATION</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Share Capital</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The following is a summary of the
description of our capital stock and the material terms of our amended and restated articles of incorporation and bylaws which we intend
to adopt prior to the Spin-Off. Because the following is a summary, it does not contain all of the information that you may find useful.
We refer you to our amended and restated articles of incorporation and bylaws, which are filed as exhibits hereto and are incorporated
herein by reference.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Authorized Capitalization</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our authorized capital stock will
consist of 1,000,000,000 shares of common stock, par value $0.01, of which we expect approximately 3,132,337 shares will be issued and
outstanding following the consummation of the Spin-Off and Private Placement, and 20,000,000 shares of preferred stock, par value $0.01,
of which 100,000 shares will be designated Series D Preferred Stock (the &#8220;Series D Preferred Shares&#8221;). All of our shares of
stock are in registered form.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Common Stock</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Each outstanding share of common stock
entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any
outstanding shares of preferred stock, holders of shares of common stock are entitled to receive ratably all dividends, if any, declared
by our board of directors out of funds legally available for dividends. Upon our dissolution or liquidation or the sale of all or substantially
all of our assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having
liquidation preferences, if any, the holders of our common stock will be entitled to receive pro rata our remaining assets available for
distribution. Holders of common stock do not have conversion, redemption or preemptive rights to subscribe to any of our securities. The
rights, preferences and privileges of holders of common stock are subject to the rights of the holders of our preferred stock.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Prior to the Spin-Off, the Parent
as our sole shareholder will also approve the amendment of our amended and restated articles of incorporation to effect one or more reverse
stock splits of the shares of our common stock issued and outstanding at the time of the reverse split at a cumulative exchange ratio
of between one-for-two and one-for-250, with our board of directors to determine, in its sole discretion, whether to implement any reverse
stock split, as well as the specific timing and ratio, within such approved range of ratios; provided that any such reverse stock split
or splits are implemented prior to the third anniversary of the Spin-Off. While our board of directors will exercise its sole discretion
as to whether and in what circumstances to effect any reverse stock split pursuant to this amendment of our amended and restated articles
of incorporation, the Parent&#8217;s determination to approve such amendment is intended to provide us the means to maintain compliance
with the continued listing requirements of the trading market for our common shares, in particular any minimum bid price requirement,
as well as to realize certain beneficial effects of a higher trading price for our common shares, including the ability to appeal to certain
investors and potentially increased trading liquidity.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Broadridge Financial Solutions, Inc. is expected to be the transfer
agent and registrar for our common shares.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Preferred Stock</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our board of directors is authorized
to provide for the issuance of preferred stock in one or more series with designations as may be stated in the resolution or resolutions
providing for the issue of such preferred stock. At the time that any series of our preferred stock is authorized, our board of directors
will fix the dividend rights, any conversion rights, any voting rights, redemption provisions, liquidation preferences and any other rights,
preferences, privileges and restrictions of that series, as well as the number of shares constituting that series and their designation.
Our board of directors could, without shareholder approval, cause us to issue preferred stock which has voting, conversion and other rights
and preferences that could adversely affect the voting power and other rights of holders of our common shares and preferred shares, or
make it more difficult to effect a change in control. In addition, preferred stock could be used to dilute the share ownership of persons
seeking to obtain control of us and thereby hinder a possible takeover attempt which, if our shareholders were offered a premium over
the market value of their shares, might be viewed as being beneficial to our shareholders. The material terms of any series of preferred
stock that we offer through a prospectus supplement will be described in that prospectus supplement.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Series D Preferred Stock</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The following description of the characteristics
of the Series D Preferred Shares is a summary and does not purport to be complete and is qualified by reference to the Statement of Designation
which is filed as an exhibit hereto and is incorporated herein by reference.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">The Series D Preferred Stock has the following characteristics:</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in"><I>Conversion.</I> The Series D Preferred Shares are not convertible
into common shares.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0"><I>Voting. </I>Each Series D Preferred
Share has the voting power of 1,000 common shares. In order to satisfy the minimum percentage of voting of Mr. Evangelos J. Pistiolis
contained in the AVIC and Huarong SLBs as described above as well as any future such minimum voting rights financing agreement covenants,
the voting rights per share of Series D Preferred Shares are adjusted such that during the term of any facility containing such a minimum
voting percentage covenant, the combined voting power controlled by Mr. Evangelos J. Pistiolis or any related parties affiliated with
Mr. Evangelos J. Pistiolis and the Lax Trust does not fall below a majority of our total voting power, irrespective of any new common
or preferred stock issuances. Both the number of the Series D Preferred Shares and the votes per Series D Preferred Share are not adjusted
in case of splits, subdivisions, reverse stock splits or combinations of the Company&#8217;s outstanding shares.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in"><I>Distributions.</I> The Series D Preferred Shares shall have
no dividend or distribution rights.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0"><I>Maturity. </I>The Series D Preferred
Shares shall expire and all outstanding Series D shares shall be redeemed by us for par value on the date that any financing facility
with any financial institution which requires that any member of the family of Mr. Evangelos J. Pistiolis maintains a specific minimum
ownership or voting interest (either directly and/or indirectly through companies or other entities beneficially owned by any member of
the Pistiolis family and/or trusts or foundations of which any member of the Pistiolis family are beneficiaries) of our issued and outstanding
common shares, respectively, are fully repaid or reach their maturity date. The Series D Preferred Shares shall not be otherwise redeemable.
Currently the SLBs with AVIC and Huarong have similar provisions that are satisfied via the existence of the Series D Shares.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 35.45pt; margin: 0pt 0"><I>Liquidation, Dissolution or Winding Up.</I> Upon
any liquidation, dissolution or winding up of our Company, the Series D Preferred Shares shall have a liquidation preference of $0.01
per share.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Preferred Stock Purchase
Rights</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Prior to the Spin-Off, we intend to
enter into a Shareholders&#8217; Rights Agreement, or the Rights Agreement, with Broadridge Financial Services Inc., as Rights Agent.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Under the Rights Agreement, we will
declare a dividend payable of one preferred stock purchase right, or Right, for each share of common stock outstanding immediately prior
to the Spin-Off. Each Right entitles the registered holder to purchase from us one one-thousandth of a share of Series A Participating
Preferred Stock, par value $0.01, at an exercise price of $40.00 per share. The Rights will separate from the common stock and become
exercisable only if a person or group acquires beneficial ownership of 15% or more of our common stock (including through entry into certain
derivative positions) in a transaction not approved by our board of directors. In that situation, each holder of a Right (other than the
acquiring person, whose Rights will become void and will not be exercisable) will have the right to purchase, upon payment of the exercise
price, a number of shares of our common stock having a then-current market value equal to twice the exercise price. In addition, if the
Company is acquired in a merger or other business combination after an acquiring person acquires 15% or more of our common stock, each
holder of the Right will thereafter have the right to purchase, upon payment of the exercise price, a number of shares of common stock
of the acquiring person having a then-current market value equal to twice the exercise price. The acquiring person will not be entitled
to exercise these Rights. Until a Right is exercised, the holder of a Right will have no rights to vote or receive dividends or any other
shareholder rights.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The Rights may have anti-takeover
effects. The Rights will cause substantial dilution to any person or group that attempts to acquire us without the approval of our board
of directors. As a result, the overall effect of the Rights may be to render more difficult or discourage any attempt to acquire us. Because
our board of directors can approve a redemption of the Rights or a permitted offer, the Rights should not interfere with a merger or other
business combination approved by our board of directors.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We have summarized the material terms
and conditions of the Rights Agreement and the Rights below. For a complete description of the Rights, we encourage you to read the Rights
Agreement, which we have filed as an exhibit hereto.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>Detachment of the Rights</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The Rights are attached to all certificates
representing our currently outstanding common stock, or, in the case of uncertificated common shares registered in book entry form, which
we refer to as &#8220;book entry shares,&#8221; by notation in book entry accounts reflecting ownership, and will attach to all common
stock certificates and book entry shares we issue prior to the Rights distribution date that we describe below. The Rights are not exercisable
until after the Rights distribution date and will expire at the close of business on the tenth anniversary of our entry into the Rights
Agreement, unless we redeem or exchange them earlier as we describe below. The Rights will separate from the common stock and a Rights
distribution date would occur, subject to specified exceptions, on the earlier of the following two dates:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">the 10th day after public announcement that a person or group has acquired ownership of 15% or more of the
Company&#8217;s common stock; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">the 10th business day (or such later date as determined by the Company&#8217;s board
of directors) after a person or group announces a tender or exchange offer which would result in that person or group holding 15% or more
of the Company&#8217;s common stock.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&#8220;Acquiring person&#8221; is
generally defined in the Rights Agreement as any person, together with all affiliates or associates, who beneficially owns 15% or more
of the Company&#8217;s common stock then outstanding. However, the Company, any subsidiary of the Company or any employee benefit plan
of the Company or of any subsidiary of the Company and any person holding shares of common stock for or pursuant to the terms of any such
plan, are excluded from the definition of &#8220;acquiring person.&#8221; Certain inadvertent owners that would otherwise become an acquiring
person, including those who would have this designation as a result of repurchases of common stock by us, will not become acquiring persons
as a result of those transactions. For persons who, prior to the time of public announcement of the Rights Agreement, beneficially own
15% or more of our outstanding common shares, the Rights Agreement &#8220;grandfathers&#8221; their current level of ownership, so long
as they do not purchase additional shares in excess of certain limitations. In addition, none of the Lax Trust, 3 Sororibus Trust of Cyprus,
Evangelos J. Pistiolis, or any of their affiliates or associates shall be considered an acquiring person.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our board of directors may defer the
Rights distribution date in some circumstances, and some inadvertent acquisitions will not result in a person becoming an acquiring person
if the person promptly divests itself of a sufficient number of shares of common stock.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Until the Rights distribution date:
(i) the Rights will be evidenced by the certificates for shares of Common Stock registered in the names of the holders thereof or, in
the case of uncertificated shares of Common Stock registered in book-entry form by notation in book entry accounts reflecting the ownership
of such shares of Common Stock (which certificates and Book Entry Shares, as applicable, shall also be deemed to be Rights Certificates)
and not by separate Rights Certificates and (ii) the right to receive Rights Certificates will be transferable only in connection with
the transfer of shares of Common Stock.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">As soon as practicable after the Distribution
Date, we will prepare, execute and send, or cause to be sent (and the Rights Agent will, if requested and provided with all necessary
information and documents, in the discretion of the Rights Agent, at the expense of the Company, send or cause to be sent) by first-class,
postage-prepaid mail, to each record holder of shares of Common Stock as of the Close of Business on the Distribution Date, at the address
of such holder shown on the records of the Company, or the transfer agent or registrar for the Common Stock, a Rights Certificate evidencing
one Right for each share of Common Stock so held.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We will not issue Rights with any
shares of common stock we issue after the Rights distribution date, except as our board of directors may otherwise determine.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>Flip-In Event</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">If an Acquiring Person obtains beneficial
ownership of 15% or more of the common shares, then each Right will entitle the holder thereof to purchase, for the Exercise Price, a
number of common shares (or, in certain circumstances, cash, property or other securities of the Company) having a then-current market
value of twice the Exercise Price. However, the Rights are not exercisable following the occurrence of the foregoing event until such
time as the Rights are no longer redeemable by the Company, as further described below under &#8220;Redemption of Rights&#8221;.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Following the occurrence of an event
set forth in preceding paragraph, all Rights that are or, under certain circumstances specified in the Rights Agreement, were beneficially
owned by an Acquiring Person or certain of its transferees will be null and void.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>Flip-Over Event</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">If, after an Acquiring Person obtains
15% or more of the common shares, (i) the Company merges into another entity; (ii) an acquiring entity merges into the Company; or (iii)
the Company sells or transfers 50% or more of its assets, cash flow or earning power, then each Right (except for Rights that have previously
been voided as set forth above) will entitle the holder thereof to purchase, for the Exercise Price, a number of common shares of the
person engaging in the transaction having a then-current market value of twice the Exercise Price.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>Anti-dilution</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We may adjust the purchase price of
the Preferred Shares, the number of Preferred Shares issuable and the number of outstanding Rights to prevent dilution that may occur
from a stock dividend, a stock split, or a reclassification of the Preferred Shares or common shares. No adjustments to the Exercise Price
of less than 1% will be made.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>Redemption of Rights</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We may redeem the Rights for $0.0001
per Right under certain circumstances. If we redeem any Rights, we must redeem all of the Rights. Once the Rights are redeemed, the only
right of the holders of the Rights will be to receive the redemption price of $0.0001 per Right. The redemption price will be adjusted
if we effect a stock dividend or a stock split. The redemption price shall be payable, at our option, in cash, common shares or such other
form of consideration as our board of directors shall determine.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>Exchange of Rights</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">After a person or group becomes an
Acquiring Person, but before an Acquiring Person owns 50% or more of the outstanding common shares, our board of directors may extinguish
the Rights by exchanging one common share or an equivalent security for each Right, other than Rights held by the Acquiring Person. In
certain circumstances, we may elect to exchange the Rights for cash or other securities of the Company having a value approximately equal
to one common share.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>Amendment of Terms of Rights</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The terms of the Rights and the Rights
Agreement may be amended in any respect without the consent of the holders of the Rights on or prior to the Distribution Date. Thereafter,
the terms of the Rights and the Rights Agreement may be amended without the consent of the holders of Rights, with certain exceptions,
in order to (i) cure any ambiguities; (ii) correct or supplement any provision contained in the Rights Agreement that may be defective
or inconsistent with any other provision therein; (iii) shorten or lengthen any time period pursuant to the Rights Agreement; or (iv)
make changes that do not adversely affect the interests of holders of the Rights (other than an Acquiring Person or an affiliate or associate
of an Acquiring Person).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Memorandum and Articles of Association</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Information regarding the rights, preferences and restrictions
attaching to each class of our shares is described in the section entitled &#8220;Item 10.A. &#8211; Share Capital&#8221; above.</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: left">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Our Amended and Restated Articles of Incorporation
and Bylaws</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The following description of our amended
and restated articles of incorporation and bylaws is a summary of the amended and restated articles of incorporation and bylaws that we
intend to adopt prior to the Spin-Off substantially in the form filed as an exhibit to this registration statement and is qualified by
reference to such form of our amended and restated articles of incorporation and bylaws.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Under our bylaws, annual shareholder
meetings will be held at a time and place selected by our board of directors. The meetings may be held in or outside of the Marshall Islands.
Special meetings of the shareholders, unless otherwise prescribed by law, may be called for any purpose or purposes at any time by the
chairman of the board of directors, a majority of the entire board of directors, or the chief executive officer. Notice of every annual
and special meeting of shareholders shall be given at least 15 but not more than 60 days before such meeting to each shareholder of record
entitled to vote thereat.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Directors</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our directors are elected by the affirmative
vote of a plurality of the votes cast at a meeting of the shareholders by the holders of shares entitled to vote in the election. Our
amended and restated articles of incorporation and bylaws do not provide for cumulative voting in the election of directors.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The board of directors must consist
of at least one member. Each director shall be elected to serve until the third succeeding annual meeting of shareholders and until his
successor shall have been duly elected and qualified, except in the event of his death, resignation, removal, or the earlier termination
of his term of office. The board of directors has the authority to fix the amounts which shall be payable to the members of our board
of directors, and to members of any committee, for attendance at any meeting or for services rendered to us.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>Classified Board</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our amended and restated articles
of incorporation provide for the division of our board of directors into three classes of directors, with each class as nearly equal in
number as possible, serving staggered, three-year terms. Approximately one-third of our board of directors will be elected each year.
This classified board provision could discourage a third party from making a tender offer for our shares or attempting to obtain control
of our company. It could also delay shareholders who do not agree with the policies of the board of directors from removing a majority
of the board of directors for two years.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Election and Removal</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our bylaws require parties other than
the board of directors to give advance written notice of nominations for the election of directors. The entire board of directors or any
individual director may be removed, with cause, by the vote of two-thirds of the votes eligible to be cast by the holders of outstanding
shares of our capital stock then entitled to vote at an election of directors. No director may be removed without cause by either the
shareholders or the board of directors. Except as otherwise provided by applicable law, cause for the removal of a director shall be deemed
to exist only if the director whose removal is proposed: (i) has been convicted, or has been granted immunity to testify in any proceeding
in which another has been convicted, of a felony by a court of competent jurisdiction and that conviction is no longer subject to direct
appeal; (ii) has been found to have been negligent or guilty of misconduct in the performance of his duties to the Company in any matter
of substantial importance to the Company by (A) the affirmative vote of at least 80% of the directors then in office at any meeting of
the board of directors called for that purpose or (B) a court of competent jurisdiction; or (iii) has been adjudicated by a court of competent
jurisdiction to be mentally incompetent, which mental incompetence directly affects his ability to serve as a director of the Company.
These provisions may discourage, delay or prevent the removal of incumbent officers and directors.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Dissenters&#8217; Rights of Appraisal and Payment</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.1in 0pt 0">Under the BCA, our shareholders generally
have the right to dissent from the sale of all or substantially all of our assets not made in the usual course of our business and receive
payment of the fair value of their shares. However, the right of a dissenting shareholder to receive payment of the appraised fair value
of his shares is not available under the BCA for the shares of any class or series of stock, which shares at the record date fixed to
determine the shareholders entitled to receive notice of and to vote at the meeting of the shareholders to act upon the agreement of merger
or consolidation, were either (i) listed on a securities exchange or admitted for trading on an interdealer quotation system or (ii) held
of record by more than 2,000 holders. In the event of any further amendment of our amended and restated articles of incorporation, a shareholder
also has the right to dissent and receive payment for his or her shares if the amendment alters certain rights in respect of those shares.
The dissenting shareholder must follow the procedures set forth in the BCA to receive payment.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Shareholders&#8217; Derivative Actions</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Under the BCA, any of our shareholders
may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the shareholder bringing
the action is a holder of common shares both at the time the derivative action is commenced and at the time of the transaction to which
the action relates.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Forum Selection</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our amended and restated
articles of incorporation provide that, (A) unless we consent in writing to the selection of an alternative forum, to the fullest
extent permitted by law, the High Court of the Republic of Marshall Islands shall be the sole and exclusive forum for any internal
corporate claim, intra-corporate claim, or claim governed by the internal affairs doctrine, including (i) any derivative action or
proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director,
officer, employee or shareholder of the Company to the Company or the Company&#8217;s shareholders, and (iii) any action asserting a
claim arising pursuant to any provision of the BCA or our articles of incorporation or bylaws and (B) the United States District
Court for the Southern District of New York (or, if such court does not have jurisdiction over such claim, any other federal
district court of the United States) shall be the sole and exclusive forum for all claims arising under the Securities Act or the
Exchange Act, and any rule or regulation promulgated thereunder, to the extent such claims would be subject to federal or state
jurisdiction pursuant to the Securities Act or the Exchange Act, as applicable, after giving effect to clause (A) above. Therefore,
to the fullest extent permitted by law, we have selected the High Court of the Republic of the Marshall Islands as the exclusive
forum for any derivative action alleging a violation of the Securities Act or Exchange Act. The enforceability of similar forum
selection provisions in other companies&#8217; governing documents has been challenged in legal proceedings, and it is possible that
in connection with any action a court could find the forum selection provisions contained in our amended and restated articles of
incorporation to be inapplicable or unenforceable in such action. For example, with respect to derivative actions arising under the
Exchange Act, there is currently disagreement among federal Courts of Appeals in the United States (a circuit split between the
Courts of Appeals for the Seventh and Ninth Circuits) as to whether a forum selection clause which requires that derivative actions
be brought in a specified forum other than the federal courts would contravene Section 27 of the Exchange Act under certain
circumstances. The circuit split follows a line of cases that analyze the enforceability of forum selection provisions in the
context of derivative Securities Act and Exchange Act claims.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Accordingly, the applicability of
the provisions of our amended and restated articles of incorporation selecting a Marshall Islands forum for certain types of claims may
be limited with respect to such claims arising under the Securities Act or Exchange Act and, as a result, under certain such circumstances,
the effect of our forum selection provisions may be uncertain. It is possible that a court could find our forum selection provisions to
be inapplicable or unenforceable for these or other reasons. As a result, we could be required to litigate claims in multiple jurisdictions,
incur additional costs, or otherwise not receive the benefits that we expect our forum selection provisions to provide.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Any person or entity holding, owning,
or otherwise acquiring any shares of capital stock of us shall be deemed to have notice of and consented to the forum selection provisions
in our amended and restated articles of incorporation. Section 22 of the Securities Act creates concurrent jurisdiction for federal and
state courts over all suits brought to enforce any duty or liability created by the Securities Act and the rules and regulations thereunder
and Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created
by the Exchange Act and the rules and regulations thereunder. Although our forum selection provisions shall not relieve us of our statutory
duties to comply with the federal securities laws and the rules and regulations thereunder, and our shareholders are not deemed to have
waived our compliance with these laws, rules, and regulations, as applicable, our forum selection provisions may limit a shareholder&#8217;s
ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, or other employees,
which may discourage such lawsuits with respect to such claims. For more information regarding the risks connected to the forum selection
provisions in our amended and restated articles of incorporation, see &#8220;Risk Factors&#8212;Risks Related to our Common Shares&#8212;We
may not achieve the intended benefits of having forum selection provisions if they are found to be unenforceable.&#8221;</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Limitations on Liability and Indemnification
of Officers and Directors</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The BCA authorizes corporations to
limit or eliminate the personal liability of directors and officers to corporations and their shareholders for monetary damages for breaches
of directors' fiduciary duties. Our amended and restated articles of incorporation include a provision that eliminates the personal liability
of directors for monetary damages for actions taken as a director to the fullest extent permitted by law.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our amended and restated articles
of incorporation provide that we must indemnify and hold harmless our directors and officers to the fullest extent permitted by the BCA.
We are also required to advance certain expenses to our directors and officers incurred while defending a civil or criminal proceeding,
provided that the director or officer will repay the amount if it shall ultimately be determined by final judicial decision from which
there is no further right to appeal that he or she is not entitled to indemnification under the relevant section of our amended and restated
articles of incorporation. We may carry directors' and officers' insurance providing indemnification for our directors and officers for
some liabilities. We believe that these indemnification provisions and this insurance are useful to attract and retain qualified directors
and officers.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The limitation of liability and indemnification
provisions in our amended and restated articles of incorporation may discourage shareholders from bringing a lawsuit against directors
for breach of their fiduciary duty. These provisions may also have the effect of reducing the likelihood of derivative litigation against
directors and officers, even though such an action, if successful, might otherwise benefit us and our shareholders. In addition, your
investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant
to these indemnification provisions.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">There is currently no pending material litigation or proceeding
involving any of our directors, officers or employees for which indemnification is sought.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Anti-takeover Provisions of our Amended and
Restated Articles of Incorporation and Bylaws</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Several provisions of our amended
and restated articles of incorporation and bylaws may have anti-takeover effects. These provisions are intended to avoid costly takeover
battles, lessen our vulnerability to a hostile change of control and enhance the ability of our board of directors to maximize shareholder
value in connection with any unsolicited offer to acquire us. However, these anti-takeover provisions, which are summarized below, could
also discourage, delay or prevent (1) the merger or acquisition of our company by means of a tender offer, a proxy contest or otherwise,
that a shareholder may consider in its best interest and (2) the removal of incumbent officers and directors.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Limited Actions by Shareholders</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our bylaws provide that any action
required or permitted to be taken by our shareholders must be effected at an annual or special meeting of shareholders or by the unanimous
written consent of our shareholders.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our bylaws provide that the board
of directors may call special meetings of our shareholders and the business transacted at the special meeting is limited to the purposes
stated in the notice. Accordingly, a shareholder may be prevented from calling a special meeting for shareholder consideration of a proposal
over the opposition of our board of directors and shareholder consideration of a proposal may be delayed until the next annual meeting.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our bylaws provide that shareholders
seeking to nominate candidates for election as directors or to bring business before an annual meeting of shareholders must provide timely
notice of their proposal in writing. Our bylaws also specify requirements as to the form and content of a shareholder&#8217;s notice.
These provisions may impede shareholders&#8217; ability to bring matters before an annual meeting of shareholders or make nominations
for directors at an annual meeting of shareholders.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Blank Check Preferred Stock</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Under the terms of our amended and
restated articles of incorporation, our board of directors has authority, without any further vote or action by our shareholders, to issue
up to 20,000,000 shares of blank check preferred stock. Our board of directors may issue shares of preferred stock on terms calculated
to discourage, delay or prevent a change of control of our company or the removal of our management.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Classified Board of Directors</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our amended and restated articles
of incorporation provide for a board of directors serving staggered, three-year terms. Approximately one-third of our board of directors
will be elected each year. This classified board provision could discourage a third party from making a tender offer for our shares or
attempting to obtain control of the Company. It could also delay shareholders who do not agree with the policies of our board of directors
from removing a majority of our board of directors for two years.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Election and Removal of
Directors</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our amended and restated articles
of incorporation and bylaws prohibit cumulative voting in the election of directors. Our bylaws require parties other than our board of
directors to give advance written notice of nominations for the election of directors. Our bylaws also provide that our directors may
be removed only for cause and only upon the affirmative vote of two-thirds of the votes eligible to be cast by holders of outstanding
shares of our capital stock then entitled to vote at an election of directors. These provisions may discourage, delay or prevent the removal
of incumbent officers and directors.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Super-Majority Approval
Requirements</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our amended and restated articles
of incorporation and bylaws provide that the vote of two-thirds of the votes eligible to be cast by holders of outstanding shares of our
capital stock then entitled to vote at an election of directors is required to amend our bylaws or certain provisions of our amended and
restated articles of incorporation at any annual or special meeting of shareholders. In addition, amendments to certain provisions of
our bylaws may be made when approved by a vote of not less than 66 2/3% of the entire board of directors. These provisions that require
not less than 66 2/3% vote of our board of directors to be amended are provisions governing: the nature of business to be transacted at
our annual meetings of shareholders, the calling of special meetings by our board of directors, any amendment to change the number of
directors constituting our board of directors, the method by which our board of directors is elected, the nomination procedures of our
board of directors, removal of our directors and the filling of vacancies on our board of directors.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Business Combinations</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Although the BCA does not contain
specific provisions regarding &#8220;business combinations&#8221; between companies organized under the laws of the Marshall Islands and
&#8220;interested shareholders,&#8221; we will include these provisions in our amended and restated articles of incorporation. Specifically,
our amended and restated articles of incorporation will prohibit us from engaging in a &#8220;business combination&#8221; with certain
persons for three years following the date the person becomes an interested shareholder. Interested shareholders generally include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">any person who is the beneficial owner of 15% or more of our issued and outstanding voting stock; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">any person who is our affiliate or associate and who held 15% or more of our issued
and outstanding voting stock at any time within three years before the date on which the person&#8217;s status as an interested shareholder
is determined, and the affiliates and associates of such person.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">Subject to certain exceptions, a business combination includes, among other things:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">o</TD><TD STYLE="text-align: justify">certain mergers or consolidations of us or any direct or indirect majority-owned subsidiary of ours;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">o</TD><TD STYLE="text-align: justify">any sale, lease, exchange, mortgage, pledge, transfer or other disposition of our assets or of any subsidiary
of ours having an aggregate market value equal to 10% or more of either the aggregate market value of all of our assets, determined on
a combined basis, or the aggregate value of all of our issued and outstanding stock;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 86.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">o</TD><TD STYLE="text-align: justify">certain transactions that result in the issuance or transfer by us of any stock of ours to the interested
shareholder;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 86.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">o</TD><TD STYLE="text-align: justify">any transaction involving us or any of our subsidiaries that has the effect of increasing the proportionate
share of any class or series of stock, or securities convertible into any class or series of stock, of ours or any such subsidiary that
is owned directly or indirectly by the interested shareholder or any affiliate or associate of the interested shareholder; and</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 86.2pt">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0 0pt 86.2pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">o</TD><TD STYLE="text-align: justify">any receipt by the interested shareholder of the benefit directly or indirectly (except proportionately
as a shareholder) of any loans, advances, guarantees, pledges or other financial benefits provided by or through us.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">These provisions of our amended and restated articles of incorporation do not apply to a business combination
if:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">o</TD><TD STYLE="text-align: justify">before a person became an interested shareholder, our board of directors approved either the business
combination or the transaction in which the shareholder became an interested shareholder;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 86.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">o</TD><TD STYLE="text-align: justify">upon consummation of the transaction which resulted in the shareholder becoming an interested shareholder,
the interested shareholder owned at least 85% of our voting stock issued and outstanding at the time the transaction commenced, other
than certain excluded shares;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 86.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">o</TD><TD STYLE="text-align: justify">at or following the transaction in which the person became an interested shareholder, the business combination
is approved by our board of directors and authorized at an annual or special meeting of shareholders, and not by written consent, by the
affirmative vote of the holders of at least two-thirds of our issued and outstanding voting stock that is not owned by the interested
shareholder;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 86.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">o</TD><TD STYLE="text-align: justify">the shareholder was or became an interested shareholder prior to the consummation of the transactions;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 86.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">o</TD><TD STYLE="text-align: justify">a shareholder became an interested shareholder inadvertently and (i) as soon as practicable divested itself
of ownership of sufficient shares so that the shareholder ceased to be an interested shareholder; and (ii) would not, at any time within
the three-year period immediately prior to a business combination between us and such shareholder, have been an interested shareholder
but for the inadvertent acquisition of ownership; or</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 86.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">o</TD><TD STYLE="text-align: justify">the business combination is proposed prior to the consummation or abandonment of and subsequent to the
earlier of the public announcement or the notice required under our amended and restated articles of incorporation which (i) constitutes
one of the transactions described in the following sentence; (ii) is with or by a person who either was not an interested shareholder
during the previous three years or who became an interested shareholder with the approval of the board; and (iii) is approved or not opposed
by a majority of the members of the board of directors then in office (but not less than one) who were directors prior to any person becoming
an interested shareholder during the previous three years or were recommended for election or elected to succeed such directors by a majority
of such directors. The proposed transactions referred to in the preceding sentence are limited to:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: left">a merger or consolidation of us (except for a merger in respect of which, pursuant to the BCA, no vote of
our shareholders is required);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify; padding-right: 0">a sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one
transaction or a series of transactions), whether as part of a dissolution or otherwise, of assets of us or of any direct or indirect
majority-owned subsidiary of ours (other than to any direct or indirect wholly-owned subsidiary or to us) having an aggregate market value
equal to 50% or more of either the aggregate market value of all of our assets determined on a consolidated basis or the aggregate market
value of all the issued and outstanding shares; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: left">a proposed tender or exchange offer for 50% or more of our issued and outstanding voting stock.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Certain Marshall Islands Company Considerations</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Our corporate affairs are governed
by our amended and restated articles of incorporation, bylaws and the BCA. The provisions of the BCA resemble provisions of the corporation
laws of a number of states in the United States, including Delaware. While the BCA also provides that it is to be interpreted according
to the laws of the State of Delaware and other states with substantially similar legislative provisions, there have been few, if any,
court cases interpreting the BCA in the Marshall Islands, and we cannot predict whether Marshall Islands courts would reach the same conclusions
as Delaware or other courts in the United States. Accordingly, you may have more difficulty in protecting your interests under Marshall
Islands law in the face of actions by our management, directors or controlling shareholders than would shareholders of a corporation incorporated
in a U.S. jurisdiction that has developed a substantial body of case law. Furthermore, the Marshall Islands lacks a bankruptcy statute,
and in the event of any bankruptcy, insolvency, liquidation, dissolution, reorganization or similar proceeding involving the Company,
the bankruptcy laws of the United States or of another country having jurisdiction over the Company would apply. The following table provides
a comparison between certain statutory provisions of the BCA and the Delaware General Corporation Law relating to shareholders&#8217;
rights.</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; font-weight: bold; text-align: left; width: 49%">Marshall Islands</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-weight: bold; text-align: center; width: 49%">Delaware</TD></TR>
  <TR>
    <TD STYLE="text-align: left; font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; text-align: center">Shareholder Meetings</TD></TR>
  <TR>
    <TD STYLE="text-align: left; font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; text-align: left">Held at a time and place as designated in the bylaws.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">May be held at such time or place as designated in the certificate of incorporation or the bylaws, or if not so designated, as determined by the board of directors.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; text-align: left">Special meetings of the shareholders may be called by the board of directors or by such person or persons as</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Special meetings of the shareholders may be called by the board of directors or by such person or persons as</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; text-align: left">may be authorized by the articles of incorporation or by the bylaws.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">may be authorized by the certificate of incorporation.</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; text-align: left">May be held in or outside of the Marshall Islands.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">May be held in or outside of Delaware.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; font-style: italic; text-align: left">Notice<FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400">:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">Notice<FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400">:</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; text-align: left">Whenever shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, date and hour of the meeting and, unless it is an annual meeting, indicate that it is being issued by or at the direction of the person calling the meeting.&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Whenever shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, and the means of remote communication, if any.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; text-align: left">A copy of the notice of any meeting shall be given personally or sent by mail not less than 15 nor more than 60 days before the meeting.</TD>
    <TD>&nbsp;</TD>
    <TD>Written notice shall be given not less than 10 nor more than 60 days before the meeting.</TD></TR>
  </TABLE>

