<SEC-DOCUMENT>0001140361-25-015611.txt : 20250425
<SEC-HEADER>0001140361-25-015611.hdr.sgml : 20250425
<ACCEPTANCE-DATETIME>20250425090108
ACCESSION NUMBER:		0001140361-25-015611
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20241231
FILED AS OF DATE:		20250425
DATE AS OF CHANGE:		20250425

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Icon Energy Corp
		CENTRAL INDEX KEY:			0001995574
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			NY

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42174
		FILM NUMBER:		25870186

	BUSINESS ADDRESS:	
		STREET 1:		17TH KM NATIONAL ROAD
		STREET 2:		ATHENS-LAMIA & FOINIKOS STR.
		CITY:			NEA KIFISSIA, ATHENS
		STATE:			J3
		ZIP:			14564
		BUSINESS PHONE:		30 211 888 0200

	MAIL ADDRESS:	
		STREET 1:		17TH KM NATIONAL ROAD
		STREET 2:		ATHENS-LAMIA & FOINIKOS STR.
		CITY:			NEA KIFISSIA, ATHENS
		STATE:			J3
		ZIP:			14564
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ef20047933_6k.htm
<DESCRIPTION>6-K
<TEXT>
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    <div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt;">UNITED STATES</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 12pt;">Washington, D.C. 20549</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt; font-weight: bold;">Form 6-K</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">UNDER THE SECURITIES EXCHANGE ACT OF 1934</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">For the month of April 2025</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000;">Commission File Number: 001-42174</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 24pt; font-weight: bold;">Icon Energy Corp.</div>
      <div style="text-align: center; color: #000000;">(Translation of registrant&#8217;s name into English)</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">c/o Pavimar Shipping Co.</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">17th km National Road</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">Athens-Lamia &amp; Foinikos Str.</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">14564, Nea Kifissia</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">Athens, Greece</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">+30 211 88 81 300</div>
      <div style="text-align: center; color: #000000;">(Address of principal executive office)</div>
      <div><br>
      </div>
      <div style="color: #000000;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0);">
        <div style="font-weight: bold;">Form 20-F <font style="font-weight: normal;">&#9746;</font> Form 40-F <font style="font-weight: normal;">&#9744;</font></div>
        <div><br>
        </div>
      </div>
      <div style="text-align: center; color: #000000;">
        <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; margin-left: auto; margin-right: auto;"> </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Attached to this report on Form 6-K as <a href="ef20047933_ex99-1.htm"><u>Exhibit 99.1</u></a> is a copy of the press release of Icon
        Energy Corp. (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), issued on April 23, 2025, reporting the Company&#8217;s financial results for the year ended December 31, 2024, and announcing a cash dividend
        to common shareholders for the fourth quarter of 2024.</div>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">SIGNATURES</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
        undersigned, thereunto duly authorized.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z482ee98f18df4804a031f663185ec351" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">ICON ENERGY CORP.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ Dennis Psachos</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Name:</div>
            </td>
            <td style="width: 45%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Dennis Psachos</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Title:</div>
            </td>
            <td style="width: 45%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Chief Financial Officer</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Date: April 25, 2025</div>
            </td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ef20047933_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <div style="font-weight: bold; text-align: right;"> Exhibit 99.1<br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div>
      <div style="text-align: center;"><img src="image1.jpg"></div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">Icon Energy Corp.</div>
      <div style="text-align: center; font-weight: bold;">Reports Financial Results for the Year Ended December 31, 2024,</div>
      <div style="text-align: center; font-weight: bold;">and Declares Cash Dividend of $0.07 per Common Share</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><a name="z_Hlk195727711"></a><font style="font-weight: bold;">Athens, Greece, April 23, 2025 (GLOBE NEWSWIRE) &#8212; Icon Energy Corp. (&#8220;Icon&#8221; or the &#8220;Company&#8221;) (Nasdaq: ICON)</font>, an international shipping company
        that provides worldwide seaborne transportation services for dry bulk cargoes&#160;via its fleet of oceangoing vessels, (i) reports financial results for the year ended December 31, 2024, (the &#8220;<font style="font-weight: bold;">Reporting Period</font>&#8221;)
        and (ii) declares cash dividend of $0.07 per common share.</div>
      <div>&#160;</div>
      <div style="text-align: justify; font-style: italic;">All share and per share amounts disclosed in this earnings release give retroactive effect, for all periods presented, to the Reverse Stock Split (as defined below) effected on April 1, 2025.</div>
      <div>&#160;</div>
      <div style="text-align: justify; font-weight: bold;">Financial Highlights for the Reporting Period</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="za34c14a5df794cf7b98498a4f20fd80d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 17.85pt;"><br>
            </td>
            <td style="width: 17.85pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Revenue, net of $5.3 million, compared to $4.5 million in 2023</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zf0a91d4c43b74cc786a30e98b050bebc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 17.85pt;"><br>
            </td>
            <td style="width: 17.85pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Operating profit of $0.2 million, compared to $1.1 million in 2023</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z746a05eba6c240b3bbd7f8a03b634535" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 17.85pt;"><br>
            </td>
            <td style="width: 17.85pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Net loss of $0.2 million, compared to net income of $1.2 million in 2023</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z7a14fcec0f1b4b4e9a28628bb5e1ad17" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>EBITDA<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1</sup><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">)</sup> of $1.8 million, compared to $2.1 million in 2023</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; font-weight: bold;">Operational Highlights</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z984d04ba89bd472c8196521c4b01b48c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 17.85pt;"><br>
