<SEC-DOCUMENT>0000919574-23-001981.txt : 20230301
<SEC-HEADER>0000919574-23-001981.hdr.sgml : 20230301
<ACCEPTANCE-DATETIME>20230301162640
ACCESSION NUMBER:		0000919574-23-001981
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20221231
FILED AS OF DATE:		20230301
DATE AS OF CHANGE:		20230301

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Frontline plc
		CENTRAL INDEX KEY:			0000913290
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				980135919
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16601
		FILM NUMBER:		23693999

	BUSINESS ADDRESS:	
		STREET 1:		8, JOHN KENNEDY STREET
		STREET 2:		IRIS HOUSE, OFF. 740B
		CITY:			LIMASSOL
		STATE:			G4
		ZIP:			3106
		BUSINESS PHONE:		35725-588767

	MAIL ADDRESS:	
		STREET 1:		8, JOHN KENNEDY STREET
		STREET 2:		IRIS HOUSE, OFF. 740B
		CITY:			LIMASSOL
		STATE:			G4
		ZIP:			3106

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FRONTLINE LTD /
		DATE OF NAME CHANGE:	19980925

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LONDON & OVERSEAS FREIGHTERS LTD
		DATE OF NAME CHANGE:	19931012
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d9968199_6k.htm
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">FORM 6-K</div>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">RULE 13A-16 OR 15D-16 UNDER THE SECURITIES</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">EXCHANGE ACT OF 1934</div>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt;">For the month of February 2023</div>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt;">Commission File Number:&#160;&#160;<u>001-16601</u></div>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">FRONTLINE PLC</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt;">(Translation of registrant's name into English)</div>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">8, Kennedy Street, Iris House, Off. 740B, 3106 Limmasol, Cyprus</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt;">(Address of principal executive offices)</div>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 12pt;">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 style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 12pt;">Form 20-F [ X ]&#160;&#160;&#160;&#160;&#160;Form 40-F [&#160;&#160;&#160;]</div>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
    <div>
      <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-size: 11pt;">Attached hereto as Exhibit 1 is a copy of the press release issued by Frontline plc (the &#8220;Company&#8221;) on February 28, 2023, reporting the
        Company&#8217;s results for the fourth quarter and twelve months ended December 31, 2022.</div>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">SIGNATURES</div>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 12pt;">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>
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            <div style="font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">FRONTLINE PLC</div>
            <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">(registrant)</div>
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            <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Dated: March 1, 2023</div>
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            <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">By:</div>
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            <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;/s/ Inger M. Klemp</div>
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            <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Name: Inger M. Klemp</div>
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            <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Title: Principal Financial Officer</div>
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      <div style="text-align: right; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">EXHIBIT 1</div>
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        <div style="text-align: center; margin-right: 140.85pt; margin-left: 129.949pt; color: #005091; font-family: Calibri, sans-serif; font-size: 16pt; font-weight: bold;">FRONTLINE PLC</div>
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        <div style="margin-top: 0.15pt;"><br>
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        <div style="text-align: center; margin-right: 140.9pt; margin-left: 129.9pt; margin-top: 0.05pt; color: #005091; font-family: Calibri, sans-serif; font-size: 14pt; font-weight: bold;">FOURTH QUARTER 2022</div>
        <div style="margin-top: 0.15pt;"><br>
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        <div style="text-align: center; margin-right: 140.85pt; margin-left: 129.949pt; color: #005091; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">28 February 2023</div>
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        <div style="text-align: justify; margin-left: 6.5pt; margin-top: 2.55pt; color: #005091; font-family: Calibri, sans-serif; font-size: 12pt; font-weight: bold;">FRONTLINE PLC REPORTS RESULTS FOR THE FOURTH QUARTER ENDED DECEMBER 31, 2022</div>
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        <div style="text-align: justify; margin-right: 17.4pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">Frontline plc (the &#8220;Company&#8221; or &#8220;Frontline&#8221;), today reported unaudited results for the three and twelve months ended
          December 31, 2022:</div>
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        <div style="margin-left: 6.5pt; color: #005091; font-family: Calibri, sans-serif; font-size: 16pt; font-weight: bold;">Highlights</div>
        <div style="margin-top: 0.35pt;"><br>
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                  <div style="margin-left: 24.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">&#8226;</div>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">Highest quarterly net income since the second quarter of 2008 of $240.0 million, or $1.08 per basic and diluted share for the fourth quarter of 2022.</div>
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                  <div style="margin-left: 24.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">&#8226;</div>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">Adjusted net income of $215.5 million, or $0.97 per basic and diluted share for the fourth quarter of 2022.</div>
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                  <div style="margin-left: 24.5pt; margin-top: 2.65pt; font-family: Calibri, sans-serif; font-size: 11pt;">&#8226;</div>
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                  <div style="margin-top: 2.65pt; font-family: Calibri, sans-serif; font-size: 11pt;">Declared a cash dividend of $0.30 per share for the third quarter of 2022 and a cash dividend of $0.77 per share for the fourth quarter of 2022.</div>
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                  <div style="margin-left: 24.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">&#8226;</div>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">Reported total operating revenues of $530.1 million for the fourth quarter of 2022.</div>
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                  <div style="margin-left: 24.5pt; margin-top: 2.7pt; font-family: Calibri, sans-serif; font-size: 11pt;">&#8226;</div>
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                  <div style="margin-top: 2.7pt; font-family: Calibri, sans-serif; font-size: 11pt;">Reported spot TCEs for VLCCs, Suezmax tankers and LR2/Aframax tankers in the fourth quarter of 2022 were</div>
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        <div style="margin-left: 42.5pt; margin-top: 2.65pt; font-family: Calibri, sans-serif; font-size: 11pt;">$63,200, $57,900 (highest since the third quarter of 2008) and $58,800 (an all-time high) per day, respectively.</div>
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                  <div style="margin-left: 24.5pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;">&#8226;</div>
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                  <div style="text-align: justify; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;">For the first quarter of 2023, we estimate spot TCE on a load-to-discharge basis of $58,300 contracted for 87% of vessel days for
                    VLCCs, $72,400 contracted for 77% of vessel days for Suezmax tankers and $63,900 contracted for 68% of vessel days for LR2/Aframax tankers.</div>
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                  <div style="margin-left: 24.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">&#8226;</div>
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                  <div style="text-align: justify; font-family: Calibri, sans-serif; font-size: 11pt;">Sold the 2009-built VLCC, Front Eminence, and the 2009-built Suezmax tanker, Front Balder, for aggregate gross proceeds of approximately $100.5 million.
                    After repayment of existing debt on the vessels, the transactions are expected to generate net cash proceeds of approximately $63.8 million.</div>
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                  <div style="margin-left: 24.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">&#8226;</div>
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                  <div style="text-align: justify; font-family: Calibri, sans-serif; font-size: 11pt;">Took delivery of the three remaining VLCC newbuildings from Hyundai Heavy Industries (&#8220;HHI&#8221;): Front Gaula in October 2022, and Front Orkla and Front Tyne
                    in January 2023.</div>
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                  <div style="margin-left: 24.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">&#8226;</div>
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                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify; font-family: Calibri, sans-serif; font-size: 11pt;">Terminated the Combination Agreement with Euronav on January 9, 2023 and received from Euronav an emergency arbitration request for urgent interim and
                    conservatory measures on January 17, 2023, which was fully dismissed by the Emergency Arbitrator on February 7, 2023.</div>
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          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0.1pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4e5a9019880a404da04662f824ddf668">

              <tr>
                <td style="width: 42.5pt; vertical-align: top; align: right;">
                  <div style="margin-left: 24.5pt; margin-top: 0.1pt; font-family: Calibri, sans-serif; font-size: 11pt;">&#8226;</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify; margin-top: 0.1pt; font-family: Calibri, sans-serif; font-size: 11pt;">Received from Euronav an arbitration request for proceedings on the merits of the termination on January 28, 2023.</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z478b8c5d30c84bb99fe5c7c812b719c8">

              <tr>
                <td style="width: 42.5pt; vertical-align: top; align: right;">
                  <div style="margin-left: 24.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">&#8226;</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify; font-family: Calibri, sans-serif; font-size: 11pt;">Repaid $60.0 million of its $275.0 million senior unsecured revolving credit facility in February 2023.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="margin-top: 0.3pt;"><br>
        </div>
        <div style="text-align: justify; margin-left: 6.5pt; color: #005091; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Lars H. Barstad, Chief Executive Officer of Frontline Management AS, commented:</div>
        <div style="margin-top: 0.35pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.45pt; margin-left: 6.5pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;">&#8220;The fourth quarter of 2022 may have given us a preview of the years to come in the tanker market as
          Frontline posts its best quarterly result in more than 14 years. With Chinese demand returning in earnest, the VLCC market also kicked into action during the fourth quarter and Frontline reaped the full benefits of its lean and efficient
          operations with all asset classes generating solid shareholder returns.</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after:always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: center;"><img src="image00001.jpg"></div>
        <div style="margin-top: 0.05pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.45pt; margin-left: 6.5pt; margin-top: 2.8pt; font-family: Calibri, sans-serif; font-size: 11pt;">Overall freight demand continues to be positively affected by expanding trade lanes caused by Russian
          sanctions and the price cap on product exports that kicked in on the 5th of February. We should not forget this is all happening against the backdrop of an ageing fleet, dwindling orderbooks and unprecedented lead-times to new tonnage supply
          providing further support for the markets.&#8221;</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 6.5pt; color: #005091; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Inger M. Klemp, Chief Financial Officer of Frontline Management AS, added:</div>
        <div style="margin-top: 0.4pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.4pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">&#8220;We expect to refinance a term loan facility with total balloon payment of $80.1 million due in August 2023 prior to
          maturity, leaving the Company with no material maturities until 2024. Our strong cash flow in the second half of 2022 enables us to return $238.2 million to our shareholders in cash dividends. Considering that asset values are moving ahead of
          earnings fundamentals, we believe the best capital allocation of the net proceeds from the sale of the two 2009 built vessels is to repay our $275.0 million senior unsecured revolving credit facility and have repaid</div>
        <div style="text-align: justify; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">$60.0 million in February 2023, reducing the amount outstanding to $149.7 million.&#8221;</div>
        <div style="margin-top: 0.5pt;"><br>
        </div>
        <div style="text-align: center; margin-right: 140.75pt; margin-left: 129.949pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Average daily time charter equivalents ("TCEs")<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
        <div style="margin-top: 0.15pt;"><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z89d857a2e1094d00be49fde8891a944c">