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

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

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 10.5pt 0pt 0">&nbsp;<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; font-weight: bold; text-align: center; width: 49%">Marshall Islands</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; font-weight: bold; text-align: center; width: 49%">Delaware</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; text-align: center">Shareholders&rsquo; Voting Rights</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; text-align: left">Unless otherwise provided in the articles of incorporation, any action required by the BCA to be taken at a meeting of shareholders may be taken without a meeting if a consent or consents in writing, setting forth the action so taken, shall be signed by all the shareholders entitled to vote with respect to the subject matter thereof, or if the articles of incorporation so provide, by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Any action required to be taken by a meeting of shareholders may be taken without a meeting if a consent for such action is in writing and is signed by shareholders having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; text-align: left">Any person authorized to vote may authorize another person or persons to act for him by proxy.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Any person authorized to vote may authorize another person or persons to act for him by proxy.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; text-align: left">Unless otherwise provided in the articles of incorporation or the bylaws, a majority of shares entitled to vote constitutes a quorum. In no event shall a quorum consist of fewer than one-third of the common shares entitled to vote at a meeting.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">For stock corporations, the certificate of incorporation or bylaws may specify the number of shares required to constitute a quorum but in no event shall a quorum consist of less than one- third of shares entitled to vote at a meeting. In the absence of such specifications, a majority of shares entitled to vote shall constitute a quorum.</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; text-align: left">When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; text-align: left">The articles of incorporation may provide for cumulative voting in the election of directors.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">The certificate of incorporation may provide for cumulative voting in the election of directors.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; font-style: italic; text-align: left">Removal<FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400">:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-style: italic; text-align: left">Removal<FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400">:</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0">If the articles of incorporation or the bylaws so provide, any or all of the directors may be removed without cause by vote of the shareholders.</P>
                                                      <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                      <P STYLE="margin-top: 0; margin-bottom: 0">The articles of incorporation or the specific provisions of a bylaw may provide for such removal by action of the board.</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Any or all of the directors may be removed, with or without cause, by the holders of a majority of the shares entitled to vote except: (1) unless the certificate of incorporation otherwise provides, in the case of a corporation whose board is classified, shareholders may effect such removal only for cause, or (2) if the corporation has cumulative voting, if less than the entire board is to be removed, no director may be removed without cause if the votes cast against such director&rsquo;s removal would be sufficient to elect such director if then cumulatively voted at an election of the entire board of directors, or, if there be classes of directors, at an election of the class of directors of which such director is a part.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 10.5pt 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">
<P STYLE="margin: 0pt 10.5pt 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 10.5pt 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>