            </td>
            <td style="width: 17.85pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Delivery of the Kamsarmax dry bulk carrier, M/V <font style="font-style: italic;">Bravo</font>, in September 2024, and commencement of her period employment</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z530e8018179f434e89c686a013695948" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Successful closing of a term loan facility of up to $91.5 million, of which $16.5 million was drawn and the balance of up to $75.0 million may be made available for future vessel acquisitions</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; font-weight: bold;">Cash Dividend</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Icon&#8217;s Board of Directors approved a cash dividend of $0.07 per common share for the fourth quarter of 2024. The cash dividend will be paid on or around May 30, 2025, to all common shareholders of
        record as of May 16, 2025.</div>
      <div>&#160;
        <hr noshade="noshade" align="left" style="height: 2px; width: 20%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;"></div>
      <div style="text-align: justify;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> EBITDA is a non-GAAP financial measure. For the definitions of non-GAAP financial measures and their reconciliation to the most directly comparable financial measures calculated and presented in
        accordance with the United States generally accepted accounting principles, please refer to &#8220;Exhibit I<font style="font-weight: bold;">&#8212;</font>Non-GAAP Financial Measures Definitions and Reconciliation to GAAP.&#8221;</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; font-weight: bold;">Nasdaq Compliance</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The Company has received a written notification from Nasdaq, dated April 15, 2025, indicating that because the closing bid price of the Company&#8217;s common shares for 10 consecutive trading days, from
        April 1, 2025, to April 14, 2025, was at $1.00 per share or greater, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) (the &#8220;Minimum Bid Price Requirement&#8221;).</div>
      <div>&#160;</div>
      <div style="text-align: justify; font-weight: bold;">Ismini Panagiotidi, Chairwoman and Chief Executive Officer of Icon, commented:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;We are pleased to share our financial results for 2024 and reflect on the key milestones of this transformational year, marked by our successful initial public offering in July and tangible
        progress we have made toward scaling our platform. Our fleet expanded with the delivery of our second vessel, the M/V <font style="font-style: italic;">Bravo</font>, which entered into an 11- to 14-month charter, securing revenue generation. We
        also enhanced our capital structure with a new $91.5 million term loan facility, of which $16.5 million was drawn and $75.0 million is earmarked for future vessel acquisitions, reflecting the confidence of our financial partners and providing
        greater flexibility to pursue attractive growth opportunities.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Building on that momentum in 2025, we completed an upsized public offering, strengthening our balance sheet with gross proceeds of $12.0 million, and entered into a definitive agreement to further
        expand our fleet with a third vessel, the M/V <font style="font-style: italic;">Charlie</font>, furthering our growth vision.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Meanwhile, consistent with our stated dividend policy and following the dividends paid for the second and third quarters of 2024, we are pleased to announce a dividend of $0.07 per common share for
        the fourth quarter of 2024.&#8221;</div>
      <div>&#160;</div>
      <div style="text-align: justify; font-weight: bold;">Financial Performance Summary</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z348ce6b394d2445887081c6809ebc94c" class="cfttable">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: right; font-weight: bold;">Year ended December 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
              <div style="font-style: italic;">(in thousands of U.S. dollars, except daily figures)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; font-weight: bold;">2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; font-weight: bold;">2023</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom;">
              <div style="font-style: italic;"><font style="font-weight: bold;">Income statement data </font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2</sup><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">)</sup></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div>Revenue, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>5,309</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div>
                <div>$</div>
              </div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>
                <div>4,476</div>
              </div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div>Operating profit</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>170</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>1,105</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div>Net (loss)/income</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div>
                <div><br>
                </div>
              </div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>(210</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div>)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>1,155</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="font-style: italic;"><font style="font-weight: bold;">Non-GAAP financial measures </font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3</sup><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">)</sup></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div>EBITDA</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">$</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>1,812</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div>$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>2,136</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div>Daily TCE</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>11,440</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>11,822</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div>Daily OPEX</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>5,103</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>5,151</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

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      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Revenue, net.</font> Throughout 2024 and 2023, Icon&#8217;s vessels operated under index-linked time charters. The increase in revenue, net in 2024
        compared to 2023 is primarily due to the acquisition of the M/V <font style="font-style: italic;">Bravo</font> in September 2024, which led to a higher number of Operating Days (see &#8220;Fleet Employment and Operational Data&#8221; below). That was partly