            <tr>
              <td style="width: 13.94%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div>&#160;</div>
                <div>&#160;</div>
                <div style="margin-left: 9.5pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">($ per day)</div>
              </td>
              <td style="width: 8.11%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td style="width: 9.07%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td colspan="2" style="width: 18.03%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div>&#160;</div>
                <div>&#160;</div>
                <div style="margin-left: 27.85pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Spot TCE</div>
              </td>
              <td style="width: 9.53%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td style="width: 8.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td style="width: 10.26%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div>&#160;</div>
                <div style="text-indent: 2.25pt; margin-right: 2.6pt; margin-left: 4.15pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Spot TCE estimates</div>
              </td>
              <td style="width: 10.69%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div>&#160;</div>
                <div>&#160;</div>
                <div style="text-align: center; margin-right: 1.5pt; margin-left: 2.6pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">% Covered</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 4.85pt; margin-left: 6.35pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Estimated average</div>
                <div style="text-align: center; margin-right: 4.9pt; margin-left: 6.2pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">daily cash</div>
                <div style="text-align: center; margin-right: 4.9pt; margin-left: 6.35pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">breakeven </div>
                <div style="text-align: center; margin-right: 4.9pt; margin-left: 6.35pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">rates</div>
              </td>
            </tr>
            <tr>
              <td style="width: 13.94%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td style="width: 8.11%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 3.7pt; margin-left: 3.7pt; font-family: Calibri, sans-serif; font-size: 11pt;">2022</div>
              </td>
              <td style="width: 9.07%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 2.55pt; margin-left: 4.75pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Q4 2022</div>
              </td>
              <td style="width: 8.94%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 3.35pt; margin-left: 3.55pt; font-family: Calibri, sans-serif; font-size: 11pt;">Q3 2022</div>
              </td>
              <td style="width: 9.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 3.35pt; margin-left: 4.35pt; font-family: Calibri, sans-serif; font-size: 11pt;">Q2 2022</div>
              </td>
              <td style="width: 9.53%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; margin-right: 6pt; font-family: Calibri, sans-serif; font-size: 11pt;">Q1 2022</div>
              </td>
              <td style="width: 8.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 10.35pt; font-family: Calibri, sans-serif; font-size: 11pt;">2021</div>
              </td>
              <td colspan="2" style="width: 20.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 34.75pt; font-family: Calibri,sans-serif; font-size: 11pt; text-align: justify;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Q1 2023</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 4.9pt; margin-left: 6.25pt; font-family: Calibri, sans-serif; font-size: 11pt;">2023</div>
              </td>
            </tr>
            <tr>
              <td style="width: 13.94%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-size: 11pt;">VLCC</div>
              </td>
              <td style="width: 8.11%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 3.7pt; margin-left: 5.7pt; font-family: Calibri, sans-serif; font-size: 11pt;">31,300</div>
              </td>
              <td style="width: 9.07%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 0.65pt; margin-left: 4.75pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">63,200</div>
              </td>
              <td style="width: 8.94%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 1.4pt; margin-left: 3.55pt; font-family: Calibri, sans-serif; font-size: 11pt;">25,000</div>
              </td>
              <td style="width: 9.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 1.4pt; margin-left: 4.35pt; font-family: Calibri, sans-serif; font-size: 11pt;">16,400</div>
              </td>
              <td style="width: 9.53%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; margin-right: 8.55pt; font-family: Calibri, sans-serif; font-size: 11pt;">15,700</div>
              </td>
              <td style="width: 8.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 7.15pt; font-family: Calibri, sans-serif; font-size: 11pt;">15,300</div>
              </td>
              <td style="width: 10.26%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 8.65pt; margin-left: 11.2pt; font-family: Calibri, sans-serif; font-size: 11pt;">58,300</div>
              </td>
              <td style="width: 10.69%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 15.1pt; margin-left: 18.7pt; font-family: Calibri, sans-serif; font-size: 11pt;">87%</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 3.1pt; margin-left: 6.35pt; font-family: Calibri, sans-serif; font-size: 11pt;">27,000</div>
              </td>
            </tr>
            <tr>
              <td style="width: 13.94%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-size: 11pt;">Suezmax</div>
              </td>
              <td style="width: 8.11%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 3.7pt; margin-left: 5.7pt; font-family: Calibri, sans-serif; font-size: 11pt;">37,100</div>
              </td>
              <td style="width: 9.07%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 0.65pt; margin-left: 4.75pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">57,900</div>
              </td>
              <td style="width: 8.94%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 1.4pt; margin-left: 3.55pt; font-family: Calibri, sans-serif; font-size: 11pt;">41,100</div>
              </td>
              <td style="width: 9.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 1.4pt; margin-left: 4.35pt; font-family: Calibri, sans-serif; font-size: 11pt;">26,500</div>
              </td>
              <td style="width: 9.53%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; margin-right: 8.55pt; font-family: Calibri, sans-serif; font-size: 11pt;">16,900</div>
              </td>
              <td style="width: 8.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 7.15pt; font-family: Calibri, sans-serif; font-size: 11pt;">12,000</div>
              </td>
              <td style="width: 10.26%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 8.65pt; margin-left: 11.2pt; font-family: Calibri, sans-serif; font-size: 11pt;">72,400</div>
              </td>
              <td style="width: 10.69%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 15.1pt; margin-left: 18.7pt; font-family: Calibri, sans-serif; font-size: 11pt;">77%</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 3.1pt; margin-left: 6.35pt; font-family: Calibri, sans-serif; font-size: 11pt;">21,500</div>
              </td>
            </tr>
            <tr>
              <td style="width: 13.94%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-size: 11pt;">LR2 / Aframax</div>
              </td>
              <td style="width: 8.11%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 3.7pt; margin-left: 5.7pt; font-family: Calibri, sans-serif; font-size: 11pt;">38,500</div>
              </td>
              <td style="width: 9.07%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 0.65pt; margin-left: 4.75pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">58,800</div>
              </td>
              <td style="width: 8.94%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 1.4pt; margin-left: 3.55pt; font-family: Calibri, sans-serif; font-size: 11pt;">40,200</div>
              </td>
              <td style="width: 9.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 1.4pt; margin-left: 4.35pt; font-family: Calibri, sans-serif; font-size: 11pt;">38,600</div>
              </td>
              <td style="width: 9.53%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; margin-right: 8.55pt; font-family: Calibri, sans-serif; font-size: 11pt;">19,000</div>
              </td>
              <td style="width: 8.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 7.15pt; font-family: Calibri, sans-serif; font-size: 11pt;">11,800</div>
              </td>
              <td style="width: 10.26%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 8.65pt; margin-left: 11.2pt; font-family: Calibri, sans-serif; font-size: 11pt;">63,900</div>
              </td>
              <td style="width: 10.69%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 15.1pt; margin-left: 18.7pt; font-family: Calibri, sans-serif; font-size: 11pt;">68%</div>
              </td>
              <td style="width: 11.73%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; margin-right: 3.1pt; margin-left: 6.35pt; font-family: Calibri, sans-serif; font-size: 11pt;">17,600</div>
              </td>
            </tr>

        </table>
        <div style="margin-top: 0.3pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.7pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">We expect the spot TCEs for the full first quarter of 2023 to be lower than the TCEs currently contracted, due to the
          impact of ballast days at the end of the fourth quarter. The number of ballast days at the end of the fourth quarter was 322 for VLCCs, 428 for Suezmax tankers and 174 for LR2/Aframax tankers.</div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="text-align: justify; margin-left: 6.5pt; color: #005091; font-family: Calibri, sans-serif; font-size: 16pt; font-weight: bold;">Fourth Quarter 2022 Results</div>
        <div style="margin-top: 0.1pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.35pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">The Company reports net income of $240.0 million for the quarter ended December 31, 2022, compared with net income of
          $154.4 million in the previous quarter. The adjusted net income<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> was $215.5 million for the fourth quarter of 2022 compared with adjusted net income of $82.9 million in the previous quarter. The adjustments in the fourth quarter of
          2022 consist of a $23.0 million gain on marketable securities, $2.6 million share of results of associated companies, and a $1.1 million unrealized loss on derivatives. The increase in adjusted net income from the previous quarter was primarily
          due to an increase in our time charter equivalent earnings from $204.7 million in the previous quarter to $351.6 million in the current quarter, due to higher TCE rates, partially offset by a general increase in expenses.</div>
        <div style="text-align: justify; margin-right: 17.35pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;"> <br>
        </div>
        <div style="margin-right: 19.2pt; margin-left: 6.5pt; margin-top: 5.9pt; font-family: Calibri, sans-serif; font-size: 9pt;"><sup style="font-family: 'Times New Roman', serif; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup><font style="font-family: 'Times New Roman', serif;">&#160;</font>This
          press release describes Time Charter Equivalent earnings and related per day amounts, which are not measures prepared in accordance with US GAAP (&#8220;non-GAAP&#8221;). See Appendix 1 for a full description of the measures and reconciliation to the nearest
          GAAP measure.</div>
        <div style="margin-right: 19.2pt; margin-left: 6.5pt; margin-top: 0.5pt; font-family: Calibri, sans-serif; font-size: 9pt;"><sup style="font-family: 'Times New Roman', serif; vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup><font style="font-family: 'Times New Roman', serif;">&#160;</font>This
          press release describes adjusted net income (loss) and related per share amounts, which are not measures prepared in accordance with US GAAP (&#8220;non-GAAP&#8221;). See Appendix 1 for a reconciliation to the nearest GAAP measure.</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        <div style="text-align: center;"><img src="image00001.jpg"></div>
        <div style="margin-top: 0.05pt;"><br>
        </div>
        <div style="margin-top: 0.1pt;"><br>
        </div>
        <div style="text-align: justify; margin-left: 6.5pt; color: #005091; font-family: Calibri, sans-serif; font-size: 16pt; font-weight: bold;">Tanker Market Update</div>
        <div style="margin-top: 0.1pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.75pt; margin-left: 6.5pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;">Global oil consumption averaged 99.7 million barrels per day ("mbpd") in the fourth quarter of 2022
          according to the Energy Information Administration (&#8220;EIA&#8221;), 0.7 mbpd lower than the previous quarter. Europe represented the largest fall in apparent consumption, likely due to an unusually warm fourth quarter, whilst China was the largest
          contributor to consumption growth. Global oil supply increased by 0.6 mbpd during the fourth quarter, averaging</div>
        <div style="text-align: justify; margin-right: 17.75pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">101.4 mbpd. According to the EIA global inventories have been building during the quarter by an average of 1.7 mbpd,
          putting pressure on oil prices during the period.</div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.45pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">The sanctions on Russia continue to affect both the oil and the tanker markets. On December 5, 2022, a price cap of $60
          per barrel announced by the G7 countries came into effect, further limiting the flow of Russian crude to the EU, however, the impact from price cap regulation has been muted. There has been a gradual implementation of sanctions since Russia
          invaded Ukraine in addition to a growing degree of self-sanctioning, this had already redirected a significant share of Russian exports away from Europe. According to industry sources Russian shipments of crude and fuel oil from the Baltic and
          Black Sea to Europe and US gradually fell from 4mbpd in February 2022 to 1.8 mbpd in December 2022. Russian exports have remained stable throughout the period, indicating a significant rise in volumes sailing to destinations further afield like
          Latin America, the Middle East and Asia. On February 5, 2023, the second iteration of G7 price cap regulations came into force for refined product exports. Although in total volume, the impact is less, Russian exports of products to Europe have
          not reduced to the same degree ahead of the effective date, meaning the impact post February 5 this year may be material. There is a 55-day grace period for cargoes loaded prior to February 5, so the full effect will be seen over the coming
          months.</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.45pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">Despite improving fundamentals and strong tanker markets in the second half of 2022, new ordering of tanker tonnage in
          dwt terms was the lowest reported in 27 years. There is a marginal number of available berths being discussed for late 2025 delivery, predominantly in China, but to compensate for the growing numbers of vessels reaching 20 years of age over the
          next years, one needs to look to 2026. This continues to be the fundamental reason one may remain positive for tankers for the years to come. During the fourth quarter of 2022 only two newbuilding orders were reported for VLCCs, two for LR2
          tankers and none for Suezmax tankers according to industry sources. At the end of the year the orderbook stood at 3.1% of the existing fleet for VLCCs, 1.7% for Suezmax tankers and 13% for LR2 tankers. For tankers we are now facing negative fleet
          growth in 2024 according to industry sources, last time this occurred was in 2002. At the same time the EIA expect global oil demand to rise by 5.9 mbpd over the same period. China is expected to be the largest contributor to demand growth,
          whilst over 80% of new production is expected to come from the US, implying growing distances between supply and demand growth.</div>
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        <div style="margin-top: 0.4pt;"><br>
        </div>
        <div style="text-align: justify; margin-left: 6.5pt; margin-top: 1.8pt; color: #005091; font-family: Calibri, sans-serif; font-size: 16pt; font-weight: bold;">The Fleet</div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="text-align: justify; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">As of December 31, 2022, the Company&#8217;s fleet consisted of 70 vessels, with an aggregate capacity of approximately</div>
        <div style="margin-left: 6.5pt; margin-top: 2.65pt; font-family: Calibri, sans-serif; font-size: 11pt;">13.1 million DWT:</div>
        <div style="margin-top: 0.4pt;"><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9f1d77af23a24a5895f3213eb07a68e1">