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

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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0 0pt 0.4pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; font-weight: bold; text-align: center; width: 49%">Marshall Islands</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; font-weight: bold; text-align: center; width: 49%">Delaware</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; text-align: center">Directors</TD></TR>
  <TR>
    <TD STYLE="text-align: left; font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; text-align: left">Number of board members can be changed by an amendment to the bylaws, by the shareholders, or by action of the board under the specific provisions of a bylaw.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Number of board members shall be fixed by, or in a manner provided by, the bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number shall be made only by amendment to the certificate of incorporation.</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; text-align: left">The board of directors must consist of at least one member.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">The board of directors must consist of at least one member.</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">If the board of directors is authorized to change the number of directors, it can only do so by a majority of the entire board of directors and so long as no decrease in the number shortens the term of any incumbent director.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: top; text-align: center">Dissenter&rsquo;s Rights of Appraisal</TD></TR>
  <TR>
    <TD STYLE="text-align: left; font-weight: bold; vertical-align: top; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 49%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: left">Shareholders have a right to dissent from any plan of merger, consolidation or sale of all or substantially all assets not made in the usual course of business, and receive payment of the fair value of their shares. However, the right of a dissenting shareholder under the BCA to receive payment of the appraised fair value of his shares is not available for the shares of any class or series of stock, which shares at the record date fixed to determine the shareholders entitled to receive notice of and to vote at the meeting of the shareholders to act upon the agreement of merger or consolidation or any sale or exchange of all or substantially all assets, were either</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">Appraisal rights shall be available for the shares of any class or series of stock of a corporation in a merger or consolidation, subject to limited exceptions, such as a merger or consolidation of corporations listed on a national securities exchange in which listed shares are the offered consideration or if such shares are held of record by more than 2,000 holders.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">(i) <FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400"></FONT></TD>
    <TD>listed on a securities exchange or admitted for trading on an interdealer quotation system or</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">(ii)&nbsp; <FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400"></FONT></TD>
    <TD>held of record by more than 2,000 holders.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">A holder of any adversely affected shares who does not vote on or consent in writing to an amendment to the articles of incorporation has the right to dissent and to receive payment for such shares if the amendment:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: left">Alters or abolishes any preferential right of any outstanding shares having&nbsp;preference; or</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: left">Creates, alters or abolishes any provision or right in respect to the redemption of any outstanding shares.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: left">Alters or abolishes any preemptive right of such holder to acquire shares or&nbsp;other securities; or</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: left">Excludes or limits the right of such holder to vote on any matter, except as such right may be limited by the voting rights given to new shares then being authorized of any existing or new class.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0 0pt 0.4pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.4pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"><B></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0 0pt 0.4pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: Black 1pt solid; font-weight: bold; text-align: center; width: 49%">Marshall Islands</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-weight: bold; text-align: center; width: 49%">Delaware</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; text-align: center">Shareholders&rsquo; Derivative Actions</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">An action may be brought in the right of a corporation to procure a judgment in its favor, by a holder of shares or of voting trust certificates or of a beneficial interest in such shares or certificates. It shall be made to appear that the plaintiff is such a holder at the time the action is brought and that he was such a holder at the time of the transaction of which he complains, or that his shares or his interest therein devolved upon him by operation of law.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">In any derivative suit instituted by a shareholder or a corporation, it shall be averred in the complaint that the plaintiff was a shareholder of the corporation at the time of the transaction of which he complains or that such shareholder&rsquo;s stock thereafter devolved upon such shareholder by operation of law.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;A complaint shall set forth with particularity the efforts of the plaintiff to secure the initiation of such action by the board of directors or the reasons for not making such effort. Such action shall not be discontinued, compromised or settled without the approval of the High Court of the Republic of The Marshall Islands. </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Reasonable expenses including attorneys&rsquo; fees may be awarded if the action is successful.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">A corporation may require a plaintiff bringing a derivative suit to give security for reasonable expenses if the plaintiff owns less than 5% of any class of stock and the common shares have a value of $50,000 or less.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0 0pt 0.4pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.4pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.4pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.4pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.4pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.4pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.4pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.4pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 5.55pt 0pt 0; font-size: 10pt; text-align: left"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Material contracts</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Attached as exhibits to this registration
statement are the contracts we consider to be both material and outside the ordinary course of business and are to be performed in whole
or in part after the filing of this registration statement. We refer you to &#8220;Item 4. Information on the Company &#8211; A. History
and Development of the Company,&#8221; &#8220;Item 4. Information on the Company &#8211; B. Business Overview,&#8221; &#8220;Item 5. Operating
and Financial Review and Prospects &#8211; B. Liquidity and Capital Resources,&#8221; and &#8220;Item 7. Major Shareholders and Related
Party Transactions &#8211; B. Related Party Transactions&#8221; for a discussion of these contracts. Other than as discussed in this registration
statement, we have no material contracts, other than contracts entered into in the ordinary course of business, to which we are a party.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">D.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Exchange controls</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Under Marshall Islands law, there
are currently no restrictions on the export or import of capital, including foreign exchange controls, or restrictions that affect the
remittance of dividends, interest or other payments to non-resident holders of our common shares.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">E.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Taxation</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The following is a discussion of the
material Marshall Islands and U.S. federal income tax considerations relevant to a U.S. Holder and a Non-U.S. Holder, each as defined
below, with respect to the ownership and disposition of our common shares. The discussion of U.S. federal income tax matters is based
on the U.S. Internal Revenue Code of 1986, as amended, or the Code judicial decisions, administrative pronouncements, and existing and
proposed regulations issued by the U.S. Department of the Treasury, or the Treasury Regulations, all of which are subject to change, possibly
with retroactive effect. This discussion does not purport to deal with the tax consequences of owning common shares to all categories
of investors, some of which, such as financial institutions, regulated investment companies, real estate investment trusts, tax-exempt
organizations, insurance companies, persons holding our common shares as part of a hedging, integrated, conversion or constructive sale
transaction or a straddle, traders in securities that have elected the mark-to-market method of accounting for their securities, persons
liable for the alternative minimum tax or the &#8220;base erosion and anti-avoidance&#8221; tax, dealers in securities or currencies,
U.S. Holders, as defined below, whose functional currency is not the U.S. dollar, persons required to recognize income for U.S. federal
income tax purposes no later than when such income is included on an &#8220;applicable financial statement&#8221; and investors that own,
actually or under applicable constructive ownership rules, 10% or more of the vote or value of our outstanding shares, may be subject
to special rules. This discussion deals only with holders who hold the common shares as capital assets. You are encouraged to consult
your own tax advisors concerning the overall tax consequences arising in your own particular situation under U.S. federal, state, local
or non-U.S. law of the ownership of common shares.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Marshall Islands Tax Consequences</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We are incorporated in the Republic
of the Marshall Islands. Under current Marshall Islands law, we are not subject to tax on income or capital gains, no Marshall Islands
withholding tax will be imposed upon payments of dividends by us to our shareholders, and holders of our common shares that are not residents
of or domiciled or carrying on any commercial activity in the Republic of the Marshall Islands will not be subject to Marshall Islands
tax on the sale or other disposition of our common share.</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: left">U.S. Federal Income Taxation of Our Company</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Taxation of Operating Income:
In General</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Unless exempt from U.S. federal income
taxation under the rules discussed below, a foreign corporation is subject to U.S. federal income taxation in respect of any income that
is derived from the use of vessels, from the hiring or leasing of vessels for use on a time, voyage or bareboat charter basis, from the
participation in a pool, partnership, strategic alliance, joint operating agreement, code sharing arrangement or other joint venture it
directly or indirectly owns or participates in that generates such income, or from the performance of services directly related to those
uses, which we refer to as &#8220;shipping income,&#8221; to the extent that the shipping income is derived from sources within the United
States. For these purposes, 50% of shipping income that is attributable to transportation that begins or ends, but that does not both
begin and end, in the United States constitutes income from sources within the United States, which we refer to as &#8220;U.S.- source
shipping income.&#8221;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Shipping income attributable to transportation
that both begins and ends in the United States is considered to be 100% from sources within the United States. We are not permitted by
law to engage in transportation that produces income which is considered to be 100% from sources within the United States.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Shipping income attributable to transportation
exclusively between non-U.S. ports will be considered to be 100% derived from sources outside the United States. Shipping income derived
from sources outside the United States will not be subject to any U.S. federal income tax.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In the absence of exemption from tax
under Section 883 of the Code, our gross U.S.-source shipping income generally would be subject to a 4% tax imposed without allowance
for deductions as described below.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>Exemption of Operating Income from U.S. Federal Income Taxation</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Under Section 883 of the Code and the Treasury Regulations thereunder,
we will be exempt from U.S. federal income tax on our U.S.-source shipping income if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">we are organized in a foreign country, or our &#8220;country of organization&#8221;, that grants an &#8220;equivalent
exemption&#8221; to corporations organized in the United States; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">either</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify; padding-right: 0">more than 50% of the value of our stock is owned, directly or indirectly, by individuals
who are &#8220;residents&#8221; of our country of organization or of another foreign country that grants an &#8220;equivalent exemption&#8221;
to corporations organized in the United States (each such individual a &#8220;qualified shareholder&#8221; and such individuals collectively,
&#8220;qualified shareholders&#8221;), which we refer to as the &#8220;50% Ownership Test,&#8221; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: left">our stock is &#8220;primarily and regularly traded on an established securities market&#8221; in our country
of organization, in another country that grants an &#8220;equivalent exemption&#8221; to U.S. corporations, or in the United States, which we refer to
as the &#8220;Publicly-Traded Test.&#8221;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 62.25pt"></P>