        counterbalanced by the year-on-year decline in dry bulk charter market rates, and the fact that the M/V <font style="font-style: italic;">Alfa</font> was temporarily taken out of service for her scheduled drydocking. Overall, revenue, net
        increased by 19% reaching $5.3 million, up from $4.5 million in the comparable period. Daily TCE<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4</sup><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">)</sup> decreased to $11,440 during the Reporting Period, from $11,822 last year.</div>
      <br>
      <hr noshade="noshade" align="left" style="height: 2px; width: 20%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">
      <div style="text-align: justify;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> 2024 income statement data is unaudited. 2023 income statement data derives from the audited consolidated financial statements of the respective period. </div>
      <div style="text-align: justify;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup> For the definitions of non-GAAP financial measures and their reconciliation to the most directly comparable financial measures calculated and presented in accordance with the United States generally
        accepted accounting principles, please refer to &#8220;Exhibit I<font style="font-weight: bold;">&#8212;</font>Non-GAAP Financial Measures Definitions and Reconciliation to GAAP.&#8221;</div>
      <br>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Operating profit. </font>In 2024 compared to 2023, costs associated with positioning the M/V <font style="font-style: italic;">Alfa</font> for
        her scheduled drydocking in the third quarter of 2024 and with the delivery of the M/V <font style="font-style: italic;">Bravo</font> in September 2024 resulted in a $0.2 million increase in voyage expenses, while Icon&#8217;s incremental obligations as
        a public company since July 2024 translated into a $0.3 million increase in general and administrative expenses. The expansion of the fleet with the M/V <font style="font-style: italic;">Bravo</font> added $0.5 million to vessel operating
        expenses. Expressed on a daily basis, Daily OPEX<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup> was maintained at similar levels, averaging $5,103 in 2024 and $5,151 in 2023. Management fees increased by $0.2 million compared to last year, as a result of the enlarged fleet and the
        cost of changing our ship management company in January 2024. Operating profit during 2024 was $0.9 million less than in 2023, due to the foregoing reasons coupled with the $0.4 million increase in depreciation expenses resulting from the addition
        of the M/V <font style="font-style: italic;">Bravo</font> and the non-cash write-off of the unamortized balance of previously deferred drydocking costs incurred upon arrival of the M/V <font style="font-style: italic;">Alfa</font> at the shipyard
        for her scheduled drydocking.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Net (loss)/income. </font>The decrease in operating profit along with the $0.4 million increase in interest and finance costs following the
        $16.5 million drawdown under Icon&#8217;s new term loan facility (see &#8220;Key Events&#8221; below), turned the $1.2 million net income in 2023 to a $0.2 million net loss in 2024. EBITDA<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup> was $1.8 million in 2024, compared to $2.1 million in 2023.</div>
      <div>&#160;</div>
      <div style="text-align: justify; font-weight: bold;">Fleet Employment and Operational Data</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z36a146346ae44ed39d0b814651b1ea53" class="cfttable">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: right; font-weight: bold;">Year ended December 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; font-weight: bold;"> 2024</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; font-weight: bold;">2023</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom;">
              <div style="font-style: italic;"><font style="font-weight: bold;">Fleet operational data </font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5</sup><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">)</sup></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div>Ownership Days</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>465.8</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>365.0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div>Available Days</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>434.8</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>365.0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div>Operating Days</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>434.8</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>364.9</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div>Vessel Utilization</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>100.0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>100.0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div>Average Number of Vessels</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>1.3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>1.0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Ownership Days for 2024 increased to 465.8 from 365.0 the previous year, due to the addition of Icon&#8217;s second vessel, the Kamsarmax dry bulk carrier M/V <font style="font-style: italic;">Bravo</font>,
        which was delivered on September 23, 2024. Available Days increased to 434.8 from 365.0, due to the same reason, and were partly counterbalanced by the scheduled drydocking of the M/V <font style="font-style: italic;">Alfa</font>. Utilization
        remained consistent at 100%.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z9de625b6d00f4d59a1b4829d81b4af61" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 15.93%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Vessel name</div>
            </td>
            <td style="width: 0.77%; vertical-align: bottom;">&#160;</td>
            <td style="width: 14.97%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Type</div>
            </td>
            <td style="width: 0.76%; vertical-align: bottom;">&#160;</td>
            <td style="width: 14.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Built</div>
            </td>
            <td style="width: 0.76%; vertical-align: bottom;">&#160;</td>
            <td style="width: 30.64%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Employment</div>
            </td>
            <td style="width: 0.76%; vertical-align: bottom;">&#160;</td>
            <td style="width: 20.62%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">Earliest charter</div>
              <div style="text-align: center; font-weight: bold;">expiration</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15.93%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">Alfa</div>
            </td>
            <td style="width: 0.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 14.97%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">Panamax</div>
            </td>