              <tr>
                <td style="width: 80.8pt; vertical-align: top; align: right;">
                  <div style="margin-left: 35.75pt; font-family: Calibri, sans-serif; font-size: 11pt;">(i)</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">66 vessels owned by the Company (21 VLCCs, 27 Suezmax tankers, 18 LR2/Aframax tankers);</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 2.65pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0219b9113f6349d2ae9b5b042249d381">

              <tr>
                <td style="width: 80.8pt; vertical-align: top; align: right;">
                  <div style="margin-left: 35.75pt; margin-top: 2.65pt; font-family: Calibri, sans-serif; font-size: 11pt;">(ii)</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 2.65pt; font-family: Calibri, sans-serif; font-size: 11pt;">four vessels that are under the Company&#8217;s commercial management (two Suezmax tankers and two Aframax tankers)</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">The Company took delivery of the two remaining VLCC newbuildings, Front Orkla and Front Tyne in January 2023.</div>
        <div style="margin-top: 0.5pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.5pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">In August 2019, the Company entered into fixed rate time charter-out contracts for five Suezmax tankers to a subsidiary
          of Trafigura Group Pte Ltd ("Trafigura") on three-year time charters, at a daily base rate of $28,400 with a 50% profit share above the base rate. The Suezmax tankers were redelivered upon completion of the time charters in July to October 2022.</div>
        <div style="margin-top: 0.4pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.45pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">In August and September 2022, the Company entered into two fixed rate time charter-out contracts for two LR2/Aframax
          tankers to third parties on a three-year time charter, at a daily base rate of $31,500 and $34,500, respectively.</div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.35pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">In January 2023, the Company sold the 2009-built VLCC, Front Eminence, and the 2009-built Suezmax tanker, Front Balder,
          for gross proceeds of approximately $61.0 million and $39.5 million, respectively. The vessels were delivered to new owners in January and February, respectively. After repayment of existing debt on the vessels, the transactions are expected to
          generate net cash proceeds of approximately $63.8 million, <font style="font-family: 'Times New Roman', serif; font-size: 12pt;">and </font>the Company expects to record a gain on sale of approximately $10.0 million and $2.0 million,
          respectively, in the first quarter of 2023.</div>
        <div style="margin-top: 0.45pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.4pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">As of December 31, 2022, the Company&#8217;s owned fleet included 40 scrubber fitted vessels (17 VLCCs, 19 Suezmax tankers and
          four LR2/Aframax tankers). Additional scrubber installations are planned on two owned VLCCs in 2023. Following these scrubber installations, including the delivery of two scrubber-fitted vessels under our newbuilding program in January 2023 and
          the sale of two vessels with scrubbers in January and February 2023, 64% of our fleet will have scrubbers installed.</div>
        <div style="margin-top: 0.35pt;"><br>
        </div>
        <div style="text-align: justify; margin-left: 6.5pt; color: #005091; font-family: Calibri, sans-serif; font-size: 16pt; font-weight: bold;">Newbuilding Program</div>
        <div style="margin-top: 0.5pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.55pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">As of December 31, 2022, the Company&#8217;s newbuilding program consisted of two scrubber-fitted VLCCs, Front Orkla and Front
          Tyne which were delivered in January 2023.</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.45pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">As of December 31, 2022, total installments of $45.1 million had been paid in connection with the Company&#8217;s remaining
          newbuilding program, and remaining commitments of $144.8 million were paid in the first quarter of 2023, of which $130.0 million was financed by committed term loan facilities.</div>
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        <div style="margin-top: 0.4pt;"><br>
        </div>
        <div style="text-align: justify; margin-left: 6.5pt; margin-top: 1.8pt; color: #005091; font-family: Calibri, sans-serif; font-size: 16pt; font-weight: bold;">Corporate Update</div>
        <div style="margin-top: 0.45pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.4pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">At a Special General Meeting on December 20, 2022, the Company's shareholders agreed to redomicile the Company to the
          Republic of Cyprus under the name of Frontline plc (the &#8220;Redomiciliation&#8221;). The business, assets and liabilities of Frontline Ltd. and its subsidiaries prior to the Redomiciliation are the same as Frontline plc immediately after the
          Redomiciliation on a consolidated basis, as well as its fiscal year. In addition, the directors and executive officers of the Frontline plc immediately after the Redomiciliation are the same individuals who were directors and executive officers,
          respectively, of Frontline Ltd. immediately prior to the Redomiciliation. On December 30, 2022, the Registrar of Companies and Official Receiver of the Republic of Cyprus has issued a temporary redomiciliation certificate, and the Redomiciliation
          has therefore taken effect.</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="margin: 0px 20px 0px 6.5pt; font-family: Calibri, 'sans-serif'; font-size: 11pt; text-align: justify;"><font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: Calibri,'sans-serif'; font-style: normal; font-variant: normal; text-transform: none;">At the same meeting, the Company's shareholders approved an increase of Frontline&#8217;s authorized share capital from $500,000,000
            (divided into 500,000,000 ordinary shares, par value $1.00), to $600,000,000 (divided into 600,000,000 ordinary shares, par value $1.00), by the creation of an additional 100,000,000 ordinary shares, par value $1.00, with such newly created
            ordinary shares to be of the same category and have the same rights and to rank pari passu with the existing ordinary shares in all respects</font>. </div>
        <div style="margin-top: 0.15pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.35pt; margin-left: 6.5pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;">In January 2023 the Company terminated the Combination Agreement with Euronav NV (&#8220;Euronav&#8221;) in
          accordance with the provisions of the Agreement. On January 18, 2023, Frontline received from Euronav an emergency arbitration request for urgent interim and conservatory measures. On February 7, 2023, the emergency arbitration claims filed by
          Euronav were fully dismissed by the Emergency Arbitrator and Euronav was ordered to reimburse all costs incurred by Frontline.</div>
        <div style="margin-top: 0.15pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.3pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">On January 28, 2023, Frontline received from Euronav an arbitration request for proceedings on the merits of the
          termination. Frontline is currently analyzing this request with its legal advisors. Frontline once again confirms that its decision to terminate the combination agreement was entirely lawful.</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.4pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">Pursuant to the Company&#8217;s stated dividend policy, the Board of Directors declared a dividend of $0.30 per share for the
          third quarter of 2022 and a dividend of $0.77 per share for the fourth quarter of 2022. The record date for the two dividends will be March 16, 2023. The ex-dividend date is expected to be March 15, 2023, and the two dividends will be paid on or
          about March 31, 2023.</div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.45pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">The Company had 222,622,889 ordinary shares outstanding as of December 31, 2022. The weighted average number of shares
          outstanding for the purpose of calculating basic and diluted earnings per share for the fourth quarter of 2022 was 222,622,889.</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-left: 6.5pt; margin-top: 0.05pt; color: #005091; font-family: Calibri, sans-serif; font-size: 16pt; font-weight: bold;">Financing Update</div>
        <div style="margin-top: 0.5pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.45pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">In October 2022, the Company drew down $65.0 million under its senior secured term loan facility with ABN AMRO Bank N.V
          to partially finance the delivery of the 2022 built VLCC Front Gaula. The facility has a tenor of five years, carries an interest rate of LIBOR plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the
          delivery date from the yard. The facility was fully drawn down in October 2022.</div>
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        <div style="text-align: center;"><img src="image00001.jpg"></div>
        <div style="margin-top: 0.35pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.6pt; margin-left: 6.5pt; margin-top: 2.75pt; font-family: Calibri, sans-serif; font-size: 11pt;">In November 2022, the Company extended its senior unsecured revolving credit facility of up to $275.0
          million with an affiliate of Hemen Holding Ltd. (&#8220;Hemen&#8221;), the Company&#8217;s largest shareholder, by 12 months to May 2024 at an interest rate of 8.50% and otherwise on same terms.</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.7pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">In January 2023, the Company drew down $65.0 million under its senior secured term loan facility with Cr&#233;dit Agricole to
          partially finance the delivery of the 2023 built VLCC Front Orkla. The facility has a tenor of five years, carries an interest rate of LIBOR plus a margin of 170 basis points and has an amortization profile of 18 years commencing on the delivery
          date from the yard. The facility was fully drawn down in January 2023.</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.4pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">In January 2023, the Company drew down $65.0 million under its senior secured term loan facility with KFW to partially
          finance the delivery of the 2023 built VLCC Front Tyne. The facility has a tenor of five years, carries an interest rate of LIBOR plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from
          the yard. The facility was fully drawn down in January 2023.</div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="text-align: justify; margin-left: 6.5pt; color: #005091; font-family: Calibri, sans-serif; font-size: 16pt; font-weight: bold;">ESG Update</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-right: 17.35pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">The Company has published its 2021 ESG report, which may be found on its website at
          https://www.frontline.bm/about-frontline-ltd/environmental-social-governance-esg/. The information on the Company&#8217;s website is not incorporated by reference into this document. The 2021 ESG Report is the Company&#8217;s fourth comprehensive and
          stand-alone sustainability report, which provides an opportunity to reflect on the Company&#8217;s Environmental, Social and Governance (&#8220;ESG&#8221;) journey thus far and look ahead to the challenges and opportunities we face in the short and long-term in
          respect of ESG issues. In the past, environmental issues have dominated ESG discussions in the shipping industry. However, the COVID-19 pandemic and ever-increasing regulatory environment have resulted in a more balanced sustainability landscape.
          Identifying and addressing ESG risks and opportunities are at the core of Frontline&#8217;s business strategy.</div>
        <div style="margin-top: 0.3pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.45pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">Our response to the acute challenges we have faced in recent years, most notably the COVID-19 pandemic and IMO
          regulations, is testimony to the resilience and agility of the sustainability framework we have implemented and our ability to not only overcome such challenges but thrive when doing so. Balancing the interests and expectations of all our
          stakeholders, including investors, analysts, employees, customers, suppliers, and communities is never easy but we believe our sustainability strategy is key to striking this balance and creating long-term value.</div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="text-align: justify; margin-left: 6.5pt; color: #005091; font-family: Calibri, sans-serif; font-size: 16pt; font-weight: bold;">Conference Call and Webcast</div>
        <div style="margin-top: 0.3pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.7pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">On February 28, 2023, at 9:00 A.M. ET (3:00 P.M. CET), the Company's management will host a conference call to discuss
          the results.</div>
        <div style="margin-top: 0.3pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.9pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">Presentation materials and a webcast of the conference call may be accessed on the Company&#8217;s website,
          www.frontlineplc.cy, under the &#8216;Webcast&#8217; link. The link can also be accessed <font style="color: rgb(0, 0, 255);"><u>here</u></font><font style="font-family: 'Times New Roman',serif;">.</font></div>
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        </div>
        <div style="text-align: center;"><img src="image00001.jpg"></div>
        <div style="margin-top: 0.05pt;"><br>
        </div>
        <div style="text-align: justify; margin-left: 6.5pt; margin-top: 2.8pt; font-family: Calibri, sans-serif; font-size: 11pt;">Telephone conference:</div>
        <div style="text-align: justify; margin-right: 17.95pt; margin-left: 6.5pt; margin-top: 2.7pt; font-family: Calibri, sans-serif; font-size: 11pt;">Participants are required to register in advance of the conference using the link provided below.
          Upon registering, each participant will be provided with Participant Dial In Numbers, and a unique Personal PIN.</div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.6pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">In the 10 minutes prior to call start time, participants will need to use the conference access information provided in
          the e-mail received at the point of registering. Participants may also use the call me feature instead of dialing the nearest dial in number.</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="margin-right: 197.45pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">Online Registration to the call may be accessed via the following link: </div>
        <div style="margin-right: 197.45pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;"> <font style="color: rgb(0, 0, 255);"><br>
          </font></div>
        <div style="margin-right: 197.45pt; margin-left: 6.5pt; font-family: Calibri,sans-serif; font-size: 11pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 255);"><u>Online registration</u></div>
        <div style="margin-right: 197.45pt; margin-left: 6.5pt; font-family: Calibri,sans-serif; font-size: 11pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 255);"><u> <br>
          </u></div>
        <div style="margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">A replay of the conference call will be available following the live call. Please use below link to access the webcast:</div>
        <div style="margin-top: 0.45pt;"><br>
        </div>
        <div style="margin-left: 6.5pt; color: #0000FF; font-family: Calibri, sans-serif; font-size: 11pt;"><u>Replay of conference call</u></div>
        <div style="margin-top: 0.05pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.5pt; margin-left: 6.5pt; margin-top: 2.75pt; font-family: Calibri, sans-serif; font-size: 11pt;">None of the information contained in or that forms a part of the Company&#8217;s conference calls, website
          or audio webcasts is part of this release.</div>
        <div><br>
        </div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-left: 6.5pt; color: #005091; font-family: Calibri, sans-serif; font-size: 16pt; font-weight: bold;">Forward-Looking Statements</div>
        <div style="margin-top: 0.3pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.45pt; margin-left: 6.5pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;">Matters discussed in this report may constitute forward-looking statements. The Private Securities
          Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements, which include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other
          statements, which are other than statements of historical facts.</div>
        <div style="margin-top: 0.1pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.4pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">Frontline plc and its subsidiaries, or the Company, desires to take advantage of the safe harbor provisions of the
          Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. This report and any other written or oral statements made by us or on our behalf may include
          forward-looking statements, which reflect our current views with respect to future events and financial performance and are not intended to give any assurance as to future results. When used in this document, the words "believe," "anticipate,"
          "intend," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect" and similar expressions, terms or phrases may identify forward-looking statements.</div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.45pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">The forward-looking statements in this report are based upon various assumptions, including without limitation,
          management's examination of historical operating trends, data contained in our records and data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject
          to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation
          to update any forward-looking statements, whether as a result of new information, future events or otherwise.</div>
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        </div>
        <div style="text-align: center;"><img src="image00001.jpg"></div>
        <div style="margin-top: 0.35pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.35pt; margin-left: 6.5pt; margin-top: 2.75pt; font-family: Calibri, sans-serif; font-size: 11pt;">In addition to these important factors and matters discussed elsewhere herein, important factors
          that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including
          fluctuations in charter hire rates and vessel values, changes in the supply and demand for vessels comparable to ours, changes in worldwide oil production and consumption and storage, changes in the Company's operating expenses, including bunker
          prices, dry docking and insurance costs, the market for the Company's vessels, availability of financing and refinancing, our ability to obtain financing and comply with the restrictions and other covenants in our financing arrangements,
          availability of skilled workers and the related labor costs, compliance with governmental, tax, environmental and safety regulation, any non-compliance with the U.S. Foreign Corrupt Practices Act of 1977 (FCPA) or other applicable regulations