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0 0pt 0">The Marshall Islands, the jurisdiction where
we and the Rubico Predecessor are incorporated, grants an &#8220;equivalent exemption&#8221; to U.S. corporations. Therefore, we will
be exempt from U.S. federal income tax with respect to our U.S.-source shipping income if either the 50% Ownership Test or the Publicly-Traded
Test is met.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In order to satisfy the 50% Ownership
Test, a non-U.S. corporation must be able to substantiate that more than 50% of the value of its shares is owned, for at least half of
the number of days in the non-U.S. corporation&#8217;s taxable year, directly or indirectly, by &#8220;qualified shareholders.&#8221;
For this purpose, qualified shareholders are: (1) individuals who are residents (as defined in the Treasury Regulations) of countries,
other than the United States, that grant an equivalent exemption, (2) non-U.S. corporations that meet the Publicly-Traded Test and are
organized in countries that grant an equivalent exemption, or (3) certain foreign governments, non-profit organizations, and certain beneficiaries
of foreign pension funds. In order for a shareholder to be a qualified shareholder, there generally cannot be any bearer shares in the
chain of ownership between the shareholder and the taxpayer claiming the exemption (unless such bearer shares are maintained in a dematerialized
or immobilized book-entry system as permitted under the Treasury Regulations). A corporation claiming the Section 883 exemption based
on the 50% Ownership Test must obtain all the facts necessary to satisfy the IRS that the 50% Ownership Test has been satisfied (as detailed
in the Treasury Regulations). We believe that the Rubico Predecessor satisfied the 50% Ownership Test for the 2024 taxable year and intend
to take this position on our U.S. federal income tax return for the 2024 year. This is a factual determination made on an annual basis,
and no assurance can be given that we will satisfy the 50% Ownership Test in future taxable years.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">In order to satisfy the Publicly-Traded
Test, Treasury Regulations provide, in pertinent part, that stock of a foreign corporation will be considered to be &#8220;primarily traded&#8221;
on an established securities market if the number of shares of each class of stock that are traded during any taxable year on all established
securities markets in that country exceeds the number of shares in each such class that are traded during that year on established securities
markets in any other single country. We anticipate that our common shares, which are our sole class of issued and outstanding stock that
is traded, will be &#8220;primarily traded&#8221; on the Nasdaq Capital Market, which is an established securities market for this purpose.
In order to satisfy the Publicly-Traded Test, Treasury Regulations also require that our stock be &quot;regularly traded&quot; on an established
securities market. Under the Treasury Regulations, our stock generally will be considered to be &quot;regularly traded&quot; if one or
more classes of our stock representing more than 50% of our outstanding shares, by total combined voting power of all classes of stock
entitled to vote and by total combined value of all classes of stock, are listed on one or more established securities markets, which
we refer to as the &quot;listing threshold.&quot; Our Parent&#8217;s common stock, which is listed on the NYSE American LLC and is our
Parent&#8217;s only class of publicly-traded stock, did not constitute more than 50% of our Parent&#8217;s outstanding shares by vote
for the 2024 taxable year, and accordingly, our Parent did not satisfy the listing threshold for the 2024 taxable year.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Taxation in the Absence of Exemption under Section
883 of the Code</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 7.1pt 0pt 0">To the extent the benefits of Section
883 of the Code are unavailable, our U.S.-source shipping income, to the extent not considered to be &#8220;effectively connected&#8221;
with the conduct of a U.S. trade or business, as described below, would be subject to a 4% tax imposed by Section 887 of the Code on a
gross basis, without the benefit of deductions, which we refer to as the &#8220;4% gross basis tax regime.&#8221; Since under the sourcing
rules described above, no more than 50% of our shipping income would be treated as being derived from U.S. sources, the maximum effective
rate of U.S. federal income tax on our shipping income would never exceed 2% under the 4% gross basis tax regime.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 7.1pt 0pt 0">To the extent the benefits of the exemption
under Section 883 of the Code are unavailable and our U.S.-source shipping income is considered to be &#8220;effectively connected&#8221;
with the conduct of a U.S. trade or business, as described below, any such &#8220;effectively connected&#8221; U.S.-source shipping income,
net of applicable deductions, would be subject to the U.S. federal corporate income tax imposed at a current rate of 21%. In addition,
we may be subject to the 30% &#8220;branch profits&#8221; tax on earnings effectively connected with the conduct of such U.S. trade or
business, as determined after allowance for certain adjustments.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Our U.S.-source shipping income would be considered &#8220;effectively
connected&#8221; with the conduct of a U.S. trade or business only if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">We have, or are considered to have, a fixed place of business in the United States involved in the earning
of shipping income; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 10.5pt">substantially all of our U.S.-source shipping income is attributable to regularly
scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at regular intervals
between the same points for voyages that begin or end in the United States, or in the case of leasing income, is attributable to such
fixed place of business in the United States.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We do not currently have, nor intend
to have or permit circumstances that would result in having, any vessel operating to the United States on a regularly scheduled basis.
Based on the foregoing and on the expected mode of our shipping operations and other activities, we believe that none of our U.S.-source
shipping income will be &#8220;effectively connected&#8221; with the conduct of a U.S. trade or business.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>U.S. Taxation of Gain on Sale of Vessels</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Regardless of whether we qualify for
exemption under Section 883 of the Code, we will not be subject to U.S. federal income taxation with respect to gain realized on a sale
of a vessel, provided the sale is considered to occur outside of the United States under U.S. federal income tax principles. In general,
a sale of a vessel will be considered to occur outside of the United States for this purpose if title to the vessel, and risk of loss
with respect to the vessel, pass to the buyer outside of the United States. It is expected that any sale of a vessel by us will be considered
to occur outside of the United States or will otherwise not be subject to U.S. federal income taxation.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">U.S. Federal Income Taxation
of U.S. Holders</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0">As used herein, the term &#8220;U.S. Holder&#8221; means a beneficial
owner of our common shares that</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 11.85pt">is a U.S. citizen or resident, U.S. corporation or other U.S. entity taxable as a
corporation, an estate the income of which is subject to U.S. federal income taxation regardless of its source, or a trust (i) if a court
within the United States is able to exercise primary jurisdiction over the administration of the trust and one or more U.S. persons have
the authority to control all substantial decisions of the trust or (ii) the trust has in effect a valid election to be treated as a United
States person for U.S. federal income tax purposes; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">owns the common shares as a capital asset, generally, for investment purposes.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">If a partnership holds our common shares, the tax treatment of
a partner of such partnership will generally depend upon the status of the partner and upon the activities of the partnership.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left">If you are a partner in a partnership holding our common shares,
you are encouraged to consult your tax advisor.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>Distributions</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Subject to the discussion of passive
foreign investment companies, or PFICs, below, any distributions made by us with respect to our common shares to a U.S. Holder will generally
constitute dividends to the extent of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles.
Distributions in excess of such earnings and profits will be treated first as a nontaxable return of capital to the extent of the U.S.
Holder&#8217;s tax basis in his common shares on a dollar-for-dollar basis and thereafter as capital gain. Because we are not a U.S. corporation,
U.S. Holders that are corporations will not be entitled to claim a dividends-received deduction with respect to any distributions they
receive from us. Dividends paid with respect to our common shares will generally be treated as &#8220;passive category income&#8221; for
purposes of computing allowable foreign tax credits for U.S. foreign tax credit purposes.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Dividends paid on our common shares
to a U.S. Holder who is an individual, trust or estate (a &#8220;U.S. Non-Corporate Holder&#8221;) will generally be treated as &#8220;qualified
dividend income&#8221; that is taxable to such U.S. Non-Corporate Holder at preferential tax rates provided that (1) the common shares
are readily tradable on an established securities market in the United States (such as the Nasdaq Capital Market on which our common shares
are expected to be listed); (2) we are not a PFIC for the taxable year during which the dividend is paid or the immediately preceding
taxable year (as discussed in more detail below); (3) the U.S. Non-Corporate Holder has owned the common shares for more than 60 days
in the 121-day period beginning 60 days before the date on which the common shares become ex-dividend; and (4) the U.S. Non-Corporate
Holder is not under an obligation to make related payments with respect to positions in substantially similar or related property.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We believe that the Rubico Predecessor
was not a PFIC for its 2024 taxable year and we do not expect to be treated as a PFIC in the current or subsequent taxable years. If we
were treated as a PFIC in a given year, any dividends paid by us during that year or the following year generally will not be treated
as &#8220;qualified dividend income&#8221; in the hands of a U.S. Non-Corporate Holder. Any dividends we pay which are not eligible for
the preferential rates applicable to &#8220;qualified dividend income&#8221; will be taxed as ordinary income to a U.S. Non-Corporate
Holder.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Special rules may apply to any &#8220;extraordinary
dividend,&#8221; generally, a dividend paid by us in an amount which is equal to or in excess of 10% of a shareholder&#8217;s adjusted
tax basis in (or, in certain circumstances, fair market value of) a common share or dividends received within a one-year period that,
in the aggregate, equal or exceed 20% of a shareholder&#8217;s adjusted tax basis (or fair market value upon the shareholder&#8217;s election)
in a common share. If we pay an &#8220;extraordinary dividend&#8221; on our common shares that is treated as &#8220;qualified dividend
income,&#8221; then any loss derived by a U.S. Non-Corporate Holder from the sale or exchange of such common shares will be treated as
long-term capital loss to the extent of such dividend.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>Sale, Exchange or other Disposition of Common shares</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Subject to the discussion of PFICs,
a U.S. Holder generally will recognize taxable gain or loss upon a sale, exchange or other disposition of our common shares in an amount
equal to the difference between the amount realized by the U.S. Holder from such sale, exchange or other disposition and the U.S. Holder&#8217;s
tax basis in such stock. Such gain or loss will be treated as long-term capital gain or loss if the U.S. Holder&#8217;s holding period
is greater than one year at the time of the sale, exchange or other disposition. Such capital gain or loss will generally be treated as
U.S.-source income or loss, as applicable, for U.S. foreign tax credit purposes. A U.S. Holder&#8217;s ability to deduct capital losses
is subject to certain limitations.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>3.8% Tax on Net Investment Income</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">A U.S. Holder that is an individual,
estate, or, in certain cases, a trust, will generally be subject to a 3.8% tax on the lesser of (1) the U.S. Holder&#8217;s net investment
income for the taxable year and (2) the excess of the U.S. Holder&#8217;s modified adjusted gross income for the taxable year over a certain
threshold (which in the case of individuals is between $125,000 and $250,000). A U.S. Holder&#8217;s net investment income will generally
include distributions made by us which constitute a dividend for U.S. federal income tax purposes and gain realized from the sale, exchange
or other disposition of our common shares. This tax is in addition to any income taxes due on such investment income. Net investment income
generally will not include a U.S. Holder&#8217;s pro rata share of our income and gain if we are a PFIC and that U.S. Holder makes a QEF
election, as described below in &#8220;&#8212;The QEF Election&#8221;). However, a U.S. Holder may elect to treat inclusions of income
and gain from a QEF election as net investment income. Failure to make this election could result in a mismatch between a U.S. Holder&#8217;s
ordinary income and net investment income.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">If you are a U.S. Holder that is an
individual, estate or trust, you are encouraged to consult your tax advisors regarding the applicability of the 3.8% tax on net investment
income to the ownership and disposition of our common shares.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>Passive Foreign Investment Company Status and Significant Tax
Consequences</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Special U.S. federal income tax rules
apply to a U.S. Holder that holds stock in a foreign corporation classified as a PFIC for U.S. federal income tax purposes. In general,
we will be treated as a PFIC with respect to a U.S. Holder if, for any taxable year in which such holder held our common shares, either</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">at least 75% of our gross income for such taxable year consists of passive income
(e.g., dividends, interest, capital gains and rents derived other than in the active conduct of a rental business); or</TD></TR></TABLE>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">at least 50% of the average value of the assets held by the corporation during such taxable year produce,
or are held for the production of, passive income.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">For purposes of determining whether
we are a PFIC, we will be treated as earning and owning our proportionate share of the income and assets, respectively, of any of our
subsidiary corporations in which we own at least 25% of the value of the subsidiary&#8217;s stock. Income earned, or deemed earned, by
us in connection with the performance of services would not constitute &#8220;passive income&#8221; for these purposes. By contrast, rental
income would generally constitute &#8220;passive income&#8221; unless we were treated under specific rules as deriving our rental income
in the active conduct of a trade or business.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In general, income derived from the
bareboat charter of a vessel will be treated as &#8220;passive income&#8221; for purposes of determining whether we are a PFIC and such
vessel will be treated as an asset which produces or is held for the production of &#8220;passive income.&#8221; On the other hand, income
derived from the time charter of a vessel should not be treated as &#8220;passive income&#8221; for such purpose, but rather should be
treated as services income; likewise, a time chartered vessel should generally not be treated as an asset which produces or is held for
the production of &#8220;passive income.&#8221;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We believe that the Rubico Predecessor
was not a PFIC for its 2024 taxable year because it had no bareboat chartered-out vessels and consequently no gross income from vessels
on bareboat charter. Furthermore, based on our current assets and activities, we do not believe that we will be a PFIC for the subsequent
taxable years. Although there is no legal authority directly on point, and we are not relying upon an opinion of counsel on this issue,
our belief is based principally on the position that, for purposes of determining whether we are a PFIC, the gross income we derive or
are deemed to derive from the time chartering and voyage chartering activities of our wholly-owned subsidiaries should constitute services
income, rather than rental income. Correspondingly, such income should not constitute passive income, and the assets that we or our wholly-owned
subsidiaries own and operate in connection with the production of such income, in particular, the vessels, should not constitute passive
assets for purposes of determining whether we were a PFIC. We believe there is substantial legal authority supporting our position consisting
of case law and IRS pronouncements concerning the characterization of income derived from time charters and voyage charters as services
income for other tax purposes. However, in the absence of any legal authority specifically relating to the statutory provisions governing
PFICs, the IRS or a court could disagree with our position. In addition, although we intend to conduct our affairs in a manner to avoid
being classified as a PFIC with respect to any taxable year, we cannot assure you that the nature of our operations will not change in
the future.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">If we are a PFIC for any taxable year,
a U.S. Holder will be treated as owning his proportionate share of the stock of any of our subsidiaries which is a PFIC. The PFIC rules
discussed below will apply on a company-by-company basis with respect to us and each of our subsidiaries which is treated as a PFIC.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">As discussed more fully below, if
we were to be treated as a PFIC for any taxable year, a U.S. Holder would be subject to different U.S. federal income taxation rules depending
on whether the U.S. Holder makes an election to treat us as a &#8220;Qualified Electing Fund,&#8221; which election is referred to as
a &#8220;QEF Election.&#8221; As discussed below, as an alternative to making a QEF Election, a U.S. Holder should be able to make a &#8220;mark-to-market&#8221;
election with respect to our common shares, which election is referred to as a &#8220;Mark-to-Market Election&#8221;. A U.S. Holder holding
PFIC shares that does not make either a &#8220;QEF Election&#8221; or &#8220;Mark-to-Market Election&#8221; will be subject to the Default
PFIC Regime, as defined and discussed below in &#8220;Taxation&#8212;U.S. Federal Income Taxation of U.S. Holders&#8212;Taxation of U.S.
Holders Not Making a Timely QEF or Mark-to-Market Election.&#8221;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: left">If we were to be treated as a PFIC, a U.S. Holder would be required
to file IRS Form 8621 to report certain information regarding us.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">A U.S. Holder who
held our common shares during any period in which we were treated as a PFIC and who neither made a QEF Election nor a Mark-to-Market Election
may continue to be subject to the Default PFIC Regime, notwithstanding that we are no longer a PFIC. If you are a U.S. Holder who held
our common shares during any period in which we were a PFIC but failed to make either of the foregoing elections, you are strongly encouraged
to consult your tax advisor regarding the U.S. federal income tax consequences to you of holding our common shares in periods in which
we are no longer a PFIC.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>The QEF Election</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">If a U.S. Holder makes a timely QEF
Election, which U.S. Holder we refer to as an &#8220;Electing Holder,&#8221; the Electing Holder must report each year for United States
federal income tax purposes such holder&#8217;s pro rata share of our ordinary earnings and our net capital gain, if any, for our taxable
year that ends with or within the taxable year of the Electing Holder, regardless of whether or not distributions were made by us to the
Electing Holder. The Electing Holder&#8217;s adjusted tax basis in the common shares will be increased to reflect taxed but undistributed
earnings and profits. Distributions of earnings and profits that had been previously taxed will result in a corresponding reduction in
the adjusted tax basis in the common shares and will not be taxed again once distributed. An Electing Holder would generally recognize
capital gain or loss on the sale, exchange or other disposition of our common shares. A U.S. Holder would make a QEF Election with respect
to any year that our company is a PFIC by filing one copy of IRS Form 8621 with his United States federal income tax return and a second
copy in accordance with the instructions to such form. It should be noted that if any of our subsidiaries is treated as a corporation
for U.S. federal income tax purposes, a U.S. Holder must make a separate QEF Election with respect to each such subsidiary.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>Taxation of U.S. Holders Making a</I> &#8220;<I>Mark-to-Market</I>&#8221;
<I>Election</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0"><U>Making the Election</U>. Alternatively,
if, as is anticipated, our common shares are treated as &#8220;marketable stock,&#8221; a U.S. Holder would be allowed to make a Mark-to-Market
Election with respect to the common shares, provided the U.S. Holder completes and files IRS Form 8621 in accordance with the relevant
instructions and related Treasury Regulations. The common shares will be treated as &#8220;marketable stock&#8221; for this purpose if
they are &#8220;regularly traded&#8221; on a &#8220;qualified exchange or other market.&#8221; The common shares will be &#8220;regularly
traded&#8221; on a qualified exchange or other market for any calendar year during which they are traded (other than in de minimis quantities)
on at least 15 days during each calendar quarter. The Nasdaq Capital Market should be treated as a &#8220;qualified exchange or other
market&#8221; for this purpose. However, it should be noted that a separate Mark-to-Market Election would need to be made with respect
to each of our subsidiaries which is treated as a PFIC. The stock of these subsidiaries is not expected to be &#8220;marketable stock.&#8221;
Therefore, a &#8220;mark-to-market&#8221; election is not expected to be available with respect to these subsidiaries.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 7.1pt 0pt 0"><U>Current Taxation and Dividends</U><I>.
</I>If the Mark-to-Market Election is made, the U.S. Holder generally would include as ordinary income in each taxable year the excess,
if any, of the fair market value of the common shares at the end of the taxable year over such U.S. Holder&#8217;s adjusted tax basis
in the common shares. The U.S. Holder would also be permitted an ordinary loss in respect of the excess, if any, of the U.S. Holder&#8217;s
adjusted tax basis in its common shares over their fair market value at the end of the taxable year, but only to the extent of the net
amount previously included in income as a result of the Mark-to-Market Election. Any income inclusion or loss under the preceding rules
should be treated as gain or loss from the sale of common shares for purposes of determining the source of the income or loss. Accordingly,
any such gain or loss generally should be treated as U.S.-source income or loss for U.S. foreign tax credit limitation purposes. A U.S.
Holder&#8217;s tax basis in his common shares would be adjusted to reflect any such income or loss amount. Distributions by us to a U.S.
Holder who has made a Mark-to-Market Election generally will be treated as discussed above under &#8220;Taxation&#8212;U.S. Federal Income
Taxation of U.S. Holders&#8212;Distributions.&#8221;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0"><U>Sale, Exchange or Other Disposition</U>.
Gain realized on the sale, exchange, redemption or other disposition of the common shares would be treated as ordinary income, and any
loss realized on the sale, exchange, redemption or other disposition of the common shares would be treated as ordinary loss to the extent
that such loss does not exceed the net mark-to-market gains previously included in income by the U.S. Holder. Any loss in excess of such
previous inclusions would be treated as a capital loss by the U.S. Holder. A U.S. Holder&#8217;s ability to deduct capital losses is subject
to certain limitations. Any such gain or loss generally should be treated as U.S.-source income or loss for U.S. foreign tax credit limitation
purposes.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>Taxation of U.S. Holders Not Making a Timely QEF or</I> &#8220;<I>Mark-to-Market</I>&#8221;
<I>Election</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Finally, a U.S. Holder who does not
make either a QEF Election or a Mark-to-Market Election with respect to any taxable year in which we are treated as a PFIC, or a U.S.
Holder whose QEF Election is invalidated or terminated, or a Non-Electing Holder, would be subject to special rules, or the Default PFIC
Regime, with respect to (1) any excess distribution (i.e., the portion of any distributions received by the Non-Electing Holder on the
common shares in a taxable year in excess of 125% of the average annual distributions received by the Non-Electing Holder in the three
preceding taxable years, or, if shorter, the Non-Electing Holder&#8217;s holding period for the common shares), and (2) any gain realized
on the sale, exchange, redemption or other disposition of the common shares.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Under the Default PFIC Regime:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">the excess distribution or gain would be allocated ratably over the Non-Electing Holder&#8217;s aggregate
holding period for the common shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">the amount allocated to the current taxable year and any taxable year before we became a PFIC would be taxed
as ordinary income; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">the amount allocated to each of the other taxable years would be subject to tax at
the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed tax deferral
benefit would be imposed with respect to the resulting tax attributable to each such other taxable year.</TD></TR></TABLE>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Any distributions other than &#8220;excess
distributions&#8221; by us to a Non-Electing Holder will be treated as discussed above under &#8220;Taxation&#8212;U.S. Federal Income
Taxation of U.S. Holders&#8212; Distributions.&#8221;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">These penalties would not apply to
a pension or profit-sharing trust or other tax-exempt organization that did not borrow funds or otherwise utilize leverage in connection
with its acquisition of the common shares. If a Non-Electing Holder who is an individual dies while owning the common shares, such Non-Electing
Holder&#8217;s successor generally would not receive a step- up in tax basis with respect to the common shares.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">U.S. Federal Income Tax
Treatment of the Spin-Off</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Generally, any cash and the fair market
value of property, such as the Company&#8217;s common shares in the hands of another corporation, that is distributed by such corporation
will be treated as a distribution, as described below. However, under Section 355 of the Code, a company may undergo a corporate division,
such as the Spin-Off, and distribute stock of a controlled corporation, such as the Company when it was wholly-owned by the Parent, on
a tax-free basis if both the distributing and controlled corporations are treated as having been engaged in the conduct of an active trade
or business for the prior five years and certain other requirements are met. The Company and the Parent intend to take the position that
they are unable to satisfy all of the requirements imposed by Section 355 of the Code to treat the Spin-Off as a tax-free corporate division
for U.S. federal income tax purposes.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">If the Company and the Parent were
able to satisfy the requirements of the Section 355 of the Code, U.S. Holders that receive the Company&#8217;s common shares in the Spin-Off
would not be treated as receiving a taxable dividend, as described below, and a U.S. Holder that received the Company&#8217;s common shares
would generally be required to allocate a portion of such holder&#8217;s tax basis in its Parent common stock to the Company&#8217;s common
shares the holder received in the Spin-Off. The amount of that basis should be allocated in proportion to the relevant fair market values
of the Parent&#8217;s common stock and the Company&#8217;s common shares.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The remainder of this discussion will
assume that the Spin-Off will not qualify as a tax-free corporate division for U.S. federal income tax purposes. U.S. Holders that receive
the Company&#8217;s common shares and cash in lieu of fractional shares in the Spin-Off will be treated as receiving a distribution from
the Parent. The fair market value of the Company&#8217;s common shares distributed will be treated as a dividend to the extent of the
Parent&#8217;s current and accumulated earnings and profits, as determined under U.S. federal income tax principles. To the extent the
Spin-Off represents a distribution in excess of such current and accumulated earnings or profits, for a U.S. Holder of the Parent&#8217;s
common stock, the fair market value of the Company&#8217;s common shares distributed will be treated first as a non-taxable return of
capital dollar-for-dollar until such holder&#8217;s tax basis is $0, and thereafter as capital gain. Because the Parent is not a United
States corporation, U.S. Holders that are corporations will generally not be entitled to claim a dividends-received deduction with respect
to any distributions such corporate U.S. Holders receive. U.S. Holders&#8217; basis in the Company&#8217;s common shares received in the
Spin-Off will be equal to the fair market value as of the date of distribution of such shares. Please consult your personal tax advisor
regarding the U.S. federal income tax consequences of the Spin-Off to you.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">U.S. Federal Income Taxation of <FONT STYLE="font-weight: normal">&#8220;</FONT>Non-U.S.
Holders<FONT STYLE="font-weight: normal">&#8221;</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">A beneficial owner of our common shares (other than a partnership)
that is not a U.S. Holder is referred to herein as a &#8220;Non-U.S. Holder.&#8221;</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>Dividends on Common Shares</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Non-U.S. Holders generally will not
be subject to U.S. federal income tax or withholding tax on dividends received from us with respect to our common shares, unless that
income is effectively connected with a trade or business conducted by the Non-U.S. Holder in the United States. If the Non-U.S. Holder
is entitled to the benefits of a U.S. income tax treaty with respect to those dividends, that income is taxable only if it is attributable
to a permanent establishment maintained by the Non-U.S. Holder in the United States.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0"><I>Sale, Exchange or Other Disposition of Common Shares</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Non-U.S. Holders generally will not be subject to U.S. federal
income tax or withholding tax on any gain realized upon the sale, exchange or other disposition of our common shares, unless:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left; padding-right: 0">the gain is effectively connected with a trade or business conducted by the Non-U.S.
Holder in the United States. If the Non-U.S. Holder is entitled to the benefits of a U.S. income tax treaty with respect to that gain,
that gain is taxable only if it is attributable to a permanent establishment maintained by the Non-U.S. Holder in the United States; or</TD></TR></TABLE>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">the Non-U.S. Holder is an individual who is present in the United States for 183 days or more during the
taxable year of disposition and other conditions are met.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">If the Non-U.S. Holder is engaged
in a U.S. trade or business for U.S. federal income tax purposes, the income from the common shares, including dividends and the gain
from the sale, exchange or other disposition of the stock that is effectively connected with the conduct of that trade or business will
generally be subject to U.S. federal income tax in the same manner as discussed in the previous section relating to the taxation of U.S.
Holders. In addition, in the case of a corporate Non-U.S. Holder, the earnings and profits of such Non-U.S. Holder that are attributable
to effectively connected income, subject to certain adjustments, may be subject to an additional branch profits tax at a rate of 30%,
or at a lower rate as may be specified by an applicable U.S. income tax treaty.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Backup Withholding and Information Reporting</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">In general, dividend payments, or
other taxable distributions, made within the United States to you will be subject to information reporting requirements. In addition,
such payments will be subject to backup withholding tax if you are a non-corporate U.S. Holder and you:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">fail to provide an accurate taxpayer identification number;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">are notified by the IRS that you have failed to report all interest or dividends required to be shown on
your U.S. federal income tax returns; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#8226;</TD><TD STYLE="text-align: left">in certain circumstances, fail to comply with applicable certification requirements.</TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0">Non-U.S. Holders may be required to establish their
exemption from information reporting and backup withholding by certifying their status on an applicable IRS Form W-8.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">If you sell your common shares to
or through a U.S. office of a broker, the payment of the proceeds is subject to both U.S. backup withholding and information reporting
unless you certify that you are a non-U.S. person, under penalties of perjury, or you otherwise establish an exemption. If you sell your
common shares through a non-U.S. office of a non-U.S. broker and the sales proceeds are paid to you outside the United States, then information
reporting and backup withholding generally will not apply to that payment. However, U.S. information reporting requirements, but not backup
withholding, will apply to a payment of sales proceeds, even if that payment is made to you outside the United States, if you sell your
common shares through a non-U.S. office of a broker that is a U.S. person or has some other contacts with the United States. Backup withholding
tax is not an additional tax. Rather, you generally may obtain a refund of any amounts withheld under backup withholding rules that exceed
your U.S. federal income tax liability by filing a refund claim with the IRS.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Individuals who are U.S. Holders (and
to the extent specified in applicable Treasury Regulations, certain individuals who are Non-U.S. Holders and certain U.S. entities) who
hold &#8220;specified foreign financial assets&#8221; (as defined in Section 6038D of the Code) are required to file IRS Form 8938 with
information relating to the asset for each taxable year in which the aggregate value of all such assets exceeds $75,000 at any time during
the taxable year or $50,000 on the last day of the taxable year (or such higher dollar amount as prescribed by applicable Treasury Regulations).
Specified foreign financial assets would include, among other assets, our common shares, unless the shares are held through an account
maintained with a U.S. financial institution. Substantial penalties apply to any failure to timely file IRS Form 8938, unless the failure
is shown to be due to reasonable cause and not due to willful neglect. Additionally, in the event an individual U.S. Holder (and to the
extent specified in applicable Treasury regulations, an individual Non-U.S. Holder or a U.S. entity) that is required to file IRS Form
8938 does not file such form, the statute of limitations on the assessment and collection of U.S. federal income taxes of such holder
for the related tax year may not close until three years after the date that the required information is filed. U.S. Holders (including
U.S. entities) and Non-U.S. Holders are encouraged to consult their own tax advisors regarding their reporting obligations under this
legislation.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">F.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Dividends and paying agents</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We refer you to the section of this
registration statement entitled &#8220;Item 8. Financial Information &#8211; Carve-out Statements and Other Information &#8211; Dividend
Policy&#8221; for a discussion of our dividend policy.</P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">G.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Statement by experts</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">The combined carve out financial statements
of Rubico Inc. Predecessor as of December 31, 2023 and 2024, and for each of the three years in the period ended December 31, 2024, included
in this Registration Statement have been audited by Deloitte Certified Public Accountants S.A., an independent registered public accounting
firm, as stated in their report. Such financial statements are included in reliance upon the report of such firm given their authority
as experts in accounting and auditing.</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">The office of Deloitte Certified Public Accountants, S.A. is located
at Fragoklissias 3a &amp; Granikou Street, Maroussi, Athens 151 25, Greece.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">H.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Documents on display</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">When the SEC declares this registration
statement effective, we will be subject to the informational requirements of the Securities Exchange Act. In accordance with these requirements,
we will file reports and other information with the SEC. Our SEC filings are available to the public at the website maintained by the
SEC at http://www.sec.gov, as well as on our website at www.rubicoinc.com. Information on such websites does not constitute a part of
this registration statement and is not incorporated by reference herein.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">I.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Subsidiary information</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">J.</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Annual Report to Security Holders</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">We are currently not required to provide an annual report to security
holders in response to the requirements of Form 6-K.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_013"></A>ITEM 11.</TD><TD STYLE="text-align: justify">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Interest Rate Risk</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Currently, our financing facilities
use variable interest rates as we pay interest at SOFR plus a margin. Consequently, we are exposed to risks associated with changes in
SOFR, since we have not entered into any hedging contracts to protect against such interest rate fluctuations. Furthermore, in the future,
depending on our vessel acquisitions and financing arrangements, our exposure to risks associated with changes in interest rates relating
to any unhedged variable&#8211;rate borrowings, according to which we will pay interest at SOFR plus a margin (and if applicable a credit
adjustment spread) may increase. As such increases in interest rates could affect our results of operations and ability to service our
debt.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Based on the amount of our outstanding
fluctuating interest rate indebtedness, as of December 31, 2024, a hypothetical one percentage point increase in the U.S. dollar SOFR
would increase our interest rate expense for 2025, on an annualized basis, by approximately $0.77 million</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Based on the amount of our outstanding
fluctuating interest rate indebtedness, as of December 31, 2023, a hypothetical one percentage point increase in the U.S. dollar SOFR
would increase our interest rate expense for 2024, on an annualized basis, by approximately $0.82 million.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">Based on the amount of our outstanding
fluctuating interest rate indebtedness, as of December 31, 2022, a hypothetical one percentage point increase in the applicable interest
rate would increase our interest rate expense for 2023, on an annualized basis, by approximately $0.71 million.</P>