            <td style="width: 0.76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 14.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">Japan, 2006</div>
            </td>
            <td style="width: 0.76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 30.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">Index-linked time charter</div>
            </td>
            <td style="width: 0.76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 20.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">October 2025</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15.93%; vertical-align: bottom;">
              <div style="text-align: center;">Bravo</div>
            </td>
            <td style="width: 0.77%; vertical-align: bottom;">&#160;</td>
            <td style="width: 14.97%; vertical-align: bottom;">
              <div style="text-align: center;">Kamsarmax</div>
            </td>
            <td style="width: 0.76%; vertical-align: bottom;">&#160;</td>
            <td style="width: 14.8%; vertical-align: bottom;">
              <div style="text-align: center;">Japan, 2007</div>
            </td>
            <td style="width: 0.76%; vertical-align: bottom;">&#160;</td>
            <td style="width: 30.64%; vertical-align: bottom;">
              <div style="text-align: center;">Index-linked time charter</div>
            </td>
            <td style="width: 0.76%; vertical-align: bottom;">&#160;</td>
            <td style="width: 20.62%; vertical-align: bottom;">
              <div style="text-align: center;">August 2025</div>
            </td>
          </tr>

      </table>
      <br>
      <hr noshade="noshade" align="left" style="height: 2px; width: 20%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"></sup>
      <div style="text-align: justify;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup>&#160;Daily TCE, Daily OPEX and EBITDA, are non-GAAP financial measures.&#160; For the definitions of non-GAAP financial measures and their reconciliation to the most directly comparable financial measures
        calculated and presented in accordance with the United States generally accepted accounting principles, please refer to &#8220;Exhibit I<font style="font-weight: bold;">&#8212;</font>Non-GAAP Financial Measures Definitions and Reconciliation to GAAP.&#8221;</div>
    </div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup> For the definitions of fleet operational measures please refer to &#8220;Exhibit I<font style="font-weight: bold;">&#8212;</font>Other Definitions and Methodologies.&#8221;
      <div style="text-align: justify;"> <br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">As of December 31, 2024, Icon owned two vessels, both time-chartered by an international commodity trading conglomerate and earning floating daily hire rates linked to the Baltic Panamax Index. The
        Minimum Contracted Revenue<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6</sup><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">)</sup> expected to be generated by these contracts between January 1, 2025, and their respective earliest expiration dates is $4.1 million.</div>
      <div>&#160;</div>
      <div style="text-align: justify; font-weight: bold;">Key Events</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Initial public offering. </font>On July 15, 2024, Icon successfully closed its initial public offering of 31,250 common shares, for gross
        proceeds of $5.0 million, before deducting underwriting discounts and other offering expenses. Icon&#8217;s common shares began trading on the Nasdaq Capital Market on July 12, 2024, under the symbol &#8220;ICON.&#8221;</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Vessel Acquisition.</font><font style="font-style: italic;">&#160;</font>On August 2, 2024, Icon entered into an agreement with an unaffiliated
        third-party to acquire a Kamsarmax dry bulk carrier for a purchase price of $17.57 million. The vessel was successfully delivered to Icon on September 23, 2024, and was renamed M/V <font style="font-style: italic;">Bravo</font>. The acquisition
        was financed with a combination of cash on hand and borrowings under Icon&#8217;s new term loan facility discussed below. Upon delivery, the vessel was chartered to an international commodity trading conglomerate for a period of 11 to 14 months, at a
        floating daily hire rate linked to the Baltic Panamax Index.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Vessel Drydocking.</font><font style="font-style: italic;">&#160;</font>On September 2, 2024, the M/V <font style="font-style: italic;">Alfa</font>
        completed her scheduled drydocking, undergoing routine repairs and maintenance to ensure continued operational efficiency, safety, and compliance with class requirements.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><a name="z_Hlk176519946"></a><font style="font-weight: bold; font-style: italic;">Financing.</font><font style="font-style: italic;">&#160;</font>On September 19, 2024, we borrowed an amount of $16.5
        million under a new term loan facility with a leading international financial institution to finance a portion of the purchase price of the M/V <font style="font-style: italic;">Bravo</font> and to leverage the M/V <font style="font-style: italic;">Alfa</font>. The term loan facility contains security and financial and other covenants customary for transactions of this type. It has a four-year term and outstanding amounts thereunder bear interest at 3.95% over SOFR. An additional
        amount of up to $75.0 million may be made available to us under the same term loan facility, in whole or in parts, to finance future vessel acquisitions. This additional amount remains uncommitted, free of interest or other fees, and we are not
        obliged to borrow it, or any part thereof. The terms of borrowing this additional amount, or any part thereof, will be determined at the time it is requested.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Dividends.</font><font style="font-style: italic;">&#160;</font>On September 30, 2024, we paid a cash dividend of $3.20 per common share, or $116,000
        in aggregate, for the second quarter of 2024. On December 27, 2024, we paid a cash dividend of $3.40 per common share, or $123,250 in aggregate, for the third quarter of 2024.</div>
      <div>&#160;</div>
      <div style="text-align: justify; font-weight: bold;">Recent Developments</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Public Offering.</font> On January 24, 2025, the Company, successfully completed a public offering of 229,007 units (such numbers retroactively
        adjusted for Reverse Stock Split, as defined below) containing common shares and warrants to purchase common shares. As of the date hereof, substantially all of the warrants have been exercised. Gross proceeds to the Company, before deducting
        placement agent&#8217;s fees and other offering expenses, were approximately $12.0 million.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify;">
        <hr noshade="noshade" align="left" style="height: 2px; width: 20%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"> </div>
      <div style="text-align: justify;">