          relating to bribery, the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to our ESG policies, general economic conditions and conditions in the oil industry, effects of
          new products and new technology in our industry, the failure of counter parties to fully perform their contracts with us, our dependence on key personnel, adequacy of insurance coverage, our ability to obtain indemnities from customers, changes
          in laws, treaties or regulations, the volatility of the price of our ordinary shares; our incorporation under the laws of Cyprus and the different rights to relief that may be available compared to other countries, including the United States,
          changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due
          to accidents, environmental factors, political events, public health threats, international hostilities including the ongoing developments in the Ukraine region, acts by terrorists or acts of piracy on ocean-going vessels, the length and severity
          of epidemics and pandemics, including the ongoing global outbreak of the novel coronavirus ("COVID-19"), and their impacts on the demand for seaborne transportation of petroleum products, the impact of increasing scrutiny and changing
          expectations from investors, lenders and other market participants with respect to our Environmental, Social and Governance policies, the impact of port or canal congestion and other important factors described from time to time in the reports
          filed by the Company with the Securities and Exchange Commission or Commission.</div>
        <div style="margin-top: 0.3pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.4pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">We caution readers of this report not to place undue reliance on these forward-looking statements, which speak only as of
          their dates. These forward-looking statements are no guarantee of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.</div>
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        <div style="text-align: center;"><img src="image00001.jpg"></div>
        <div style="margin-top: 0.05pt;"><br>
        </div>
        <div style="text-align: center; margin-right: 223.85pt; margin-left: 212.9pt; margin-top: 2.8pt; font-family: Calibri, sans-serif; font-size: 11pt;">The Board of Directors </div>
        <div style="text-align: center; margin-right: 223.85pt; margin-left: 212.9pt; margin-top: 2.8pt; font-family: Calibri, sans-serif; font-size: 11pt;">Frontline plc</div>
        <div style="text-align: center; margin-right: 223.8pt; margin-left: 212.9pt; font-family: Calibri, sans-serif; font-size: 11pt;">Limassol, Cyprus </div>
        <div style="text-align: center; margin-right: 223.8pt; margin-left: 212.9pt; font-family: Calibri, sans-serif; font-size: 11pt;">February 27, 2023</div>
        <div style="margin-top: 0.05pt;"><br>
        </div>
        <div style="text-align: center; margin-right: 188.1pt; margin-left: 177.2pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;">Ola Lorentzon <font style="font-family: 'Times New Roman', serif;">-</font> Chairman and Director
        </div>
        <div style="text-align: center; margin-right: 188.1pt; margin-left: 177.2pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;">John Fredriksen - Director</div>
        <div style="text-align: center; margin-right: 140.8pt; margin-left: 129.949pt; font-family: Calibri, sans-serif; font-size: 11pt;">Ole B. Hjertaker <font style="font-family: 'Times New Roman', serif;">-</font> Director</div>
        <div style="text-align: center; margin-right: 203.05pt; margin-left: 192.2pt; margin-top: 1.6pt; font-family: Calibri, sans-serif; font-size: 11pt;">James O'Shaughnessy <font style="font-family: 'Times New Roman', serif;">-</font> Director </div>
        <div style="text-align: center; margin-right: 203.05pt; margin-left: 192.2pt; margin-top: 1.6pt; font-family: Calibri, sans-serif; font-size: 11pt;">Steen Jakobsen - Director</div>
        <div style="text-align: center; margin-right: 140.8pt; margin-left: 129.949pt; font-family: Calibri, sans-serif; font-size: 11pt;">Marios Demetriades <font style="font-family: 'Times New Roman', serif;">-</font> Director</div>
        <div><br>
        </div>
        <div style="margin-left: 6.5pt; margin-top: 2.8pt; font-family: Calibri, sans-serif; font-size: 11pt;">Questions should be directed to:</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="margin-left: 6.5pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;">Lars H. Barstad: Chief Executive Officer, Frontline Management AS</div>
        <div style="margin-left: 6.5pt; margin-top: 2.7pt; font-family: Calibri, sans-serif; font-size: 11pt;">+47 23 11 40 <font style="font-family: Calibri,'sans-serif';">00</font></div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="margin-left: 6.5pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;">Inger M. Klemp: Chief Financial Officer, Frontline Management AS</div>
        <div style="margin-left: 6.5pt; margin-top: 2.7pt; font-family: Calibri, sans-serif; font-size: 11pt;">+47 23 11 40 <font style="font-family: Calibri,'sans-serif';">00</font></div>
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        </div>
        <div><br>
        </div>
        <div style="margin-top: 0.35pt;">
          <div><br>
          </div>
          <div><br>
          </div>
          <div><br>
          </div>
          <div style="text-align: center;"><img src="image00001.jpg"></div>
          <div><br>
          </div>
          <div><br>
          </div>
          <div style="text-align: center; margin-left: 7pt;"><img width="681" height="225" src="image0.jpg"></div>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="margin-top: 0.1pt;"><br>
        </div>
        <div style="text-align: center; margin-right: 140.9pt; margin-left: 129.949pt; margin-top: 1.4pt; color: #005091; font-family: Calibri, sans-serif; font-size: 18pt; font-weight: bold;">INTERIM FINANCIAL INFORMATION</div>
        <div style="margin-top: 0.45pt;"><br>
        </div>
        <div style="text-align: center; margin-right: 140.9pt; margin-left: 129.9pt; color: #005091; font-family: Calibri, sans-serif; font-size: 14pt; font-weight: bold;">FOURTH QUARTER 2022</div>
        <div><br>
        </div>
        <div style="margin-left: 6.5pt; margin-top: 8.1pt; color: #005091; font-family: Calibri, sans-serif; font-size: 16pt; font-weight: bold;">Index</div>
        <div><br>
        </div>
        <br>
        <div style="margin-left: 6.5pt; margin-bottom: 12pt; color: #005091; font-family: Calibri, sans-serif; font-weight: bold;">CONDENSED CONSOLIDATED INCOME STATEMENTS (UNAUDITED)</div>
        <div style="margin-right: 123.3pt; margin-left: 6.5pt; margin-bottom: 12pt; color: #005091; font-family: Calibri, sans-serif; font-weight: bold;">CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)</div>
        <div style="margin-right: 123.3pt; margin-left: 6.5pt; margin-bottom: 12pt; color: #005091; font-family: Calibri, sans-serif; font-weight: bold;">CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)</div>
        <div style="margin-right: 195.4pt; margin-left: 6.5pt; margin-bottom: 12pt; color: #005091; font-family: Calibri, sans-serif; font-weight: bold;">CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITED)</div>
        <div style="margin-right: 195.4pt; margin-left: 6.5pt; margin-bottom: 12pt; color: #005091; font-family: Calibri, sans-serif; font-weight: bold;">CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)</div>
        <div style="margin-left: 6.5pt; margin-bottom: 12pt; color: #005091; font-family: Calibri, sans-serif; font-weight: bold;">SELECTED NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        <div style="text-align: center;"><img src="image00001.jpg"></div>
        <div><br>
        </div>
        <div>
          <div style="color: #005091; font-family: Calibri, sans-serif; font-weight: bold;">FRONTLINE PLC CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED</div>
        </div>
        <div style="margin-top: 0.1pt;"><br>
        </div>
        <table cellspacing="0" cellpadding="0" class="cfttable" id="z345929d8f10743f9bc672359876412ce" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">2021</div>
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">Oct-Dec</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">2022</div>
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">Oct-Dec</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif; font-weight: bold;">CONDENSED CONSOLIDATED INCOME STATEMENT</div>
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif; font-style: italic;">(in thousands of $, except per share data)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">2022</div>
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">Jan-Dec</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">2021</div>
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">Jan-Dec</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">213,546</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">530,141</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif; font-weight: bold;">Total operating revenues</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri,sans-serif; font-weight: bold;">1,430,208</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">749,381</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">4,482</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">451</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif; font-weight: bold;">Other operating gain</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">9,477</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">5,893</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">112,890</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">177,295</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif;">Voyage expenses and commission</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri,sans-serif;">605,544</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">392,697</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(991</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif;">Contingent rental income</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(623</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(3,606</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">41,902</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">49,482</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif;">Ship operating expenses</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri,sans-serif;">193,014</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">175,607</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">102</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif;">Charter hire expenses</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">2,695</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">7,107</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">18,393</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif;">Administrative expenses</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri,sans-serif;">48,300</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">27,891</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">38,586</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">39,034</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif;">Depreciation</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri,sans-serif;">150,650</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">147,774</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">199,596</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">284,204</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif; font-weight: bold;">Total operating expenses</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri,sans-serif; font-weight: bold;">996,885</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">743,058</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">18,432</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">246,388</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif; font-weight: bold;">Net operating income</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri,sans-serif; font-weight: bold;">442,800</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">12,216</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">10</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">1,077</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif;">Interest income</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">1,463</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">119</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(16,801</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(35,857</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif;">Interest expense</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(98,712</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(61,435</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(457</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">23,023</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif;">Gain (loss) on marketable securities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri,sans-serif;">58,359</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">7,677</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">2,632</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif;">Share of results of associated company</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri,sans-serif;">14,243</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(724</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">85</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">20</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif;">Foreign currency exchange gain (loss)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">16</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(116</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">5,305</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">2,581</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif;">Gain on derivatives</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri,sans-serif;">53,623</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">17,509</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">17,866</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">372</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif;">Other non-operating items</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">1,338</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">18,239</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">24,440</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">240,236</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif; font-weight: bold;">Net income (loss) before income taxes</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri,sans-serif; font-weight: bold;">473,130</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">(6,515</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">(4,657</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">(202</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif;">Income tax expense</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">(412</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">(4,633</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">19,783</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">240,034</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif; font-weight: bold;">Net income (loss)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri,sans-serif; font-weight: bold;">472,718</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">(11,148</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;"><br>
                </div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">$0.10</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;"><br>
                </div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">$1.08</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif;">Basic earnings (loss) per share</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;"><br>
                </div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">$2.21</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;"><br>
                </div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">$(0.06</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;"><br>
                </div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">$0.10</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;"><br>
                </div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">$1.08</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif;">Diluted earnings (loss) per share</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;"><br>
                </div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">$2.21</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;"><br>
                </div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">$(0.06</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" colspan="15" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">2021</div>
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">Oct-Dec</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">2022</div>
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">Oct-Dec</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif; font-weight: bold;">CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME</div>
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif; font-style: italic;">(in thousands of $)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">2022</div>
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">Jan-Dec</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">2021</div>
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">Jan-Dec</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">19,783</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">240,034</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif;">Net income (loss)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">472,718</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(11,148</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">86</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">(42</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif;">Foreign currency exchange gain (loss)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">226</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">28</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">86</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">(42</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif;">Other comprehensive income (loss)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">226</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">28</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">19,869</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">239,992</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.55pt; font-family: Calibri,sans-serif; font-weight: bold;">Comprehensive income (loss)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">472,944</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">(11,120</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">)</div>
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        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after:always;" id="DSPFPageBreak">
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        <div>
          <div style="text-align: center;"><img src="image00001.jpg"></div>
          <div><br>
          </div>
          <div>
            <div style="color: #005091; font-family: Calibri, sans-serif; font-weight: bold;">FRONTLINE PLC CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED</div>
          </div>
        </div>
        <div style="margin-top: 0.1pt;"><br>
        </div>
        <table cellspacing="0" cellpadding="0" class="cfttable" id="z7f36337f3f204dd8a4c7fab69a5d4c0d" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