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

<P STYLE="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 0">Foreign Currency Exchange
Rate Risk</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0">We generate all of our revenue in
U.S. dollars. The minority of our operating expenses and part of our general and administration expenses are anticipated to be in currencies
other than the U.S. dollar, primarily the Euro. For accounting purposes, expenses incurred in other currencies are converted into U.S.
dollars at the exchange rate prevailing on the date of each transaction. We do not consider the risk from exchange rate fluctuations to
be material for our results of operations. However, the portion of our business conducted in other currencies could increase in the future,
which could expand our exposure to losses arising from exchange rate fluctuations. We have not hedged currency exchange risks associated
with our expenses.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_014"></A>ITEM 12.</TD><TD STYLE="text-align: justify">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="a_015"></A>PART II</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><B><A NAME="a_016"></A>ITEM 13.</B></TD><TD STYLE="text-align: justify"><B>DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</B></TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_017"></A>ITEM 14.</TD><TD STYLE="text-align: justify">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_018"></A>ITEM 15.</TD><TD STYLE="text-align: justify">CONTROLS AND PROCEDURES</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_019"></A>ITEM 16.</TD><TD STYLE="text-align: justify"></TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><B><A NAME="a_020"></A>ITEM 16A.</B></TD><TD STYLE="text-align: justify"><B>AUDIT COMMITTEE FINANCIAL EXPERT</B></TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_021"></A>ITEM 16B.</TD><TD STYLE="text-align: justify">CODE OF ETHICS</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_022"></A>ITEM 16C.</TD><TD STYLE="text-align: justify">PRINCIPAL ACCOUNTANT FEES AND SERVICES</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_023"></A>ITEM 16D.</TD><TD STYLE="text-align: justify">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_024"></A>ITEM 16E.</TD><TD STYLE="text-align: justify">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_025"></A>ITEM 16F.</TD><TD STYLE="text-align: justify">CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_026"></A>ITEM 16G.</TD><TD STYLE="text-align: justify">CORPORATE GOVERNANCE</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_027"></A>ITEM 16H.</TD><TD STYLE="text-align: justify">MINE SAFETY DISCLOSURE</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_028"></A>ITEM 16I.</TD><TD STYLE="text-align: justify">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A NAME="a_029"></A>ITEM 16J.</TD><TD STYLE="text-align: left">INSIDER TRADING POLICIES</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A NAME="a_030"></A>ITEM 16K.</TD><TD STYLE="text-align: left">CYBERSECURITY</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">Not applicable.</P>

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0 0pt 0.4pt"><A NAME="a_031"></A>PART III</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><B><A NAME="a_032"></A>ITEM 17.</B></TD><TD STYLE="text-align: justify"><B>FINANCIAL STATEMENTS</B></TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0.5in">See Item 18.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_033"></A>ITEM 18.</TD><TD STYLE="text-align: justify">FINANCIAL STATEMENTS</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0 0pt 0">The financial information required by this
item, together with the report of Deloitte Certified Public Accountants S.A., is set forth on pages F-1 through F-18 and are filed as
part of this registration statement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><A NAME="a_034"></A>ITEM 19.</TD><TD STYLE="text-align: justify">EXHIBITS</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"><B></B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: left; width: 10%"><FONT STYLE="color: Black">Exhibit Number</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; width: 88%">Description</TD></TR>
  <TR>
    <TD STYLE="text-align: left; font-weight: bold; vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="color: Black">1.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Form of Amended and Restated Articles of Incorporation of the Company*</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="color: Black">1.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Form of Amended and Restated Bylaws of the Company*</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; color: #0000ED; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_21.htm"><FONT STYLE="color: Black">2.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_21.htm">Form of Common Share Certificate (incorporated by reference to Exhibit 2.1 of the Registration Statement
on Form 20-F previously filed with the SEC by Rubico Inc. on <FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400">June
21, 2023)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; color: #0000ED; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_22.htm"><FONT STYLE="color: Black">2.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_22.htm">Form of Statement of Designation of the Series A Participating Preferred Stock of the Company (incorporated
by reference to Exhibit 2.2 of the Registration Statement on <FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400">Form
20-F previously filed with the SEC by Rubico Inc. on June 21, 2023)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; color: #0000ED; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_23.htm"><FONT STYLE="color: Black">2.3</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_23.htm">Form of Statement of Designation of the Series D Preferred Shares of the Company (incorporated by reference
to Exhibit 2.3 of the Registration Statement on Form 20-F <FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400">previously
filed with the SEC by Rubico Inc. on June 21, 2023)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="color: Black">4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Form of Shareholders&rsquo; Rights Agreement by and between the Company and Broadridge Financial Services Inc. as Rights Agent**</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="color: Black">4.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Form of Contribution and Conveyance Agreement by and between the Company and Top Ships Inc.**</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; color: #0000ED; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_45.htm"><FONT STYLE="color: Black">4.3</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_45.htm">Management Agreement by and between Athenean Empire Inc. and Central Shipping Inc. (incorporated by reference to Exhibit 4.5 of the Registration Statement on Form <FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400">20-F previously filed with the SEC by Rubico Inc. on June 21, 2023)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="color: Black">4.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Management Agreement by and between Roman Empire Inc. and Central Shipping Inc.*</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; color: #0000ED; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_46.htm"><FONT STYLE="color: Black">4.5</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_46.htm">Form of Letter Agreement from Central Shipping Inc. to the Company, in respect of provision of management services (incorporated by reference to Exhibit 4.6 of the <FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400">Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc. on June 21, 2023)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #0000ED; vertical-align: top; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1296484/000117184322002612/ex_353588.htm"><FONT STYLE="color: Black">4.6</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1296484/000117184322002612/ex_353588.htm">Loan Agreement for a Secured Floating Interest Rate Loan Facility of up to $38,000,000, dated May 6, 2021, by and among Alpha Bank S.A. and Athenean Empire Inc. in relation to the M/T Eco Malibu (incorporated by reference to Exhibit 4.23 of the Annual Report on Form 20-F filed with the SEC by Top Ships Inc. on April 15, 2022)&nbsp;</A></TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="color: Black">4.7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Deed of Amendment and Restatement dated June 22, 2023, among Roman Empire Inc. as borrower and hedge guarantor, Top Ships Inc. as parent guarantor and ABN AMRO Bank N.V. as arranger, lender, hedge counterparty, facility agent and security agent, relating to a facility agreement dated March 18, 2021 in respect of the financing of M/T Eco West Coast *</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: -60.2pt; margin: 0pt 18.1pt 0pt 67.85pt"></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; color: #0000ED; text-align: left; width: 10%"><A HREF="https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-18.htm"><FONT STYLE="color: Black">4.8</FONT></A></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 88%"><A HREF="https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-18.htm">Bareboat Charter in respect of M/T Eco West Coast, dated December 8, 2023 (incorporated by reference to Exhibit 4.18 of the Annual Report on Form 20-F filed with the <FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400">SEC by Top Ships Inc. on March 29, 2024)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; color: #0000ED; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-19.htm"><FONT STYLE="color: Black">4.9</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-19.htm">Guarantee and Indemnity dated December 8, 2023, between Top Ships Inc. and Great Equinox Limited, relating to the bareboat charter of M/T Eco West Coast (incorporated <FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400">by reference to Exhibit 4.19 of the Annual Report on Form 20-F filed with the SEC by Top Ships Inc. on March 29, 2024)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; color: #0000ED; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-20.htm"><FONT STYLE="color: Black">4.10</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-20.htm">Bareboat Charter in respect of M/T Eco Malibu, dated December 8, 2023 (incorporated by reference to Exhibit 4.20 of the Annual Report on Form 20-F filed with the SEC <FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400">by Top Ships Inc. on March 29, 2024)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="vertical-align: top; color: #0000ED; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-21.htm"><FONT STYLE="color: Black">4.11</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-21.htm">Guarantee and Indemnity dated December 8, 2023, between Top Ships Inc. and Giant 9 Holding Limited, relating to the bareboat charter of M/T Eco Malibu (incorporated <FONT STYLE="font-size: 10pt; font-style: normal; font-weight: 400">by reference to Exhibit 4.21 of the Annual Report on Form 20-F filed with the SEC by Top Ships Inc. on March 29, 2024)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="color: Black">4.12</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Share Purchase Agreement dated [_____]**</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="color: Black">4.13</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Equity Incentive Plan**</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="color: Black">8.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">List of Subsidiaries**</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="color: Black">15.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Consent of Deloitte Certified Public Accountants S.A.**</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="color: Black">15.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Consent of Watson Farley &amp; Williams LLP**</TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 18.1pt 0pt 67.85pt; font-size: 10pt; text-align: left; text-indent: -60.2pt">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0">* Previously filed.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0">** To be filed by amendment</P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0 0pt 0.4pt">SIGNATURES</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0 0pt 0">The registrant hereby certifies that
it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this registration
statement on its behalf.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: left">Rubico Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 40%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Nikolaos Papastratis</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Chief Financial Officer</TD></TR>
  </TABLE>