        <div style="text-align: left;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup> For the Minimum Contracted Revenue calculation methodology please see &#8220;Exhibit I&#8212;Other Definitions and Methodologies.&#8221;</div>
        <div>&#160;</div>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Nasdaq Minimum Bid Price.</font> On March 7, 2025, the Company received a written notification from Nasdaq, indicating that, because the closing
        bid price of its common shares for 30 consecutive trading days was below $1.00 per share, the Company was not&#160; in compliance with the Minimum Bid Price Requirement. Following the Reverse Stock Split (as defined below), the closing bid price of the
        Company&#8217;s common shares remained at $1.00 per share or higher for ten consecutive business days and, as such, the Company received a letter from Nasdaq on April 15, 2025, confirming that the Company regained compliance with the Minimum Bid Price
        Requirement.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Fleet expansion.</font> On March 21, 2025, the Company entered into a definitive agreement with an unaffiliated third party to bareboat
        charter-in, with the option to eventually purchase, a 2020-built, scrubber-fitted, Eco, Ultramax, dry bulk carrier with a carrying capacity of 63,668 dwt. Icon intends to operate the vessel under the name M/V <font style="font-style: italic;">Charlie</font>
        and expects to take delivery between May and August 2025, subject to the satisfaction of certain customary closing conditions. Icon has made an advance payment of $2.75 million upon signing the agreement and will pay an additional $2.75 million
        upon delivery, followed by a hire rate of $7,500 per day over a three-year bareboat charter period. At the end of that period, Icon has the option to purchase the vessel for $18.0 million. Upon delivery and subject to the satisfaction of certain
        customary closing conditions, the M/V <font style="font-style: italic;">Charlie</font> will be chartered to a reputable dry bulk operator for a period of 9 to 12 months, at a floating daily hire rate linked to the Baltic Supramax Index. In
        addition to the daily hire rate, Icon will also receive part of the fuel cost savings to be realized by the charterer through the use of the vessel&#8217;s scrubber.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Reverse stock split.</font> On April 1, 2025, Icon effected a reverse stock split (the &#8220;Reverse Stock Split&#8221;), whereby every 40 of its issued
        and outstanding common shares were automatically converted into one common share, without any change in the par value per share or the total number of common shares Icon is authorized to issue. No fractional shares were issued in connection with
        the Reverse Stock Split. The Reverse Stock Split did not (i) affect any common shareholder&#8217;s ownership percentage (except as a result of the cancellation of fractional shares), (ii) have any direct impact on the market capitalization of the Company
        or (iii) modify any voting rights or other terms of the common shares.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Dividends.</font><font style="font-style: italic;">&#160;</font>For the fourth quarter of 2024, Icon declared a cash dividend of $0.07 per common
        share, or $152,966 in aggregate, payable on or around May 30, 2025, to all common shareholders of record as of May 16, 2025.</div>
      <div>&#160;</div>
      <div style="text-align: justify; font-weight: bold;"><a name="z_Hlk195727963"></a>About Icon</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><a name="z_Hlk195727927"></a>Icon is an international shipping company that provides worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels. Icon
        maintains its principal executive office in Athens, Greece, and its common shares trade on the Nasdaq Capital Market under the symbol &#8220;ICON.&#8221;</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; font-weight: bold;">Cautionary Note Regarding Forward Looking Statements</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">This communication contains &#8220;forward-looking statements.&#8221; 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;continue,&#8221; &#8220;could,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;may,&#8221; &#8220;might,&#8221; &#8220;plan,&#8221; &#8220;possible,&#8221; &#8220;potential,&#8221; &#8220;predict,&#8221; &#8220;project,&#8221; &#8220;should,&#8221; &#8220;would&#8221; and similar expressions that are other than statements of historical fact are
        forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements 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 the Company believes that these assumptions were reasonable when made,
        because these assumptions are inherently subject to significant risks, uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, the Company cannot provide assurance that it will achieve or accomplish
        these expectations, beliefs or projections. The Company&#8217;s actual results could differ materially from those anticipated in forward-looking statements for many reasons, including as described in the Company&#8217;s filings with the U.S. Securities and
        Exchange Commission (the &#8220;<font style="font-weight: bold;">SEC</font>&#8221;). As a result, you are cautioned not to unduly rely on any forward-looking statements, which speak only as of the date of this communication.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, among other things: the Company&#8217;s future operating or financial results;
        the Company&#8217;s liquidity, including its ability to service any indebtedness; changes in shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and
        dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations; broader market impacts arising from war (or threatened war) or international
        hostilities; risks associated with pandemics; and other factors listed from time to time in the Company&#8217;s filings with the SEC. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly
        any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company&#8217;s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. You should,
        however, review the factors and risks the Company describes in the reports it files and furnishes from time to time with the SEC, which can be obtained free of charge on the SEC&#8217;s website at <u>www.sec.gov.</u></div>
      <u> </u>
      <div style="font-weight: bold;"> <br>
      </div>
      <div style="font-weight: bold;">Contact Information</div>
      <div>&#160;</div>
      <div>Icon Energy Corp.</div>
      <div>Dennis Psachos</div>
      <div>Chief Financial Officer</div>
      <div>+30 211 88 81 300</div>
      <div><u>ir@icon-nrg.com</u></div>
      <div><u>www.icon-nrg.com</u></div>
      <div>&#160;</div>
      <div style="text-align: center; font-style: italic;">(Please refer to Exhibit I, attached, for supplementary information)</div>
      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; font-weight: bold;">Exhibit I</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Consolidated Statements of (Loss)/Income</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zeeeef58a15824518a43c3efea053f872" class="cfttable">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: right; font-weight: bold;">Year ended December 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