            <tr>
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                <div style="margin-left: 9pt;">&#160;</div>
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">CONDENSED CONSOLIDATED BALANCE SHEETS</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">Dec 31</div>
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">2022</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">Dec 31</div>
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">2021</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">ASSETS</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Current assets</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Cash and cash equivalents</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">254,525</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">113,073</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Marketable securities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">236,281</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">2,435</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Other current assets</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">390,244</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">217,237</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Total current assets</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">881,050</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">332,745</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt;">&#160;</div>
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Non-current assets</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Newbuildings</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">47,991</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">130,633</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Vessels and equipment, net</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">3,658,334</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">3,477,801</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Vessels under finance lease, net</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">44,880</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Right of use assets under operating leases</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">3,108</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">3,914</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Goodwill</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">112,452</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">112,452</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Investment in associated company</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">16,302</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">555</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Loan notes receivable</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">1,388</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">1,388</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Other long-term assets</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">55,500</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">12,730</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Total non-current assets</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">3,895,075</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">3,784,353</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Total assets</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">4,776,125</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">4,117,098</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt;">&#160;</div>
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">LIABILITIES AND EQUITY</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Current liabilities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Short-term debt and current portion of long-term debt</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">258,355</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">189,286</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Current portion of obligations under finance lease</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">7,601</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Current portion of obligations under operating lease</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">1,024</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">1,122</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Other current liabilities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">132,280</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">94,666</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Total current liabilities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">391,659</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">292,675</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt;">&#160;</div>
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Non-current liabilities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Long-term debt</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">2,112,460</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">2,126,910</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Obligations under finance lease</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">40,865</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Obligations under operating lease</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">2,372</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">3,114</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Other long-term liabilities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">2,053</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">992</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Total non-current liabilities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">2,116,885</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">2,171,881</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt;">&#160;</div>
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Commitments and contingencies</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Equity</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Frontline plc equity</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">2,268,053</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">1,653,014</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Non-controlling interest</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">(472</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">(472</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Total equity</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">2,267,581</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">1,652,542</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Total liabilities and equity</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">4,776,125</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">4,117,098</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>

        </table>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after:always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div>
          <div style="text-align: center;"><img src="image00001.jpg"></div>
          <div><br>
          </div>
          <div>
            <div style="color: #005091; font-family: Calibri, sans-serif; font-weight: bold;">FRONTLINE PLC CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED</div>
          </div>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" class="cfttable" id="z65d913f5044c408094fe36700506fa97" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">2021</div>
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">Oct-Dec</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">2022</div>
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">Oct-Dec</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS</div>
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-style: italic; font-weight: bold;">(in thousands of $)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">2022</div>
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">Jan-Dec</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">2021</div>
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">Jan-Dec</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">OPERATING ACTIVITIES</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">19,783</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">240,034</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Net income (loss)</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">472,718</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(11,148</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
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            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Adjustments to reconcile net income (loss) to net cash provided by operating activities:</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">40,055</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">40,492</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 13.9pt; font-family: Calibri,sans-serif;">Depreciation and amortization of deferred charges</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">156,203</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">152,981</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(5,058</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">22</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 13.9pt; font-family: Calibri,sans-serif;">Gain on sale of vessels and equipment</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(6,033</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(5,058</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 13.9pt; font-family: Calibri,sans-serif;">Loss on finance lease termination</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">431</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(1,272</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 13.9pt; font-family: Calibri,sans-serif;">Amortization of acquired time charters</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(2,806</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(5,045</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(992</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 13.9pt; font-family: Calibri,sans-serif;">Contingent rental (income) expense</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(624</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(3,607</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">457</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(23,023</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 13.9pt; font-family: Calibri,sans-serif;">(Gain) loss on marketable securities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(58,359</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(7,677</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(2,632</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 13.9pt; font-family: Calibri,sans-serif;">Share of results of associated company</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(14,243</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">724</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(6,730</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">1,116</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 13.9pt; font-family: Calibri,sans-serif;">Unrealized (Gain) loss on derivatives</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(49,992</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(23,262</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">338</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">3,396</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 13.9pt; font-family: Calibri,sans-serif;">Other, net</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">5,600</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">432</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">(21,343</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">(39,653</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Change in operating assets and liabilities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">(132,000</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">(35,408</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">25,238</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">219,752</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Net cash provided by operating activities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">370,895</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">62,932</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt;">&#160;</div>
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">INVESTING ACTIVITIES</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(225,570</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(79,254</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Additions to newbuildings, vessels and equipment</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(317,965</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(462,400</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">80,000</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Proceeds from sale of vessels and equipment</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">80,000</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">80,000</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Investment in associated company</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(1,505</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">2,812</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Net cash inflow on sale of subsidiary</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">5,625</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Marketable securities acquired</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(357</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Proceeds from sale of marketable securities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">14,074</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">(142,758</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">(79,254</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Net cash used in investing activities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">(239,470</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">(363,058</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt;">&#160;</div>
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">FINANCING ACTIVITIES</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">150,422</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">99,815</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Proceeds from debt</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">651,248</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">403,868</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(87,708</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(79,280</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Repayment of debt</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(597,826</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(219,521</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(1,016</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Repayment of finance leases</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(1,197</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(5,194</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">51,763</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Net proceeds from issuance of shares</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">52,447</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Finance lease termination payments</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(4,456</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(4,925</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(471</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Debt fees paid</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(4,349</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(8,050</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">(33,393</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Dividends paid</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">(33,393</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">108,536</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">(13,329</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Net cash provided by (used in) financing activities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">10,027</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">223,550</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">(8,984</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#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></div>
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">127,169</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt;">&#160;</div>
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Net change in cash and cash equivalents and restricted cash</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#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></div>
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">141,452</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">(76,576</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">122,057</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">127,356</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Cash and cash equivalents and restricted cash at start of period</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">113,073</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">189,649</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">113,073</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">254,525</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 53%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Cash and cash equivalents and restricted cash at end of period</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">254,525</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">113,073</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>