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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0 0pt 0">Date: [_____]</P>

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

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

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

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

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left"></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 48.4pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>RUBICO INC. PREDECESSOR</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>INDEX TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 84%; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 16%; text-align: center"><FONT STYLE="font-size: 10pt">Page</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#f_001"><FONT STYLE="font-size: 10pt">Report of Independent Registered Public Accounting Firm</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#f_001"><FONT STYLE="font-size: 10pt">F-2</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#f_002"><FONT STYLE="font-size: 10pt">Combined carve-out balance sheets as of December 31, 2023 and 2024</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><A HREF="#f_002">F-3</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#f_003"><FONT STYLE="font-size: 10pt">Combined carve-out statements of income for years ended December 31, 2022, 2023 and 2024</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><A HREF="#f_003">F-4</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#f_004"><FONT STYLE="font-size: 10pt">Combined carve-out statements of changes in equity for the years ended December 31, 2022, 2023 and 2024</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><A HREF="#f_004">F-5</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#f_005"><FONT STYLE="font-size: 10pt">Combined carve-out statements of cash flows for the
    years ended December 31, 2022, 2023 and 2024</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><A HREF="#f_005">F-6</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#f_006"><FONT STYLE="font-size: 10pt">Notes to combined carve-out financial statements</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><A HREF="#f_006">F-7</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; border-bottom: black 0.5pt solid"><FONT STYLE="background-color: white"><A NAME="f_001"></A>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">To the Board of Directors and Stockholders of
Rubico Inc.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B>Opinion on the Financial Statements</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">We have audited the accompanying combined carve-out
balance sheets of Rubico Inc. Predecessor (the &ldquo;Company&rdquo;) as of December 31, 2023 and 2024, the related combined carve-out
statements of income, changes in equity, and cash flows, for each of the three years in the period ended December 31, 2024 and the related
notes (collectively referred to as the &ldquo;financial statements&rdquo;). In our opinion, the financial statements present fairly, in
all material respects, the financial position of the Company as of December 31, 2023 and 2024, and the results of its operations and its
cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted
in the United States of America.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><B>Basis for Opinion</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">These financial statements are the responsibility
of the Company&rsquo;s management. Our responsibility is to express an opinion on the Company&rsquo;s financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&rsquo;s
internal control over financial reporting. Accordingly, we express no such opinion.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">/s/&nbsp;Deloitte Certified Public Accountants
S.A.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">Athens, Greece</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">April 4, 2025</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">We have served as the Company&rsquo;s auditor
since 2022.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

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

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; text-align: justify"><FONT STYLE="font-size: 10pt"><B><A NAME="f_002"></A>RUBICO INC. PREDECESSOR</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>COMBINED CARVE-OUT BALANCE SHEETS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>DECEMBER 31, 2023 AND 2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>(Expressed in thousands of U.S. Dollars)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">December 31,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-decoration: underline; text-align: justify">ASSETS</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 10pt">CURRENT ASSETS:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 68%; font-size: 10pt; text-align: justify; padding-left: 10pt">Cash and cash equivalents</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: center">2,794</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: center">1,161</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 10pt">Prepayments and other</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">181</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">127</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 10pt">Trade accounts receivable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">229</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 10pt">Due from related parties (Note 5)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">351</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Inventories</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">202</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">176</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 20pt">Total current assets</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">3,177</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">2,044</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">FIXED ASSETS:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Vessels, net (Note 4)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">114,550</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">110,369</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 20pt">Total fixed assets</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">114,550</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">110,369</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">OTHER NON CURRENT ASSETS:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Restricted cash (Note 7)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">1,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">1,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 20pt">Total non-current assets</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">1,000</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">1,000</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 20pt">Total assets</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">118,727</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">113,413</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-decoration: underline; text-align: justify">LIABILITIES AND EQUITY</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">CURRENT LIABILITIES:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 10pt">Current portion of long-term debt (Note 7)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">4,224</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">4,221</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 10pt">Accounts payable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">255</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">901</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 10pt">Accrued liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">299</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">299</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Unearned revenue</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2,408</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">2,195</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 20pt">Total current liabilities</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">7,186</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">7,616</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">NON-CURRENT LIABILITIES:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 10pt">Non-current portion of long-term debt (Note 7)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">75,808</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">71,580</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Unearned revenue</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">102</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt; padding-left: 20pt">Total non-current liabilities</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">75,808</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">71,682</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">COMMITMENTS AND CONTINGENCIES (Note 8)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 20pt">Total liabilities</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">82,994</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">79,298</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">EQUITY:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 10pt">Net parent investment (Note 1)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">10,628</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">3,066</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Retained Earnings</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">25,105</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">31,049</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 20pt">Total equity</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">35,733</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">34,115</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-left: 20pt">Total liabilities and equity</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">118,727</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">113,413</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>



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<P STYLE="text-align: justify; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><A NAME="f_003"></A>RUBICO INC. PREDECESSOR</B></FONT></P>

<P STYLE="text-align: justify; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>COMBINED CARVE-OUT STATEMENTS OF INCOME</B></FONT></P>

<P STYLE="text-align: justify; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><B>YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P>

<P STYLE="text-align: justify; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>(Expressed in thousands of U.S. Dollars)</B></FONT> &nbsp; &nbsp; &nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; font-weight: bold; text-align: justify">Revenues (Note 14)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">24,784</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">24,478</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">24,205</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">EXPENSES:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; width: 52%; font-size: 10pt; text-align: justify">Voyage expenses (including $310, $310 and $302 respectively, to related party) (Note 5)</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">508</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 12%; font-size: 10pt; text-align: center">508</TD><TD STYLE="vertical-align: bottom; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 12%; font-size: 10pt; text-align: center">495</TD><TD STYLE="vertical-align: bottom; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Vessel operating expenses (including $3, $13 and $14 respectively, to related party) (Note 5 and 10)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">4,901</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">4,816</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">4,655</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Vessel depreciation (Note 4)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">4,480</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">4,480</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">4,181</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Management fees-related party (Note 5)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">528</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">550</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">567</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">General and administrative expenses (Note 5 and 9)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">394</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">1,688</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">1,887</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; font-weight: bold; text-align: justify">Operating income</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">13,973</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">12,436</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">12,420</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">OTHER EXPENSES:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Interest and finance costs (Note 11)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(3,312)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">(5,867)</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">(6,501)</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Interest income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;&nbsp;&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">62</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">25</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; font-weight: bold; text-align: justify">Total other expenses, net</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">(3,312)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">(5,805)</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center"></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">(6,476)</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Net Income</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">10,661</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">6,631</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">5,944</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><A NAME="f_004"></A>RUBICO INC. PREDECESSOR </B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>COMBINED CARVE-OUT STATEMENTS OF CHANGES IN EQUITY</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of U.S. Dollars)</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">Net Parent Investment</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">Retained Earnings</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-size: 10pt; font-weight: bold; text-align: left">BALANCE, December 31, 2021</TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; font-weight: bold; text-align: center">46,697</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; font-weight: bold; text-align: center">7,813</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; font-weight: bold; text-align: center">54,510</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Net Income</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&mdash;&nbsp;&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">10,661</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">10,661</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Net decrease in Net Parent Investment (Note 2)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(10,472)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&mdash;&nbsp;&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(10,472)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">BALANCE, December 31, 2022</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">36,225</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">18,474</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">54,699</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Net Income</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&mdash;&nbsp;&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">6,631</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">6,631</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Net decrease in Net Parent Investment (Note 2)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(25,597)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&mdash;&nbsp;&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(25,597)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">BALANCE, December 31, 2023</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">10,628</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">25,105</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">35,733</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Net Income</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&mdash;&nbsp;&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">5,944</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">5,944</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Net decrease in Net Parent Investment (Note 2)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(7,562)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&mdash;&nbsp;&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(7,562)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">BALANCE, December 31, 2024</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">3,066</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">31,049</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">34,115</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

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

<P STYLE="text-align: justify; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><A NAME="f_005"></A>RUBICO INC. PREDECESSOR</B></FONT></P>

<P STYLE="text-align: justify; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>COMBINED CARVE-OUT STATEMENTS OF CASH FLOWS</B></FONT></P>

<P STYLE="text-align: justify; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></FONT></P>

<P STYLE="text-align: justify; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>(Expressed in thousands of U.S. Dollars)</B></FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash Flows from Operating Activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; width: 52%; font-size: 10pt; text-align: justify">Net Income</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">10,661</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">6,631</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">5,944</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Adjustments to reconcile net income to net cash provided by operating activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; font-size: 10pt; text-align: justify">Vessel depreciation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">4,480</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">4,480</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">4,181</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; font-size: 10pt; text-align: justify">Amortization of deferred financing costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">180</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">713</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">195</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">(Increase)/Decrease in:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; font-size: 10pt; text-align: justify">Inventories</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">5</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(31)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">26</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; font-size: 10pt; text-align: justify">Trade accounts receivable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(5)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">5</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(229)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; font-size: 10pt; text-align: justify">Prepayments and other</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(8)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(117)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">54</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; font-size: 10pt; text-align: justify">Due from related parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(351)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Increase/(Decrease) in:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; font-size: 10pt; text-align: justify">Accounts payable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">71</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(180)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">753</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; font-size: 10pt; text-align: justify">Accrued liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">152</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">36</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; font-size: 10pt; text-align: justify">Unearned revenue</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">303</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(111)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Net Cash provided by Operating Activities</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">15,536</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">11,804</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">10,498</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash Flows from Investing Activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Advances for vessels under construction</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(85)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Net Cash used in Investing Activities</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">(85)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash Flows from Financing Activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Proceeds from debt</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">82,000</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Net payments to Parent company</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(10,472)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(25,597)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(7,562)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Principal payments of debt</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(5,460)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(5,028)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(4,400)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Prepayment of debt</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(61,150)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Payment of financing costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(1,668)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(169)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Net Cash used in Financing Activities</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">(15,932)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">(11,443)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">(12,131)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Net (decrease)/increase in cash and cash equivalents and restricted cash</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">(481)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">361</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">(1,633)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash and cash equivalents and restricted cash at beginning of the year</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">3,914</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">3,433</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">3,794</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash and cash equivalents and restricted cash at end of the year</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">3,433</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">3,794</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2,161</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash breakdown</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Cash and cash equivalents</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">2,433</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">2,794</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">1,161</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Restricted cash, current</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Restricted cash, non-current</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">1,000</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">1,000</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">1,000</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">SUPPLEMENTAL CASH FLOW INFORMATION</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Finance fees included in Accounts payable/Accrued liabilities/Due to related parties</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">143</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; text-align: justify">Interest paid</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">2,974</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">5,327</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">6,154</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0 0pt 20pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left">The accompanying notes are an integral part of these combined carve-out&nbsp;financial
statements.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 443.25pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 443.25pt">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><A NAME="f_006"></A>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Basis of Presentation and General Information</B></TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The accompanying combined carve-out financial statements include three
wholly owned subsidiaries of Top Ships Inc. (the &ldquo;Parent&rdquo;): Roman Empire Inc., Athenean Empire Inc. and Rubico Inc. (in aggregate
defined as the &ldquo;Company&rdquo; or &ldquo;Rubico Inc. Predecessor&rdquo;). Roman Empire Inc. and Athenean Empire Inc. own two 157,000
dwt suezmax tankers, the M/T Eco West Coast and the M/T Eco Malibu, built in March and May 2021 respectively. Both vessels are time chartered
to Clearlake Shipping Pte Ltd.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 219.5pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Parent will contribute Roman Empire Inc. and Athenean Empire Inc. to
Rubico Inc. in connection with the spin-off in exchange for common shares in Rubico Inc., which the Parent intends to distribute to holders
of its common stock on a pro rata basis. Rubico Inc was formed on August 11, 2022 under the laws of the Republic of the Marshall Islands
to serve as the holding company of Roman Empire Inc. and Athenean Empire Inc.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The accompanying combined carve-out financial statements of the Company
include the historical carrying costs of the assets and the liabilities of Roman Empire Inc., Athenean Empire Inc. and Rubico Inc. from
their date of incorporation and an allocation of the Parent&rsquo;s General and administrative expenses and Management fees related party
(see Note 9 and 5). Both Roman Empire Inc. and Athenean Empire Inc. were incorporated on February 18, 2020 under the laws of the Marshall
Islands.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 349.25pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company&rsquo;s vessels are managed by Central Shipping Inc. (&ldquo;CSI&rdquo;),
a related party affiliated with the family of Evangelos J. Pistiolis, the Parent&rsquo;s Chief Executive Officer, Director and President,
Mr. Evangelos J. Pistiolis.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 205.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Significant Accounting Policies</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 437.75pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Basis of presentation:</I></B> The accompanying combined carve-out
financial statements include the accounts of the Subsidiaries comprising the Company as discussed in Note 1. These combined carve-out
financial statements have been prepared on a stand-alone basis and are derived from the consolidated financial statements and accounting
records of the Parent. The combined carve-out financial statements reflect the financial position, results of operations and cash flows
of the Company in conformity with accounting principles generally accepted in the United States of America (&ldquo;U.S. GAAP&rdquo;) and
in conjunction with the rules and regulations of the Securities and Exchange Commission, or the SEC.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Intercompany accounts and transactions between the Subsidiaries and
the Parent have been treated and presented as Net parent investment in the accompanying combined carve-out balance sheets. Increases
in Net Parent Investments represent contributions from the parent and decreases in Net Parent Investments represent distribution
from the Company to the Parent. For the years ended December 31, 2022, 2023 and 2024 the Company transferred amounts of $10,472,
$25,597 and $7,562 respectively to the Parent consisting of operating cashflow surplus and for the year ended December 31, 2023
operating cashflow surplus and the net proceeds from the 2023 refinancing (Note 7). None of the Parent&rsquo;s cash and cash
equivalents or debt and the related interest expense at the corporate level have been assigned to the Company in the combined
carve-out financial statements.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The combined carve-out statements of income reflect expense allocations
made to the Company by the Parent for certain corporate functions and for shared services provided by the Parent. These allocations were
made by the Parent on a pro-rata basis based on the number of calendar days of the Company&rsquo;s vessels to total calendar days of the
Parent&rsquo;s fleet. See Notes 5 and 9 for further information on expenses allocated by the Parent. Both the Company and the Parent consider
the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit
received by the Company during the periods presented. Nevertheless, the combined carve-out financial statements may not be indicative
of the Company&rsquo;s future performance and may not include all of the actual expenses that would have been incurred by the Company
as an independent publicly traded company or reflect the Company&rsquo;s financial position, results of operations and cash flows that
would have been reported if the Company had been a stand-alone entity during the periods presented.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Use of Estimates:</I></B> The preparation of the accompanying combined
carve-out financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the combined carve-out financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Significant estimates mainly include vessel useful lives and residual values. Actual results may differ from these estimates.</P>