              <div style="font-style: italic;">(in thousands of U.S. dollars,</div>
              <div style="font-style: italic;">except for share data and earnings per share)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; font-weight: bold;">2024</div>
              <div style="text-align: right;">(unaudited)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; font-weight: bold;">2023</div>
              <div style="text-align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7</sup><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div>Revenue, net</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,309</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">4,476</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div>Voyage expenses, net</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(335</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(162</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div>Vessel operating expenses</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(2,377</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(1,880</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div>Management fees</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(440</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(274</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(345</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(18</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div>Depreciation expense</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(1,130</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(680</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div>Amortization of deferred drydocking costs</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(512</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(357</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
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            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">170</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">1,105</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div>Interest and finance costs</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(452</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div>Interest income</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">72</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">56</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div>Other costs, net</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div style="font-weight: bold;">Net (Loss)/Income</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">(210</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">1,155</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div>Accumulated dividends on Series A Preferred Shares</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(977</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">Net (loss)/income attributable to common shareholders</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">(1,187</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">1,155</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div>(Loss)/earnings per common share, basic and diluted</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">(60.83</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">
              <div style="color: rgb(0, 0, 0);">)</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">231.00</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div>Weighted average number of shares, basic and diluted</div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">19,515</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">5,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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      <div>&#160;</div>
      <div style="font-weight: bold;">Condensed Consolidated Balance Sheet Data</div>
      <div>&#160;</div>
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          <tr>
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              <div style="font-style: italic;">(in thousands of U.S. dollars)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; font-weight: bold;">December 31, 2024</div>
              <div style="text-align: right;">(unaudited)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; font-weight: bold;">December 31, 2023</div>
              <div style="text-align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom;">
              <div style="font-weight: bold;">Assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>1,446</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">2,702</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>344</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">320</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
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            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>26,098</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">9,181</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
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            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div>907</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">679</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">Total assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="font-weight: bold;">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="font-weight: bold;">28,795</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">12,882</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="font-weight: bold;">Liabilities and shareholders&#8217; equity</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div>Total long-term debt, net of deferred financing costs</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>15,931</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div>Other liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>1,118</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>3,713</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div>Total shareholders&#8217; equity</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div>11,746</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0);">9,169</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">Total liabilities and shareholders&#8217; equity</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="font-weight: bold;">$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="font-weight: bold;">28,795</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">12,882</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div>
        <hr noshade="noshade" align="left" style="height: 2px; width: 20%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;"> </div>
      <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup> Data derives from the audited consolidated financial statements of the respective period, except for the (loss)/earnings per common share (basic and diluted) and weighted average number of shares (basic and diluted) which give
      retroactive effect to the Reverse Stock Split effected on April 1, 2025.