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        <div>
          <div style="text-align: center;"><img src="image00001.jpg"></div>
          <div><br>
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          <div>
            <div style="color: #005091; font-family: Calibri, sans-serif; font-weight: bold;">FRONTLINE PLC CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED</div>
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        </div>
        <div style="margin-top: 0.1pt;"><br>
        </div>
        <table cellspacing="0" cellpadding="0" class="cfttable" id="zb7c8fd9e35ec4ada8500463a3e0ff536" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

            <tr>
              <td valign="bottom" style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt;">&#160;</div>
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">2022</div>
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">Jan-Dec</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">2021</div>
                <div style="text-align: right; font-family: Calibri, sans-serif; font-weight: bold;">Jan-Dec</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt;">&#160;</div>
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">NUMBER OF SHARES OUTSTANDING</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Balance at beginning of period</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">203,530,979</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">197,692,321</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Shares issued</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">19,091,910</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">5,838,658</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Balance at end of period</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">222,622,889</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">203,530,979</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt;">&#160;</div>
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">SHARE CAPITAL</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Balance at beginning of period</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">203,531</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">197,692</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Shares issued</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">19,092</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">5,839</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Balance at end of period</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">222,623</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">203,531</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt;">&#160;</div>
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">ADDITIONAL PAID IN CAPITAL</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Balance at beginning of period</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">448,291</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">402,021</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Stock compensation expense</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(338</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Shares issued</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">156,396</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Balance at end of period</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">604,687</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">448,291</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt;">&#160;</div>
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">CONTRIBUTED SURPLUS</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" rowspan="2" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" rowspan="2" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" rowspan="2" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div></div>
                <div></div>
                <div style="font-family: Calibri, sans-serif;">1,004,094</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" rowspan="2" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" rowspan="2" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" rowspan="2" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" rowspan="2" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div></div>
                <div></div>
                <div style="font-family: Calibri, sans-serif;">1,004,094</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" rowspan="2" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Balance at beginning of period</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Balance at end of period</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">1,004,094</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">1,004,094</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt;">&#160;</div>
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">ACCUMULATED OTHER COMPREHENSIVE INCOME</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Balance at beginning of period</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">228</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">200</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Other comprehensive income</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">226</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">28</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Balance at end of period</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">454</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">228</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt;">&#160;</div>
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">RETAINED EARNINGS (DEFICIT)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Balance at beginning of period</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(3,130</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">8,018</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Net income (loss)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">472,718</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif;">(11,148</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Cash dividends</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">(33,393</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Balance at end of period</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">436,195</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">(3,130</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt">&#160;</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">EQUITY ATTRIBUTABLE TO THE COMPANY</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">2,268,053</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">1,653,014</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt;">&#160;</div>
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">NON-CONTROLLING INTEREST</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" rowspan="2" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" rowspan="2" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" rowspan="2" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri,sans-serif;">(472</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" rowspan="2" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri,sans-serif;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" rowspan="2" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" rowspan="2" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" rowspan="2" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri,sans-serif;">(472</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" rowspan="2" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri,sans-serif;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif;">Balance at beginning of period</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">Balance at end of period</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">(472</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">(472</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-weight: bold;">TOTAL EQUITY</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">2,267,581</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-weight: bold;">1,652,542</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>

        </table>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: center;"><img src="image00001.jpg"></div>
        <div style="margin-left: 6.5pt; margin-top: 7.05pt; color: #005091; font-family: Calibri, sans-serif; font-size: 12pt; font-weight: bold;">FRONTLINE PLC</div>
        <div style="margin-left: 6.5pt; margin-top: 2.85pt; color: #005091; font-family: Calibri, sans-serif; font-size: 12pt; font-weight: bold;">SELECTED NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0cbffefeb22d47dc9b577d4928f3f42b">

              <tr>
                <td style="width: 22.45pt; vertical-align: top; align: right;">
                  <div style="margin-left: 6.45pt; font-family: Calibri,sans-serif; font-size: 16pt; font-weight: bold; color: rgb(0, 80, 145);">1.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: #005091; font-family: Calibri, sans-serif; font-size: 16pt; font-weight: bold;">GENERAL</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="margin-top: 0.35pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.7pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">Frontline plc is a Cyprus based shipping company engaged primarily in the ownership and operation of oil tankers and
          product tankers. The Company&#8217;s ordinary shares are listed on the New York Stock Exchange and the Oslo Stock Exchange.</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.5pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">At a Special General Meeting on December 20, 2022, the Company's shareholders agreed to redomicile the Company to the
          Republic of Cyprus under the name of Frontline plc (the &#8220;Redomiciliation&#8221;). The business, assets and liabilities of Frontline Ltd. and its subsidiaries prior to the Redomiciliation are the same as Frontline plc (the "Company" or "Frontline")
          immediately after the Redomiciliation on a consolidated basis, as well as its fiscal year. In addition, the directors and executive officers of the Frontline plc immediately after the Redomiciliation are the same individuals who were directors
          and executive officers, respectively, of Frontline Ltd. immediately prior to the Redomiciliation. On December 30, 2022, the Registrar of Companies and Official Receiver of the Republic of Cyprus has issued a temporary redomiciliation certificate,
          and the Redomiciliation has therefore taken effect.</div>
        <div><br>
        </div>
        <div style="margin-top: 0.15pt;"><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0.05pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf8757b21120f410282f1186f064725fb">

              <tr>
                <td style="width: 22.45pt; vertical-align: top; align: right;">
                  <div style="margin-left: 6.45pt; margin-top: 0.05pt; font-family: Calibri,sans-serif; font-size: 16pt; font-weight: bold; color: rgb(0, 80, 145);">2.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 0.05pt; color: #005091; font-family: Calibri, sans-serif; font-size: 16pt; font-weight: bold;">ACCOUNTING POLICIES</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-left: 6.5pt; color: #005091; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Basis of accounting</div>
        <div style="text-align: justify; margin-right: 17.4pt; margin-left: 6.5pt; margin-top: 2.7pt; font-family: Calibri, sans-serif; font-size: 11pt;">The condensed consolidated financial statements included herein are stated in accordance with
          accounting principles generally accepted in the United States (&#8220;US GAAP&#8221;). The condensed consolidated financial statements do not include all of the disclosures required in the annual and interim consolidated financial statements, and should be
          read in conjunction with the Company&#8217;s annual financial statements included in the Company&#8217;s Annual Report on Form 20-F for the year ended December 31, 2021, which was filed with the Securities and Exchange Commission on March 17, 2022.</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.55pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">The Company expects to adopt International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International
          Accounting Standards Board in its annual financial statements included in the Company&#8217;s Annual Report on Form 20-F for the year ended December 31, 2022, together with the comparative period ended December 31, 2021.</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after:always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: center;"><img src="image00001.jpg"></div>
        <div style="text-align: justify; margin-right: 17.4pt; margin-left: 6.5pt; margin-top: 7.1pt; font-family: Calibri, sans-serif; font-size: 11pt;">As a result of the adoption, the Company expects certain differences in recognition, measurement,
          presentation and disclosure requirements as compared to US GAAP. In addition, IFRS 1 (First-Time Adoption of International Financial Reporting Standards) allows first-time adopters certain exemptions from the retrospective application of certain
          requirements under IFRS. The Company expects to avail itself of certain of these exemptions. The Company is in the process of evaluating the impact of the adoption of IFRS on its consolidated financial statements and related disclosures. Based on
          the analysis thus far, the Company expects to change its policy with respect to the treatment of drydocking costs. Our vessels are required by their respective classification societies to go through a drydock at regular intervals. In general,
          vessels below the age of 15 years are docked every five years and vessels older than 15 years are docked every 2-1/2 years. Unlike Frontline's current accounting policy whereby such costs are expensed as incurred, IFRS requires significant
          components of property, plant and equipment with differing depreciation methods or lives to be depreciated separately. Under IFRS, major inspection or overhaul costs, such as dry docking, should be identified and accounted for as a separate
          component if the component is used over more than one reporting period. When drydocking is performed, the carrying amount of the component that is replaced by a new component is derecognized. The change in relation to the above will be applied
          retrospectively. The aforementioned is not intended to be complete overview of the differences expected to arise as a result of the adoption of IFRS and is provided for informational purposes only.</div>
        <div style="margin-top: 0.6pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.35pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">Separately, the Company reviews estimated useful lives and residual values each year. Estimated useful lives may change
          due to changed end user requirements, costs related to maintenance and upgrades, technological development and competition as well as industry, environmental and legal requirements. As of December 31, 2022, the Company has revised the estimated
          useful life of its vessels from 25 years to 20 years as a result of its analysis of the aforementioned factors. This change in estimate will be applied prospectively from January 1, 2023 and will not result in any restatement to the current or
          prior year consolidated financial statements. Based on the Frontline fleet as of December 31, 2022, adjusted for the sale of Front Eminence and Front Balder, the change in estimated useful life is expected to increase depreciation expense by
          approximately $59 million for the year ended December 31, 2023. The change in estimate is unrelated to the adoption of IFRS.</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-left: 6.5pt; color: #005091; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Significant accounting policies</div>
        <div style="text-align: justify; margin-right: 17.5pt; margin-left: 6.5pt; margin-top: 2.65pt; font-family: Calibri, sans-serif; font-size: 11pt;">The accounting policies adopted in the preparation of these condensed consolidated financial
          statements are consistent with those followed in the preparation of the Company&#8217;s annual financial statements for the year ended December 31, 2021.</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after:always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: center;"><img src="image00001.jpg"></div>
        <div style="margin-top: 0.4pt;"><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 1.8pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0e9b6e235a31425392ea036f1d958448">