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

<!-- Field: Page; Sequence: 7; Value: 6 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Foreign Currency Translation:</I></B> The Company&rsquo;s functional
currency is the U.S. Dollar because its vessels operate in international shipping markets, and therefore primarily transacts business
in U.S. Dollars. The Company&rsquo;s books of account are maintained in U.S. Dollars. Transactions involving other currencies during the
year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary
assets and liabilities, which are denominated in other currencies are translated to U.S. Dollars based on the year-end exchange rates
and any gains and losses are included in the statements of income.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Cash and Cash Equivalents:</I></B> The Company considers highly liquid
investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Restricted Cash:</I></B> The Company considers amounts that are pledged,
blocked, held as cash collateral, required to be maintained with a specific bank or be maintained by the Company as minimum cash under
the terms of a loan agreement, as restricted and these amounts are presented separately on the balance sheets. In the event original maturities
are shorter than twelve months, such deposits are presented as current assets while if original maturities are longer than twelve months,
such deposits are presented as non-current assets.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Trade Accounts Receivable, net:</I></B> The amount shown as trade
accounts receivable, net at each balance sheet date, includes estimated recoveries from charterers for hire billings, net of a provision
for doubtful accounts and also accrued revenue resulting from straight-line revenue recognition of charter agreements that provide for
varying charter rates, as well as receivable European Union Allowances (&ldquo;EUAs&rdquo;) from charterers (see below). At each balance
sheet date, all potentially uncollectible accounts are assessed individually, combined with the application of a historical recoverability
ratio, for purposes of determining the appropriate provision for doubtful accounts. The Company assessed that it had no potentially uncollectible
accounts and hence formed no provision for doubtful accounts at December 31, 2023 and 2024 respectively.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Inventories:</I></B> Inventories consist of lubricants and paints
on board the vessels. Inventories are stated at the lower of cost and net realizable value. Net realizable value is defined as estimated
selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Cost,
which consists of the purchase price, is determined by the first in, first out method.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Vessel Cost:</I></B> Vessels are stated at cost, which consists of
the contract price, pre-delivery costs and capitalized interest (if any) incurred during the construction of new building vessels, and
any material expenses incurred upon acquisition (improvements and delivery costs). Subsequent expenditures for conversions and major improvements
are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels.
Repairs and maintenance are charged to expense as incurred and are included in Vessel operating expenses in the statements of income.
Vessels acquired as asset acquisitions are stated at historical cost, which consists of the contract price less discounts, plus any material
expenses incurred upon acquisition (delivery expenses and other expenditures to prepare for the vessel&rsquo;s initial voyage). Vessels
acquired from entities under common control are recorded at historical cost.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Impairment of Long-Lived Assets:</I></B> The Company evaluates the
existence of impairment indicators whenever events or changes in circumstances indicate that the carrying values of the Company&rsquo;s
long-lived assets are not recoverable. Such indicators of potential impairment include, vessel sales and purchases, business plans, declines
in the fair market value of vessels and overall market conditions. If there are indications for impairment present, the Company determines
undiscounted projected net operating cash flows for its vessels and compares it to the vessels carrying value. If the carrying value of
the vessel exceeds its undiscounted future net cash flows, the carrying value is reduced to its fair value, and the difference is recognized
as an impairment loss. The impairment evaluation the Company conducted as of December 31, 2023 and 2024 showed that there are no impairment
indications for its vessels.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Vessel Depreciation:</I></B> Depreciation is calculated using the
straight-line method over the estimated useful life of the Company&rsquo;s vessels, after deducting the estimated salvage value. The vessels
salvage value is equal to the product of its lightweight tonnage and estimated scrap rate, of $0.3 per lightweight ton. Effective January
1, 2024, the Company revised its scrap rate estimate from $0.3 to $0.43 per lightweight ton, in order to align the scrap rate estimate
with the current historical average scrap prices and to better reflect current market conditions. The change in this accounting estimate,
pursuant to ASC 250 &ldquo;Accounting Changes and Error Corrections&rdquo;, was applied prospectively and did not require retrospective
application. The effect of the increase in the estimated scrap rate resulted in a reduction in depreciation expense for the year ended
December 31, 2024 by $299. Management estimates the useful life of the Company's vessels to be 25 years from the date of initial delivery
from the shipyard. Second hand vessels are depreciated from the date of their acquisition through their remaining estimated useful life.
When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful life is adjusted at the date
such regulations are adopted.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Dry-Docking Costs:</I></B> All dry-docking and special survey costs
are expensed in the period incurred.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Financing Costs:</I></B> Fees incurred and paid to lenders for obtaining
new loans or refinancing existing ones are recorded as a contra to debt and such fees are amortized to interest and finance costs over
the life of the related debt using the effective interest method. Unamortized fees relating to loans prepaid or refinanced are expensed
in the period when a prepayment or refinancing is made and charged to interest and finance costs. Any unamortized balance of costs relating
to debt refinanced that does not meet the criteria for debt extinguishment, is amortized over the term of the refinanced debt.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 409pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Accounting for Revenue and Expenses:</I></B> Revenues are generated
from time charter arrangements. A time charter is a contract for the use of a vessel for a specific period of time and a specified daily
charter hire rate, which is generally payable monthly in advance. <FONT STYLE="background-color: white">The Company&rsquo;s time charter
agreements are classified as operating leases pursuant to Accounting Standards Codification (&ldquo;ASC&rdquo;) 842 -&nbsp;Leases, and
therefore do not fall under the scope of Accounting Standards Codification (&ldquo;ASC&rdquo;) 606 </FONT>because: (i) the vessel is an
identifiable asset; (ii) the Company as lessor, does not have substantive substitution rights; and (iii) the charterer, as lessee, has
the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Revenue is shown net of address commissions, if applicable, payable directly
to charterers under the relevant charter agreements. Address commissions represent a common market practice discount (sales incentive)
on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer.
Commissions on time charter revenues are recognized on a pro rata basis over the duration of the period.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Time charter revenue is recognized as earned on a straight-line basis over
the term of the relevant time charter starting from the vessel&rsquo;s delivery to the charterer, except for any agreed or estimated off-hire
period. Revenue generated from variable lease payments is recognized in the period when changes in the facts and circumstances on which
the variable lease payments are based occur. The Company elected to not separate the lease and non-lease components included in the time
charter revenue because (i) the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate)
is the same and (ii) the lease component would be classified as an operating lease. The daily hire rate represents the hire rate for a
bare boat charter as well as the compensation for expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance
and lubes. Both the lease and non-lease components are earned by passage of time. Under a time charter agreement, vessel management fees,
broker&rsquo;s commissions and operating expenses such as, crew wages, provisions and stores, technical maintenance and insurance expenses
are paid by the vessel owner, whereas voyage expenses such as bunkers, port expenses, agents&rsquo; fees, and extra war risk insurance
are paid by the charterer, with the exception of broker&rsquo;s commissions. Vessel operating expenses are expensed as incurred. Unearned
revenue represents cash received prior to year-end related to revenue applicable to periods after December 31 of each year and balances
resulting from straight-line revenue recognition of charter agreements that provide for varying charter rates.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company pays commissions to ship brokers and to CSI, associated with
arranging the Company&rsquo;s charters. These brokers&rsquo; commissions are recognized over the related charter period and are included
in voyage expenses in the accompanying Statements of income.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="background-color: white"><B><I>Segment Reporting:&nbsp;</I></B>The
Company reports financial information and evaluates its operations by total charter revenue and not by the type of vessel or vessel employment
for its customers. The Board of Directors of the Company, the chief operating decision makers, (&ldquo;CODM&rdquo;) assess performance
for the vessel operations segment and decides how to allocate resources based on Combined net income thus the Company has determined
that it operates under&nbsp;one&nbsp;reportable segment. The CODM do not use discrete financial information to evaluate the operating
results for each type of charter or vessel but is instead regularly provided with only the combined expenses as noted on the face of
the combined carve-out statements of income. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to
trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.</FONT></P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="background-color: white"><B><I>Liability for European Union
Allowances (&ldquo;EUAs&rdquo;):</I></B> The maritime emissions trading scheme (&ldquo;ETS&rdquo;), applicable from January 1, 2024,
applies to all the shipowning companies of the Company and refers to emissions generated by intra-EU maritime voyages and emissions from
voyages which start or end at EU ports (but the other destination is outside the EU). Since the liability derives from the choice of
voyages which are directed, controlled and the benefit of which is attributed to our time charterers, the latter are responsible and
liable for securing the EUAs to settle the environmental credit obligations derived from voyages they performed. However, should they
fail to do so, the ultimate liability lies with the shipowning companies. As such the liability to purchase EUAs for voyages subject
to ETS performed by our vessels is presented by the Company under Accounts payable and the EUAs that are receivable by the Company from
our time charterers are presented under Trade accounts receivable in the accompanying combined carve-out balance sheets. Any EUAs that
have been paid into the EUA trading account of Central Mare Inc, a related party affiliated with the family of Evangelos J. Pistiolis,
by our Charterers are presented under Due from/to related parties (Note 5). Since the EU has set the first settlement of EUAs for the
2024 voyages subject to ETS on September 30, 2025, such receivables and liabilities have been presented as current. The receivable and
payable EUAs as well as the EUAs paid by our time charterers to our Central Mare Inc are considered a Level 1 item in the fair value
hierarchy (since the EUAs are quoted in an active market) and all such receivable and payable balances are presented at their fair value
as at the reporting date.</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0.8pt 0pt 0"><B><I>Recent Accounting Pronouncements: </I></B><FONT STYLE="background-color: white">In
November 2023, the Financial Accounting Standards Board (&ldquo;FASB&rdquo;) issued Accounting Standard Update (&ldquo;ASU&rdquo;) 2023-07,
which requires the disclosure of significant segment expenses that are part of an entity&rsquo;s segment measure of profit or loss and
regularly provided to the chief operating decision maker. In addition, it adds or makes clarifications to other segment-related disclosures,
such as clarifying that the disclosure requirements in ASC 280 are required for entities with a single reportable segment and that an
entity may disclose multiple measures of segment profit and loss. ASU 2023-07 is effective for fiscal years beginning after December 15,
2023 and interim periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be adopted retrospectively.
The Company adopted ASU 2023-07 as of January 1, 2024 and its adoption had limited impact on the Company&rsquo;s combined carve-out financial
statements or disclosures with no impact to the Company&rsquo;s financial position or results of operations.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0.8pt 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0.8pt 0pt 0"><FONT STYLE="background-color: white">In November 2024, the FASB
issued ASU No. 2024-03, &ldquo;Income Statement&mdash;Reporting Comprehensive Income&mdash;Expense Disaggregation Disclosures (Subtopic
220-40)&rdquo;. The amendments in this Update require disclosure, in the notes to financial statements, of specified information about
certain costs and expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026,
and interim reporting periods within annual reporting periods December 15, 2027. Early adoption is permitted. The amendments in ASU 2024-03
should be applied prospectively to financial statements issued for reporting periods after the effective date of this update, with retrospective
application to any or all prior periods presented in the financial statements permitted. The Company evaluated the impact of this ASU
on its combined carve-out financial statements and determined that there is no effect on its results of operations.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0.8pt 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">There are no other recent accounting pronouncements the adoption of which
is expected to have a material effect on the Company&rsquo;s combined carve-out financial statements in the current or any future periods.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Going Concern</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 27.75pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company for the year ended December 31, 2024 realized net income of
$5,944 and generated cash flow from operations of $10,498. At December 31, 2024, the Company had a working capital deficit of $5,572,
which includes an amount of $2,195 of unearned revenue. This amount represents current liabilities that do not require future cash settlement.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In the Company&rsquo;s opinion, the Company will be able to finance its
working capital deficit in the next 12 months with cash on hand and operational cash flow and hence the Company believes it has the ability
to continue as a going concern and finance its obligations as they come due over the next twelve months following the date of the issuance
of these combined carve-out financial statements. Consequently, the combined carve-out financial statements have been prepared on a going
concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<!-- Field: Page; Sequence: 10; Value: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 3pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0 0pt 27pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 27pt; font-size: 10pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2.25pt"></TD>
    <TD STYLE="width: 25.5pt"><B>4.</B></TD>
    <TD STYLE="text-align: justify"><B>Vessels, net&#9;</B></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0 0pt 27pt; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The amounts in the balance sheets are analyzed as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="vertical-align: middle; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Vessel Cost</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated Depreciation</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Book Value</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: left; width: 23%"><FONT STYLE="font-size: 10pt"><B>Balance, December 31, 2022</B></FONT></TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; width: 22%">126,646</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; width: 21%">(7,616)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; width: 1%"></TD><TD STYLE="font-size: 10pt; font-weight: bold; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; width: 21%">119,030</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&mdash;Depreciation</FONT></TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(4,480)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(4,480)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>Balance, December 31, 2023</B></FONT></TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">126,646</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">(12,096)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">114,550</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&mdash;Depreciation</FONT></TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&mdash;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(4,181)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(4,181)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>Balance, December 31, 2024</B></FONT></TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">126,646</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">(16,277)</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center"></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">110,369</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 455.1pt">&nbsp;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As of December 31, 2024 the titles of ownership of both our vessels are
held by the respecting vessel lenders to secure the relevant sale and lease back financing transactions (see Note 7).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Transactions with Related Parties</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 5.2in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in"><B><I>CSI Management Agreement:</I></B> On May 28, 2020, the
Company entered into two management agreements, one for each vessel, with CSI (the &ldquo;CSI Management Agreement&rdquo;). The CSI Management
Agreement can only be terminated subject to an eighteen-month advance notice, subject to a termination fee equal to twelve months of fees
payable under the CSI Management Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in">Pursuant to the CSI Management Agreement, the Company pays a
management fee of $651 per day for the provision of technical, commercial, operation, insurance, bunkering and crew management, commencing
three months before the vessel is scheduled to be delivered by the shipyard. In addition, the CSI Management Agreement provides for payment
to CSI of: (i) $592 per day for superintendent visits plus actual expenses; (ii) a chartering commission of 1.25% on all freight, hire
and demurrage revenues; (iii) a commission of 1.00% on all gross vessel sale proceeds or the purchase price paid for vessels and (iv)
a financing fee of 0.2% on derivative agreements and loan financing or refinancing. CSI will perform supervision services for any newbuilding
vessels while the vessels are under construction, for which the Company will pay CSI the actual cost of the supervision services plus
a fee of 7% of such supervision services.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in; text-indent: 209.55pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in">CSI provides, at cost, all accounting, reporting and administrative
services. Finally, the CSI Management Agreement provides for a performance incentive fee for the provision of management services to be
determined at the discretion of the Company&rsquo;s Board of Directors. The CSI Management Agreement has an initial term of five years,
after which it will continue to be in effect until terminated by either party subject to an eighteen-month advance notice of termination.
Pursuant to the terms of the CSI Management Agreement, all fees payable to CSI are adjusted annually according to the US Consumer Price
Inflation (&ldquo;CPI&rdquo;) of the previous year and if CPI is less than 2% then a 2% increase is effected.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in; text-indent: 396.3pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in">As of December 31, 2023 and 2024, the Company did not owe any amounts to
CSI. The fees charged by and expenses relating to CSI for the years ended December 31, 2022, 2023 and 2024 are as follows</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 3.3pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 95%; font-size: 10pt; margin-left: 0.25in">
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year ended December 31,</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 19%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 6%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 5%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 65%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Presented in:</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Management fees</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">438</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">460</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">477</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Management fees &ndash; related parties &ndash;Statements of income</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Superintendent fees</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">14</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Vessel operating expenses &ndash; Statements of income</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Accounting and reporting cost*</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">90</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">90</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">90</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Management fees &ndash; related parties &ndash; Statements of income</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Financing fees</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">164</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Net in Current and Non-current portions of long-term debt &ndash; Balance sheet</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Commission on charter hire agreements</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">310</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">310</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">302</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Voyage expenses - Statements of income</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>841</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>1,037</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>883</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0pt; margin: 0pt 0 0pt 21.3pt">*Accounting and reporting cost represents an
allocation of the expenses incurred by the Parent based on the number of calendar days of the Company&rsquo;s vessels to total calendar
days of the Parent&rsquo;s fleet.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 27pt; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.25in"><B><I>Central Mare:</I></B> The Parent has agreed with Central Mare Inc to manage and collect on its
behalf all of the EUAs due to the Parent from the Parent&rsquo;s (and hence the Company&rsquo;s) charterers. As of December 31, 2023 and
2024, the amounts due from Central Mare Inc were $- and $351 respectively, referring exclusively to EUA&rsquo;s collected on the Company&rsquo;s
behalf from the Company&rsquo;s charterers. Such amount is included in Due from related parties in the accompanying combined carve-out
balance sheets.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 27pt; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify; text-indent: 27pt">&nbsp;</P>