      <div style="text-align: justify;"> <br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-weight: bold;">Summarized Cash Flow Data</div>
      <div style="font-weight: bold;">
        <table cellspacing="0" cellpadding="0" class="cfttable" id="zfff725b61f2f4090aa995a9bd9dd8851" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

            <tr>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold;">
                <div style="text-align: center;">Year ended December 31,</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
                <div style="font-style: italic;">(in thousands of U.S. dollars)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                <div style="text-align: right; font-weight: bold;">2024</div>
                <div style="text-align: right;">(unaudited)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: right; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: right;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                <div style="text-align: right; font-weight: bold;">2023</div>
                <div style="text-align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(8</sup><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">)</sup></div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div>Cash provided by operating activities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;$</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div>864</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div>$</div>
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              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div>2,505</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div>Cash used in investing activities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div>(18,025</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div>)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div>(22</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div>)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div>Cash provided by/(used in) financing activities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div>15,905</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div>(3,332</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div>)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="font-weight: bold;">Net decrease in cash, cash equivalents and restricted cash</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;<font style="font-weight: bold;">$</font></td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-weight: bold;">(1,256</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-weight: bold;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-weight: bold;">(849</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-weight: bold;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div>Cash, cash equivalents and restricted cash at the beginning of the period</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div>2,702</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
                <div>3,551</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
                <div style="font-weight: bold;">Cash, cash equivalents and restricted cash at the end of the period</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;<font style="font-weight: bold;">$</font></td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="font-weight: bold;">1,446</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
                <div style="font-weight: bold;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
                <div style="font-weight: bold;">2,702</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            </tr>

        </table>
        <br>
      </div>
      <div style="font-weight: bold;">Significant Accounting Policies and Recent Accounting Pronouncements</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">A discussion of the Company&#8217;s significant accounting policies and recent accounting pronouncements can be found in Note 2 of the Company&#8217;s Unaudited Interim Condensed Consolidated Financial
        Statements for the nine-month periods ended September 30, 2024 and 2023, included in the Company&#8217;s most recent registration statement, filed with the SEC on Form F-1 which can be obtained free of charge on the SEC&#8217;s website at <u>www.sec.gov</u>.
        There have been no material changes to these policies in the Reporting Period.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Non-GAAP Financial Measures Definitions and Reconciliation to GAAP</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><a name="z_Hlk176031729"></a><a name="z_Hlk180496481"></a>To supplement our financial information presented in accordance with the United States generally accepted accounting principles (&#8220;<font style="font-weight: bold;">U.S. GAAP</font>&#8221;), we may use certain &#8220;non-GAAP financial measures&#8221; as such term is defined in Regulation G promulgated by the SEC. Generally, a non-GAAP financial measure is a numerical measure of a company&#8217;s
        operating performance, financial position or cash flows that excludes or includes amounts that are included in, or excluded from, the most directly comparable measure calculated and presented in accordance with U.S. GAAP. We believe non-GAAP
        financial measures provide investors with greater transparency and supplemental data relating to our financial condition and results of operations and, therefore, a more complete understanding of our business and financial performance than the
        comparable U.S. GAAP measures alone. However, non-GAAP financial measures should only be used in addition to, and not as substitutes for, the financial results presented in accordance with U.S. GAAP. Although we believe the following definitions
        and calculation methods are consistent with industry standards, our non-GAAP financial measures may not be directly comparable to similarly titled measures of other companies.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Earnings before Interest, Tax, Depreciation and Amortization (&#8220;EBITDA&#8221;). </font>EBITDA is a financial measure we calculate by deducting
        interest and finance costs, interest income, taxes, depreciation and amortization, from net (loss)/income. EBITDA assists our management by carving out the effects that non-operating expenses and non-cash items have on our financial results. We
        believe this also enhances the comparability of our operating performance between periods and against companies that may have varying capital structures, other depreciation and amortization policies, or that may be subject to different tax
        regulations. The following table reconciles EBITDA to the most directly comparable U.S. GAAP financial measure:</div>
      <div>&#160;
        <hr noshade="noshade" align="left" style="height: 2px; width: 20%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;"></div>
      <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">8</sup> Data derives from the audited consolidated financial statements of the respective period.