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                  <div style="margin-left: 6.45pt; margin-top: 1.8pt; font-family: Calibri,sans-serif; font-size: 16pt; font-weight: bold; color: rgb(0, 80, 145);">3.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 1.8pt; color: #005091; font-family: Calibri, sans-serif; font-size: 16pt; font-weight: bold;">EARNINGS PER SHARE</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="margin-top: 0.5pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.85pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">The components of the numerator and the denominator in the calculation of basic and diluted earnings per share are as
          follows:</div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zf542f98ee6e14970a55b33f6ddab3ea6">

            <tr>
              <td style="width: 76.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt;">&#160;</div>
                <div style="margin-left: 11.6pt; color: rgb(0, 72, 126); font-family: Calibri,sans-serif; font-size: 11pt; font-style: italic;">(in thousands of $)</div>
              </td>
              <td style="width: 11.78%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; margin-right: 7.05pt; color: #00487E; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">2022</div>
                <div style="text-align: right; margin-right: 7.05pt; color: #00487E; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Jan-Dec</div>
              </td>
              <td style="width: 11.78%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                <div style="text-align: right; margin-right: 7.05pt; color: #00487E; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">2021</div>
                <div style="text-align: right; margin-right: 7.05pt; color: #00487E; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Jan-Dec</div>
              </td>
            </tr>
            <tr>
              <td style="width: 76.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-size: 11pt;">Net income (loss)</div>
              </td>
              <td style="width: 11.78%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; margin-right: 2.75pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">472,718</div>
              </td>
              <td style="width: 11.78%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">(11,148)</div>
              </td>
            </tr>
            <tr>
              <td style="width: 76.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt;">&#160;</div>
                <div style="margin-left: 11.6pt; color: rgb(0, 72, 126); font-family: Calibri,sans-serif; font-size: 11pt; font-style: italic;">(in thousands)</div>
              </td>
              <td style="width: 11.78%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td style="width: 11.78%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 76.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-size: 11pt;">Weighted average number of ordinary shares</div>
              </td>
              <td style="width: 11.78%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; margin-right: 2.65pt; font-family: Calibri, sans-serif; font-size: 11pt;">214,011</div>
              </td>
              <td style="width: 11.78%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; margin-right: 2.65pt; font-family: Calibri, sans-serif; font-size: 11pt;">198,965</div>
              </td>
            </tr>
            <tr>
              <td style="width: 76.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 11.6pt; font-family: Calibri,sans-serif; font-size: 11pt;">Denominator for diluted earnings per share</div>
              </td>
              <td style="width: 11.78%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; margin-right: 2.65pt; font-family: Calibri, sans-serif; font-size: 11pt;">214,011</div>
              </td>
              <td style="width: 11.78%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; margin-right: 2.65pt; font-family: Calibri, sans-serif; font-size: 11pt;">198,965</div>
              </td>
            </tr>

        </table>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.3pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">As of December 31, 2022, the Company had an issued share capital of $222,622,889 divided into 222,622,889 ordinary shares
          (December 31, 2021: $203,530,979 divided into 203,530,979 ordinary shares) of $1.00 par value each.</div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6988b2867b744e7081191539a06a3495">

              <tr>
                <td style="width: 22.45pt; vertical-align: top; align: right;">
                  <div style="margin-left: 6.45pt; font-family: Calibri,sans-serif; font-size: 16pt; font-weight: bold; color: rgb(0, 80, 145);">4.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: #005091; font-family: Calibri, sans-serif; font-size: 16pt; font-weight: bold;">OTHER OPERATING GAINS</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.55pt; margin-left: 6.5pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;">In November 2021, Frontline announced that it had entered into an agreement to sell four of its
          scrubber fitted LR2 tankers built in 2014 and 2015 for an aggregate sale price of $160.0 million to SFL Tanker Holding Ltd., a company related to Hemen. Two vessels were delivered to the new owners in December 2021 and the remaining two vessels
          were delivered to the new owners in January 2022. After repayment of debt on the vessels, the transaction generated total net cash proceeds of $68.6 million, with net cash proceeds of $35.1 million recorded in the first quarter of 2022. The
          Company recorded a gain on sale in relation to the first two vessels of $5.1 million in the fourth quarter of 2021 and a gain of $6.1 million in the first quarter of 2022.</div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.55pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">In April 2022, the Company announced that its subsidiary Frontline Shipping Limited had agreed with SFL Corporation Ltd.
          (&#8220;SFL&#8221;) to terminate the long-term charters for the 2004-built VLCCs, Front Force and Front Energy, upon the sale and delivery of the vessels by SFL to an unrelated third party. Frontline agreed to a total compensation payment to SFL of $4.5
          million for the termination of the current charters. The charters terminated and the vessels were delivered to the new owners in April 2022. The Company recorded a loss on termination of $0.4 million, including the termination payment, in the
          second quarter of 2022.</div>
        <div><br>
        </div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z04728b48b2dc410d8e82161e05afd916">

              <tr>
                <td style="width: 22.45pt; vertical-align: top; align: right;">
                  <div style="margin-left: 6.45pt; font-family: Calibri,sans-serif; font-size: 16pt; font-weight: bold; color: rgb(0, 80, 145);">5.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: #005091; font-family: Calibri, sans-serif; font-size: 16pt; font-weight: bold;">NEWBUILDINGS</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.9pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">The Company took delivery of the VLCC newbuildings, Front Alta, Front Tweed, Front Tana, and Front Gaula from HHI, in
          April, June, August, and October 2022, respectively.</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after:always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: center;"><img src="image00001.jpg"></div>
        <div style="text-align: justify; margin-right: 17.45pt; margin-left: 6.5pt; margin-top: 7.1pt; font-family: Calibri, sans-serif; font-size: 11pt;">As of December 31, 2022, the Company&#8217;s newbuilding program consisted of two scrubber-fitted VLCCs,
          Front Orkla and Front Tyne, which were delivered in January 2023.</div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.6pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">As of December 31, 2022, total installments of $45.1 million had been paid in connection with the Company&#8217;s remaining
          newbuilding program, and remaining commitments of $144.8 million were paid in the first quarter of 2023, of which $130.0 million was financed by committed term loan facilities.</div>
        <div><br>
        </div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z67e565fffb60439498d8aebeb2644323">

              <tr>
                <td style="width: 22.45pt; vertical-align: top; align: right;">
                  <div style="margin-left: 6.45pt; font-family: Calibri,sans-serif; font-size: 16pt; font-weight: bold; color: rgb(0, 80, 145);">6.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: #005091; font-family: Calibri, sans-serif; font-size: 16pt; font-weight: bold;">DEBT</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="margin-top: 0.35pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.5pt; margin-left: 6.5pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;">The Company drew down $65.0 million in April 2022 and $65.0 million in June 2022 under its senior
          secured term loan facility with DNB to partially finance the delivery of the 2022 built VLCCs, Front Alta and Front Tweed. The facility has a tenor of five years, carries an interest rate of LIBOR plus a margin of 170 basis points and has an
          amortization profile of 20 years commencing on the delivery date from the yard. The facility is fully drawn as of December 31, 2022.</div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.6pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">In April 2022, the Company entered into a senior secured term loan facility in an amount of up to $104.0 million from
          Credit Suisse AG to refinance an existing term loan facility with total balloon payments of $91.2 million due in the first quarter of 2023. The new facility has a tenor of six years, carries an interest rate of SOFR plus a margin of 180 basis
          points, which translates to a LIBOR equivalent margin of 154 basis points based on the three month historic CAS between SOFR and LIBOR of approximately 26 basis points, and has an amortization profile of 18 years commencing on the delivery date
          from the yard. The existing facility carried an interest rate of LIBOR plus a margin of 190 basis points. The facility was fully drawn down in May 2022.</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.6pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">In July 2022, the Company entered into a senior secured term loan facility in an amount of up to $252.4 million with a
          number of banks to refinance an existing term loan facility with total balloon payments of $233.4 million due in the first quarter of 2023. The new facility has a tenor of 5 years, carries an interest rate of SOFR plus a margin of 180 basis
          points, and has an amortization profile of approximately 18 years commencing on the delivery date from the yard. The existing facility carried an interest rate of LIBOR plus a margin of 190 basis points. The facility was fully drawn down in
          August 2022.</div>
        <div style="margin-top: 0.45pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.55pt; margin-left: 6.5pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;">In August 2022, the Company drew down $65.0 million under its senior secured term loan facility with
          ING Bank to partially finance the delivery of the 2022 built VLCC Front Tana. The facility has a tenor of five years, carries an interest rate of LIBOR plus a margin of 170 basis points and has an amortization profile of 20 years commencing on
          the delivery date from the yard. The facility was fully drawn down in August 2022.</div>
        <div style="margin-top: 0.15pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.65pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">In October 2022, the Company entered into a senior secured term loan facility in an amount of up to $34.8 million to
          refinance an existing term loan facility with total balloon payments of $33.7 million due in the first quarter of 2023. The new facility has a tenor of 5 years, carries an interest rate of SOFR plus a margin of 180 basis points, and has an
          amortization profile of 20 years commencing on the delivery date from the yard. The existing facility carried an interest rate of LIBOR plus a margin of 190 basis points. The facility was fully drawn down in November 2022.</div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.3pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">In October 2022, the Company drew down $65.0 million under its senior secured term loan facility with ABN AMRO Bank N.V
          to partially finance the delivery of the 2022 built VLCC Front Gaula. The facility has a tenor of five years,</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after:always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: center;"><img src="image00001.jpg"></div>
        <div style="text-align: justify; margin-right: 17.75pt; margin-left: 6.5pt; margin-top: 7.1pt; font-family: Calibri, sans-serif; font-size: 11pt;">carries an interest rate of LIBOR plus a margin of 170 basis points and has an amortization profile
          of 20 years commencing on the delivery date from the yard. The facility was fully drawn down in October 2022.</div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.6pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">In November 2022, the Company extended its senior unsecured revolving credit facility of up to $275.0 million with an
          affiliate of Hemen, by 12 months to May 2024 at an interest rate of 8.50% and otherwise on same terms.</div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0.05pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0ef3096957b74228be5df883da55697d">