<!-- Field: Page; Sequence: 11; Value: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 3pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify; text-indent: 27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Leases</B></TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Lease arrangements, under which the Company acts as the lessor</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>Charter agreements:</B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">During the years ended December 31, 2023 and 2024, the Company operated
two vessels (M/T&rsquo;s Eco West Coast and Eco Malibu) under time charters with Clearlake Shipping Pte Ltd (&ldquo;Clearlake&rdquo;).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 220pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Future minimum time-charter receipts of the Company&rsquo;s vessels in
operation as of December 31, 2024, based on commitments relating to its non-cancellable time charter contracts as of December 31, 2024,
are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 70%; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 54%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year ending December 31,</B></FONT></TD>
    <TD STYLE="width: 46%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Time Charter receipts</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">2025</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">23,980</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">2026</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">14,027</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>38,007</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">In arriving at the minimum future charter revenues, it has been assumed
that no off-hire time is incurred, although there is no assurance that such estimate will be reflective of the actual off-hire in the
future.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Debt</B></TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The amounts in the balance sheets are analyzed as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Bank / Vessel</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center">December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Total long term debt:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 68%; font-size: 10pt; text-align: left">AVIC Facility (M/T Eco West Coast)</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">40,817</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">38,617</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Huarong Facility (M/T Eco Malibu)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">41,000</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">38,800</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Total long term debt</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">81,817</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">77,417</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Less: Deferred finance fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(1,785) </TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">(1,616) </TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Total long term debt net of deferred finance fees</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">80,032</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">75,801</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Presented:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Current portion of long term debt</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">4,224</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">4,221</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Long term debt</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">75,808</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">71,580</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Total Debt net of deferred finance fees</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">80,032</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">75,801</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I><U>Alpha Bank Facility </U></I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">On May 6, 2021, the Company entered into a credit facility with Alpha Bank
for $38,000 for the financing of the vessel M/T Eco Malibu. This facility was drawn down in full. The credit facility was repayable in
12 consecutive quarterly installments of $750 and 12 consecutive quarterly installments of $625, commencing three months from draw down,
and a balloon payment of $21,500 payable together with the last installment.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The facility contained various covenants, including (i) an asset cover
ratio of 125% applicable to the vessel owning company, (ii) a ratio of total net debt to the aggregate market value of the fleet applicable
to the Company and to the Parent, current or future, of no more than 75% and minimum free liquidity of $500 per delivered vessel owned/operated
applicable to the Company and to the Parent. Additionally, the facility contained restrictions on the vessel owning company from incurring
further indebtedness or guarantees and change of control provisions, whereby Mr. Evangelos J. Pistiolis together with entities affiliated
with him could not control less than 50.1% of the voting rights of the Parent. It also restricted the shipowning company and the Parent
from paying dividends if such a payment would result in an event of default or in a breach of covenants under the loan agreement.</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The facility was secured as follows:</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First priority mortgage
over M/T Eco Malibu;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignment of insurance
and earnings of the mortgaged vessel;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specific assignment of
any time charters with duration of more than 12 months;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate guarantee of
the Parent;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pledge of the shares of
the shipowning subsidiary;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pledge over the earnings
account of the vessel.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The facility bore interest at LIBOR plus a margin of 3.00%. On June 9,
2023 Alpha Bank switched the facility&rsquo;s variable rate from LIBOR to Term SOFR. On December 21, 2023 the facility was fully prepaid
using part of the proceeds from the Huarong facility (see below) and the Company accelerated the amortization of $225 of deferred finance
fees outstanding relating to the facility.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I><U>ABN Facility</U></I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">On March 18, 2021, the Company entered into a credit facility with ABN
Amro for $36,800 for the financing of the vessel M/T Eco West Coast. This facility was drawn down in full. The credit facility was repayable
in 24 consecutive quarterly installments of $615 commencing in June 2021, plus a balloon installment of $22,040 payable together with
the last installment.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The facility contained various covenants, including (i) an asset cover
ratio of 125% applicable to the vessel owning company, (ii) a ratio of total net debt to the aggregate market value of the fleet applicable
to the Company and to the Parent, current or future, of no more than 75% (iii) minimum free liquidity of $500 per delivered vessel owned/operated
by the Parent, applicable to the Company and to the Parent and (iv) market adjusted total assets of the Parent minus total liabilities
to be at least $60,000. Additionally, the facility contained restrictions on the shipowning company incurring further indebtedness or
guarantees and change of control provisions, whereby Mr. Evangelos J. Pistiolis could not control less than 50.1% of the voting rights
of the Parent. It also restricted the shipowning company and the Parent from paying dividends if such a payment would result in an event
of default or in a breach of covenants under the loan agreement.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The facility was secured as follows:</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First priority mortgage
over M/T Eco West Coast;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignment of insurance
and earnings of the mortgaged vessel;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specific assignment of
any time charters with duration of more than 12 months;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate guarantee of
the Parent;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pledge of the shares of
the shipowning subsidiary;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pledge over the earnings
account of the vessel.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The facility bore interest at LIBOR plus a margin of 2.50%. From June 23,
2023 ABN Amro bank switched the facility&rsquo;s variable rate from LIBOR to Compounded SOFR. On December 14, 2023 the facility was fully
prepaid using part of the proceeds from the AVIC facility (see below) and the Company accelerated the amortization of $264 of deferred
finance fees outstanding relating to the facility.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><U>FINANCINGS COMMITTED UNDER SALE AND LEASEBACK AGREEMENTS</U></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">All the below sale and leaseback agreements (&ldquo;SLB&rdquo;s) contain,
customary covenants and event of default clauses, including cross-default provisions and restrictive covenants and performance requirements
including (i) a ratio of total net debt to the aggregate market value of the fleet applicable to the Company and to the Parent, current
or future, of no more than 75% and (ii) minimum free liquidity of $500 per delivered vessel owned/operated applicable to the Company and
to the Parent.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 431.15pt"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 3pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 431.15pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Additionally, all the SLBs contain restrictions on the relative shipowning
company incurring further indebtedness or guarantees and paying dividends when in default or if such dividend payment would result in
an event of default or a termination event under the SLB agreements. The same dividend restrictions apply to the Company and the Parent
as well. All the SLBs have change of control provisions whereby there may not be a change of control of the Company, save with the prior
written consent of the financier.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Finally both Huarong and AVIC SLBs have an asset cover ratio covenant of
120%.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">All the below SLBs are secured mainly by the following:</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership of the vessel
financed;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignment of insurances
and earnings of the vessel financed;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specific assignment of
any time charters of the vessel financed with duration of more than 12 months;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate guarantee of
the Parent;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pledge of the shares of
the relative shipowning subsidiary;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pledge over the earnings
account of the vessel financed.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company transferred $19,050 to the Parent out of the net proceeds from
the below SLBs (after their previous facilities prepayment).</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I><U>AVIC Facility</U></I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 210.4pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">On December 14, 2023 the Company consummated an SLB with AVIC International
Leasing Co. Ltd (&ldquo;AVIC&rdquo; and the &ldquo;AVIC Facility&rdquo;), for $41,000 for the refinancing of the M/T Eco West Coast.
The Company has bareboat chartered back the vessel for a period of ten years at bareboat hire rates comprising of 120 consecutive monthly
installments of $183.3 and a balloon payment of $19,000 payable on the last installment, plus interest based on Term SOFR plus 2.65%.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">As part of this transaction, the Company has continuous options to buy
back the vessel at purchase prices stipulated in the bareboat agreement depending on when the option will be exercised and at the end
of the ten-year period the Company has an obligation to buy back the vessel at a cost represented by the balloon payment.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The AVIC Facility is accounted for as a financing transaction, as control
remains with the Company and M/T Eco West Coast will continue to be recorded as an asset on the Company&rsquo;s balance sheet.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The applicable SOFR as of December 31, 2024 was approximately 4.47%.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I><U>Huarong Facility</U></I></B></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">On December 20, 2023 the Company consummated an SLB with China Huarong Shipping
Financial Leasing Co Ltd. (&ldquo;Huarong&rdquo; and the &ldquo;Huarong Facility&rdquo;), for $41,000 for the refinancing of the M/T Eco
Malibu. The Company has bareboat chartered back the vessel for a period of ten years at bareboat hire rates comprising of 120 consecutive
monthly installments of $183.3 and a balloon payment of $19,000 payable on the last installment, plus interest based on Term SOFR plus
2.50%.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">As part of this transaction, the Company has continuous options to buy
back the vessel at purchase prices stipulated in the bareboat agreement depending on when the option will be exercised and at the end
of the ten-year period the Company has an obligation to buy back the vessel at a cost represented by the balloon payment.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Huarong Facility is accounted for as a financing transaction, as control
remains with the Company and M/T Eco Malibu will continue to be recorded as an asset on the Company&rsquo;s balance sheet.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The applicable SOFR as of December 31, 2024 was approximately 4.52%.</P>

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

<!-- Field: Page; Sequence: 14; Value: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 3pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Scheduled Principal Repayments: </I></B>The Company&rsquo;s annual
principal payments required to be made after December 31, 2024 on its loan obligations, are as follows:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 453.3pt; margin: 0pt 0 0pt 21.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 75%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 74%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Years</B></FONT></TD>
    <TD STYLE="width: 26%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">December 31, 2025</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4,400</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">December 31, 2026</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4,400</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">December 31, 2027 </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4,400</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">December 31, 2028</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4,400</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">December 31, 2029 and thereafter</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">59,817 </FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B>77,417 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 155.5pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">As of December 31, 2024, both the Company and the Parent were in compliance
with all debt covenants with respect to the AVIC and Huarong Facilities. The fair value of debt outstanding on December 31, 2024, after
excluding unamortized financing fees, approximates its carrying amount due the fact that it has variable interest rates (SOFR).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Financing Costs: </I></B>The net additions in deferred financing
costs amounted to $1,811 and $26 during the years ended December 31, 2023 and 2024.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 74.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Commitments and Contingencies</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 149.1pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><U>Legal proceedings:</U></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Various claims, suits, and complaints, including those involving government
regulations and product liability, arise in the ordinary course of the shipping business. As part of the normal course of operations,
the Company's customers may disagree on amounts due to the Company under the provision of the contracts which are normally settled through
negotiations with the customer. The Company is not a party to any material litigation where claims or counterclaims have been filed against
the Company other than routine legal proceedings incidental to its business. The Company does not believe that contingent liabilities
related to these matters, either individually or in the aggregate, will materially affect the Company&rsquo;s combined carve-out financial
statements.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><U>Environmental Liabilities:</U></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company accrues for the cost of environmental liabilities when management
becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware
of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the combined
carve-out financial statements.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>9.</B></TD><TD STYLE="text-align: justify"><B>General and administrative expenses</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 127.9pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">General and administrative expenses represent an allocation of the expenses
incurred by the Parent based on the number of calendar days of the Company&rsquo;s vessels to total calendar days of the Parent&rsquo;s
fleet. These expenses consisted mainly of executive compensation, bonuses, professional fees, utilities and directors' liability insurance.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Vessel Operating Expenses</B></TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The amounts in the statements of income are as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Vessel Operating Expenses</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-size: 10pt; text-align: justify">Crew wages and related costs</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">2,897</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">3,006</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">2,932</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Insurance</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">381</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">367</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">362</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Repairs and maintenance</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">761</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">338</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">347</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Spares and consumable stores</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">755</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">1,034</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">944</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Registration, taxes and other (Note 12)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">107</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">71</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">70</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">4,901</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">4,816</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">4,655</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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

<!-- Field: Page; Sequence: 15; Value: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 3pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Interest and Finance Costs</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 338.7pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The amounts in the statements of income are analyzed as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Interest and Finance Costs</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-size: 10pt; text-align: justify">Interest on debt</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">3,102</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">5,126</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: center">6,224</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Bank charges and other financial costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">29</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">28</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">82</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Amortization and write-off of financing fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">181</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">713</TD><TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">195</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">3,312</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">5,867</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">6,501</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Income Taxes</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 140.5pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Marshall Islands and Greece do not impose a tax on international shipping
income. Under the laws of Marshall Islands and Greece the countries of the companies' incorporation and vessels' registration, the companies
are subject to registration and tonnage taxes, which have been included in Vessel operating expenses in the statements of income.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 113.95pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Under the United States Internal Revenue Code of 1986, as amended (the
&quot;Code&quot;), the U.S. source gross transportation income of a ship-owning or chartering corporation, such as the Company, is subject
to a 4% U.S. Federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section
883 of the Code and the Treasury Regulations promulgated thereunder. U.S. source gross transportation income consists of 50% of the gross
shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Under Section 883 of the Code and the regulations thereunder, the Company
will be exempt from U.S. federal income tax on our U.S.-source shipping income if:</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">(1) the Company is organized in a foreign country, or its country of organization,
grants an &ldquo;equivalent exemption&rdquo; to corporations organized in the United States; and</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">(2) either</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">A. more than 50% of the value of the Company&rsquo;s stock is owned, directly
or indirectly, by individuals who are &ldquo;residents&rdquo; of the Company&rsquo;s country of organization or of another foreign country
that grants an &ldquo;equivalent exemption&rdquo; to corporations organized in the United States (each such individual a &ldquo;qualified
shareholder&rdquo; and such individuals collectively, &ldquo;qualified shareholders&rdquo;), which the Company refers to as the &ldquo;50%
Ownership Test,&rdquo; or</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">B. the Company&rsquo;s stock is &ldquo;primarily and regularly traded on
an established securities market&rdquo; in the Company&rsquo;s country of organization, in another country that grants an &ldquo;equivalent
exemption&rdquo; to U.S. corporations, or in the United States, which the Company refers to as the &ldquo;Publicly-Traded Test.&rdquo;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Marshall Islands, the jurisdiction where the Company is incorporated,
grants an &ldquo;equivalent exemption&rdquo; to U.S. corporations. Therefore, the Company will be exempt from U.S. federal income tax
with respect to the Company&rsquo;s U.S.-source shipping income if either the 50% Ownership Test or the Publicly-Traded Test is met.</P>

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

<P STYLE="text-align: justify; margin: 0; font: 10pt Times New Roman, Times, Serif">In order to satisfy the 50% Ownership Test, a non-U.S. corporation must
be able to substantiate that more than 50% of the value of its shares is owned, for at least half of the number of days in the non-U.S.
corporation&rsquo;s taxable year, directly or indirectly, by &ldquo;qualified shareholders.&rdquo; For this purpose, qualified shareholders
are: (1) individuals who are residents (as defined in the Treasury Regulations) of countries, other than the United States, that grant
an equivalent exemption, (2) non-U.S. corporations that meet the Publicly-Traded Test and are organized in countries that grant an equivalent
exemption, or (3) certain foreign governments, non-profit organizations, and certain beneficiaries of foreign pension funds. In order
for a shareholder to be a qualified shareholder, there generally cannot be any bearer shares in the chain of ownership between the shareholder
and the taxpayer claiming the exemption (unless such bearer shares are maintained in a dematerialized or immobilized book-entry system
as permitted under the Treasury Regulations). A corporation claiming the Section 883 exemption based on the 50% Ownership Test must obtain
all the facts necessary to satisfy the IRS that the 50% Ownership Test has been satisfied (as detailed in the Treasury Regulations).</P>

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

<!-- Field: Page; Sequence: 16; Value: 6 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">For purposes of the Publicly-Traded Test, Treasury Regulations provide,
in pertinent part, that stock of a foreign corporation will be considered to be &ldquo;primarily traded&rdquo; on an established securities
market if the number of shares of each class of stock that are traded during any taxable year on all established securities markets in
that country exceeds the number of shares in each such class that are traded during that year on established securities markets in any
other single country. The Parent&rsquo;s common shares, which is the Parent&rsquo;s sole class of issued and outstanding stock that is
traded, is &ldquo;primarily traded&rdquo; on the NYSE American and the Company anticipates that its common shares will be &ldquo;primarily
traded&rdquo; on the Nasdaq Capital Market.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Treasury Regulations also require for purposes of the Publicly-Traded
Test that the Company&rsquo;s stock be &quot;regularly traded&quot; on an established securities market. Under the Treasury Regulations,
the Company&rsquo;s stock will be considered to be &quot;regularly traded&quot; if one or more classes of the Company&rsquo;s stock representing
more than 50% of the Company&rsquo;s outstanding shares, by total combined voting power of all classes of stock entitled to vote and
by total combined value of all classes of stock, are listed on one or more established securities markets, which the Company refers to
as the &quot;listing threshold.&quot;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">For the 2022 and 2023 taxable years the Company was not subject to United
States federal tax on U.S. source shipping income. For the 2024 taxable year the Company intends to take the position that it was not
subject to United States federal tax on U.S. source shipping income.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 5.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>13.</B></TD><TD STYLE="text-align: justify"><B>Fair Value of Financial Instruments and Concentration of Credit Risk</B></TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Concentration of credit risk</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The principal financial assets of the Company consist of cash on hand and
at banks, due from related parties, restricted cash and other receivables (including EUAs). The principal financial liabilities of the
Company consist of long-term loans, accounts payable (including EUAs) due to suppliers and accrued liabilities. The Company limits its
credit risk with accounts receivable by performing ongoing credit evaluations of its customers&rsquo; financial condition and generally
does not require collateral for its trade accounts receivable and does not have any agreements to mitigate credit risk. The Company places
its temporary cash investments, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs
periodic evaluations of the relative credit standing of those financial institutions.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>Fair value of financial instruments</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company follows the accounting guidance for Fair Value Measurements.
This guidance enables the reader of the combined carve-out financial statements to assess the inputs used to develop those measurements
by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The guidance requires
assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories:</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Level 1: Quoted market prices in active markets for identical assets or
liabilities;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Level 2: Observable market based inputs or unobservable inputs that are
corroborated by market data;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Level 3: Unobservable inputs that are not corroborated by market data.</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The carrying values of cash and cash equivalents, restricted cash, prepaid
expenses, trade accounts receivable and trade accounts payable and accrued liabilities are reasonable estimates of their fair value due
to the short term nature of these financial instruments. Cash and cash equivalents are considered Level 1 items as they represent liquid
assets with short-term maturities. The fair value of debt approximates its recorded value due to its variable interest rate, being the
SOFR. SOFR rates are observable at commonly quoted intervals for the full term of the loans and, hence, bank loans are considered Level
2 items in accordance with the fair value hierarchy.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>14.</B></TD><TD STYLE="text-align: justify"><B>Revenues</B></TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0; color: #212529">Revenues are comprised of the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">2024</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-size: 10pt; text-align: justify">Time charter revenues</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">24,784</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">24,478</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; width: 12%; font-size: 10pt; text-align: center">24,205</TD><TD STYLE="vertical-align: middle; width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">24,784</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">24,478</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">24,205</TD><TD STYLE="vertical-align: middle; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company, for both of its vessels, had entered into time charters with
Clearlake for a period of three years that included a charterer&rsquo;s option to renew for a further two one-year periods at predetermined
daily rates. On July 12, 2023 the Company entered into an agreement with Clearlake to extend the duration of the fixed period of the time
charter parties of both vessels for a fixed term of minimum 30 months and maximum of 36 months. Due to the volatility of the charter rates,
the Company only accounts for the options when the charterer gives notice that the option will be exercised. The charterer has the full
discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties
regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such that the vessel
is sent only to safe ports by the charterer, subject always to compliance with applicable sanction laws, and carry only lawful or non-hazardous
cargo. <FONT STYLE="color: #212529">As of December 31, 2024, the Company&rsquo;s vessels are employed under time charters. </FONT>&#9;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 17; Value: 6 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AS OF DECEMBER 31, 2023 AND 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024</B></P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>(Expressed in thousands of United States Dollars)</B></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.25pt"></TD><TD STYLE="width: 25.5pt"><B>15.</B></TD><TD STYLE="text-align: justify"><B>Subsequent Events</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 173.55pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company evaluated subsequent events and transactions that occurred
after the balance sheet date up to the date that the combined carve-out financial statements were issued. Based upon this review, the
Company did not identify any subsequent events that would have required adjustment or disclosure in the combined carve-out financial statements.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">F-18</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

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















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