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zed6d67aa62d74202aa1aa1f572548ff4" class="cfttable">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: right; font-weight: bold;">Year ended December 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
              <div style="font-style: italic;">(in thousands of U.S. dollars)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; font-weight: bold;">2024</div>
              <div style="text-align: right;">(unaudited)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; font-weight: bold;">2023</div>
              <div style="text-align: right;">(unaudited)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div>Net (loss)/income</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>(210</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">
              <div>)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>1,155</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div><font style="font-style: italic;">Plus:</font> Depreciation expense</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>1,130</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>680</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div><font style="font-style: italic;">Plus:</font> Amortization of deferred drydocking costs</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>512</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>357</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%;">
              <div><font style="font-style: italic;">Plus:</font> Interest and finance costs</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>452</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div><font style="font-style: italic;">Less:</font> Interest income</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div>(72</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftfncell">
              <div>)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div>(56</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftfncell">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="font-weight: bold;">EBITDA</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="font-weight: bold;">1,812</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="font-weight: bold;">2,136</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Time Charter Equivalent (&#8220;TCE&#8221;). </font>TCE is a measure of revenue generated over a period that accounts for the effect of the different
        charter types under which our vessels may be employed. TCE is calculated by deducting voyage expenses from revenue and making any other adjustments that may be required to approximate the revenue that would have been generated, had the vessels been
        employed under time charters. TCE is typically expressed on a daily basis (&#8220;Daily TCE&#8221;) by dividing it by Operating Days, to eliminate the effect of changes in fleet composition between periods. The following table reconciles TCE and Daily TCE to
        the most directly comparable U.S. GAAP financial measure:</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zbdae9b560d2a4e21ac0c88b98c54f087" class="cfttable">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 76%;" rowspan="1">&#160;</td>
            <td valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%;" rowspan="1" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="6"> <br>
              <div style="font-weight: bold;">Year ended December 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" rowspan="1" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 76%;">
              <div style="font-style: italic;">(in thousands of U.S. dollars,</div>
              <div style="font-style: italic;">except fleet operational data and daily figures)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: right; font-weight: bold;">2024</div>
              <div style="text-align: right;">(unaudited)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: right; font-weight: bold;">2023</div>
              <div style="text-align: right;">(unaudited)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 76%;">
              <div>Revenue, net</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftcurrcell">&#160;$</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1" class="cftnumcell">
              <div>
                <div>5,309</div>
              </div>
            </td>
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            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">&#160;4,476</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
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              <div>(335</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
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              <div>(162</div>
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              <div>)</div>
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            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 76%;">
              <div style="font-weight: bold;">TCE</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">
                <div>$</div>
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            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">
                <div>&#8203;4,974</div>
              </div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">
                <div>&#8203;$</div>
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            </td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right; font-weight: bold;">&#160;4,314</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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              <div><font style="font-style: italic;">Divided by:</font> Operating Days</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div>434.8</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
              <div>364.9</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
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            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; background-color: rgb(204, 238, 255); width: 76%;">
              <div style="font-weight: bold;">Daily TCE</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">
                <div>$</div>
              </div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">
                <div>&#8203;11,440</div>
              </div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">
                <div>&#8203;$</div>
              </div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); text-align: right; font-weight: bold;">11,822</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
      <div><br>
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      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Daily Vessel Operating Expenses (&#8220;Daily OPEX&#8221;). </font>Daily OPEX, is a measure of the vessel operating expenses incurred over a period divided
        by Ownership Days, <a name="z_Hlk180496773"></a>to eliminate the effect of changes in fleet composition between periods. The following table reconciles Daily OPEX to vessel operating expenses:</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z5209f4c496ac44f18518113a08c9db9d" class="cfttable">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: right; font-weight: bold;">Year ended December 31,</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
              <div style="font-style: italic;">(in thousands of U.S. dollars,</div>
              <div style="font-style: italic;">except fleet operational data and daily figures)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; font-weight: bold;">2024</div>
              <div style="text-align: right;">(unaudited)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: right; font-weight: bold;">2023</div>
              <div style="text-align: right;">(unaudited)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div>Vessel operating expenses</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div>2,377</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-align: right;">
                <div style="font-weight: bold;">&#8203;$</div>
              </div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">&#160;1,880</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div><font style="font-style: italic;">Divided by:</font> Ownership Days</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div>465.8</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div>365.0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="font-weight: bold;">Daily OPEX</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="text-align: right; font-weight: bold;">
                <div style="font-weight: bold;">&#8203;$</div>
              </div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-weight: bold; text-align: right;">&#160;5,103</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div style="text-align: right; font-weight: bold;">
                <div style="font-weight: bold;">&#8203;$</div>
              </div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); text-align: right; font-weight: bold;">5,151</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-weight: bold;">Other Definitions and Methodologies</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">This press release refers to the terms and methodologies described below. Although we believe the following definitions and calculation methods are consistent with industry standards, these
        measures may not be directly comparable to similarly titled measures of other companies.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Ownership Days. </font>Ownership Days are the total days we owned our vessels during the relevant period. We use this to measure the size of
        our fleet over a period.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Available Days.</font> Available Days are the Ownership Days, less any days during which our vessels were unable to be used for their intended
        purpose as a result of scheduled maintenance, upgrades, modifications, drydockings, special or intermediate surveys, or due to change of ownership logistics, including positioning for and repositioning from such events. We use this to measure the
        number of days in a period during which our vessels should be capable of generating revenues.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Operating Days.</font> Operating Days are the Available Days, less any days during which our vessels were unable to be used for their intended
        purpose as a result of unforeseen events and circumstances. We use this to measure the number of days in a period during which our vessels actually generated revenues.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Vessel Utilization.</font> Vessel Utilization is the ratio of Operating Days to Available Days.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Average Number of Vessels.</font> Average Number of Vessels is the ratio of Ownership Days to calendar days in a period.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Minimum Contracted Revenue.</font> The amount of Minimum Contracted Revenue is estimated by reference to the contracted period and hire rate,
        net of charterers&#8217; commissions but before brokerage and commercial management commissions and assuming no unforeseen off-hire days. For index-linked contracts, Minimum Contracted Revenue is estimated by reference to the average of the relevant
        index during the 15 days preceding the calculation date.</div>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