              <tr>
                <td style="width: 22.45pt; vertical-align: top; align: right;">
                  <div style="margin-left: 6.45pt; margin-top: 0.05pt; font-family: Calibri,sans-serif; font-size: 16pt; font-weight: bold; color: rgb(0, 80, 145);">7.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 0.05pt; color: #005091; font-family: Calibri, sans-serif; font-size: 16pt; font-weight: bold;">MARKETABLE SECURITIES</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.5pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">On May 28, 2022, the Company announced that it agreed to acquire in privately negotiated share exchange transactions with
          certain shareholders of Euronav a total of 5,955,705 shares in Euronav, representing 2.95% of the outstanding shares in Euronav, in exchange for a total of 8,337,986 ordinary shares of Frontline. Frontline received the $0.06 dividend that was
          paid on June 8, 2022, by Euronav in respect of these 5,955,705 shares.</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.5pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">On June 10, 2022, the Company announced that it agreed to acquire in privately negotiated transactions with certain
          shareholders of Euronav a total of 7,708,908 shares in Euronav, representing 3.82% of the outstanding shares in Euronav, in exchange for a total of 10,753,924 shares in Frontline.</div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.55pt; margin-left: 6.5pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;">In connection with the above-referenced privately negotiated share exchange transactions, Frontline
          entered into a share lending arrangement with Hemen to facilitate settlement of such transactions. Pursuant to such arrangement Hemen delivered an aggregate of 19,091,910 Frontline shares to the exchanging Euronav holders in June 2022 and
          Frontline issued to Hemen the same number of shares of Frontline in full satisfaction of the share lending arrangement in August 2022.</div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.35pt; margin-left: 6.5pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;">The Company has acquired 13,664,613 shares in Euronav as a result of the above transactions. The
          transaction price paid to acquire the 13,664,613 Euronav shares was $175.5 million which was the fair value of the 19,091,910 Frontline shares based on the Frontline share price as of the transaction dates. The transaction date fair value of the
          Euronav shares based on the Euronav share price was $167.7 million which resulted in an unrealized loss on marketable securities of $7.8 million upon the initial recognition of the transactions and a subsequent unrealised loss of $4.7 million in
          the second quarter of 2022.</div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.35pt; margin-left: 6.5pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;">The total unrealized gain recognized in the twelve months ended December 31, 2022, was $57.3 million
          resulting in a carrying value of the shares held in Euronav of $232.8 million as of December 31, 2022.</div>
        <div><br>
        </div>
        <div style="margin-top: 0.05pt;"><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0.05pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za4ef9af7724d44009234da73f79c967c">

              <tr>
                <td style="width: 22.45pt; vertical-align: top; align: right;">
                  <div style="margin-left: 6.45pt; margin-top: 0.05pt; font-family: Calibri,sans-serif; font-size: 16pt; font-weight: bold; color: rgb(0, 80, 145);">8.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 0.05pt; color: #005091; font-family: Calibri, sans-serif; font-size: 16pt; font-weight: bold;">RELATED PARTY TRANSACTIONS</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.5pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">We transact business with the following related parties, being companies in which Hemen (the Company's largest
          shareholder) and companies associated with Hemen have a significant interest: SFL Corporation Ltd. (&#8220;SFL&#8221;), Seatankers Management Norway AS, Seatankers Management Co. Ltd, Golden Ocean Group Ltd, Alta Trading UK Limited (formerly known as Arcadia
          Petroleum Limited), Archer Limited, Flex LNG Ltd and Avance Gas and Front Ocean Management Ltd. We also own interests in TFG Marine and Clean Marine AS (through our interest in FMS Holdco) which are accounted for as equity method investments.</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after:always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: center;"><img src="image00001.jpg"></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-right: 17.45pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">As of December 31, 2022, the Company had redelivered the two vessels leased from SFL. Prior to the redelivery of the
          vessels, contingent rental expense was payable to SFL based on the earnings of these vessels. Contingent rental income recorded in the twelve months ended December 31, 2022, was primarily due to the fact that the profit share expense accrued in
          the lease obligation payable when the leases were recorded at fair value at the time of Frontline's merger with Frontline 2012 Ltd. was $0.6 million higher than the actual profit share expense payable to SFL, as no profit share was payable for
          the period.</div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.45pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">The Company accounts for its 15% of the share capital of TFG Marine under the equity method and recorded $14.8 million
          share of results in the twelve months ended December 31, 2022. The Company has also entered into a bunker supply arrangement with TFG Marine, under which it has paid $434.4 million to TFG Marine in the twelve months ended December 31, 2022, and
          $14.9 million remained due as of December 31, 2022.</div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-right: 17.65pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">Amounts earned from other related parties comprise office rental income, technical and commercial management fees,
          newbuilding supervision fees, freights, corporate and administrative services income and interest income. Amounts paid to related parties comprise primarily of rental for office space and support staff costs.</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">See Note 4, Note 6, Note 7 and Note 9 for details regarding other related party transactions and balances.</div>
        <div><br>
        </div>
        <div style="margin-top: 0.3pt;"><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z037c8529165140e28f3e44896e17aedb">

              <tr>
                <td style="width: 22.45pt; vertical-align: top; align: right;">
                  <div style="margin-left: 6.45pt; font-family: Calibri,sans-serif; font-size: 16pt; font-weight: bold; color: rgb(0, 80, 145);">9.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: #005091; font-family: Calibri, sans-serif; font-size: 16pt; font-weight: bold;">COMMITMENTS AND CONTINGENCIES</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="margin-top: 0.5pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.45pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">As of December 31, 2022, the Company has agreed to provide a $60.0 million guarantee in respect of the performance of
          its subsidiaries, and two subsidiaries of an affiliate of Hemen, under a bunker supply arrangement with TFG Marine. As of December 31, 2022, there are no amounts payable under this guarantee. In addition, should TFG Marine be required to provide
          a parent company guarantee to its bunker suppliers or finance providers then for any guarantee that is provided by the Trafigura Group and becomes payable, Frontline shall pay a pro rata amount based on its share of the equity in TFG Marine. The
          maximum liability under this guarantee is $6.0 million and there are no amounts payable under this guarantee as at December 31, 2022.</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.35pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">As of December 31, 2022, the Company has committed to the purchase of scrubber equipment from Clean Marine AS, a related
          party, for two vessels owned by the Company, with a remaining financial commitment of $0.7 million, excluding installation costs, due in 2023. The Company has paid $6.5 million to Clean Marine AS for scrubber equipment in the twelve months ended
          December 31, 2022.</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.65pt; margin-left: 6.5pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;">The Company has entered into two forward bunker purchase arrangements with TFG Marine, a related
          party, for the delivery of 1,000 MT of low sulphur bunker fuel per month and 1,000 MT of high sulphur bunker fuel per month for delivery in January 2023 to December 2023. The contracts obligate the Company to purchase and take delivery of the
          physical fuel at a price of $650 per MT of low sulphur bunker fuel and $465 per MT of high sulphur bunker fuel. As of December 31, 2022, the remaining commitments amounted to $13.4 million, all of which is expected to be paid in 2023.</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after:always;" id="DSPFPageBreak">
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        </div>
        <div style="text-align: center;"><img src="image00001.jpg"></div>
        <div style="margin-top: 0.4pt;"><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 1.8pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z256ddc62217e4b799a83aa0a2c7ac893">

              <tr>
                <td style="width: 30.55pt; vertical-align: top; align: right;">
                  <div style="margin-left: 6.45pt; margin-top: 1.8pt; font-family: Calibri,sans-serif; font-size: 16pt; font-weight: bold; color: rgb(0, 80, 145);">10.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="margin-top: 1.8pt; color: #005091; font-family: Calibri, sans-serif; font-size: 16pt; font-weight: bold;">SUBSEQUENT EVENTS</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-right: 17.7pt; margin-left: 6.5pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;">In January 2023, the Company took delivery of the VLCC newbuilding, Front Orkla, from HHI and drew
          down $65.0 million under its senior secured term loan facility with Cr&#233;dit Agricole to partially finance the delivery. The facility has a tenor of five years, carries an interest rate of LIBOR plus a margin of 170 basis points and has an
          amortization profile of 18 years commencing on the delivery date from the yard. The facility was fully drawn down in January 2023.</div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.55pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">In January 2023, the Company took delivery of the VLCC newbuilding, Front Tyne, from HHI and drew down $65.0 million
          under its senior secured term loan facility with KFW to partially finance the delivery. The facility has a tenor of five years, carries an interest rate of LIBOR plus a margin of 170 basis points and has an amortization profile of 20 years
          commencing on the delivery date from the yard. The facility was fully drawn down in January 2023.</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.4pt; margin-left: 6.5pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;">In January 2023, the Company sold the 2009-built VLCC, Front Eminence, and the 2009-built Suezmax
          tanker, Front Balder, for gross proceeds of approximately $61.0 million and $39.5 million, respectively. The vessels were delivered to new owners in January and February, respectively. After repayment of existing debt on the vessels, the
          transactions are expected to generate net cash proceeds of approximately $63.8 million, <font style="font-family: 'Times New Roman', serif; font-size: 12pt;">and </font>the Company expects to record a gain on sale of approximately $10.0 million
          and $2.0 million, respectively, in the first quarter of 2023.</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.45pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">In January 2023 the Company terminated the Combination Agreement with Euronav in accordance with the provisions of the
          Agreement. On January 18, 2023, Frontline received from Euronav an emergency arbitration request for urgent interim and conservatory measures. On February 7, 2023, the emergency arbitration claims filed by Euronav were fully dismissed by the
          Emergency Arbitrator and Euronav was ordered to reimburse all costs incurred by Frontline.</div>
        <div style="margin-top: 0.15pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.3pt; margin-left: 6.5pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;">On January 28, 2023, Frontline received from Euronav an arbitration request for proceedings on the
          merits of the termination. Frontline is currently analyzing this request with its legal advisors. Frontline once again confirms that its decision to terminate the combination agreement was entirely lawful.</div>
        <div style="margin-top: 0.15pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.4pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">In February 2023, the Company received $1.4 million in loan repayment and $7.3 million in dividends from TFG Marine.</div>
        <div style="margin-top: 0.4pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.3pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">In February 2023, the Company repaid $60.0 million of its $275.0 million senior unsecured credit facility with an
          affiliate of Hemen. Up to $125.3 million remains available following the repayment.</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after:always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: center;"><img src="image00001.jpg"></div>
        <div style="text-align: justify; margin-right: 331.9pt; margin-left: 6.5pt; margin-top: 7.1pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;"> <br>
        </div>
        <div style="text-align: justify; margin-right: 331.9pt; margin-left: 6.5pt; margin-top: 7.1pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">APPENDIX I - Non-GAAP measures Reconciliation of adjusted net income (loss)</div>
        <div style="text-align: justify; margin-right: 17.3pt; margin-left: 6.5pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;"> <br>
        </div>
        <div style="text-align: justify; margin-right: 17.3pt; margin-left: 6.5pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;">This press release describes adjusted net income (loss) and related per share amounts, which are not
          measures prepared in accordance with US GAAP (&#8220;non-GAAP&#8221;). We believe the non-GAAP financial measures provide investors with a means of analyzing and understanding the Company's ongoing operating performance. The non-GAAP financial measures
          should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with GAAP.</div>
        <div><br>
        </div>
        <div style="margin-top: 0.55pt; margin-bottom: 0.05pt;"><br>
        </div>
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                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt; font-style: italic;">(in thousands of $)</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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                <div style="font-family: Calibri,sans-serif; font-size: 11pt; font-weight: bold; text-indent: 4pt; text-align: right;">YTD 2022</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri,sans-serif; font-size: 11pt; font-weight: bold;">Q4 2022</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri,sans-serif; font-size: 11pt; font-weight: bold;">Q3 2022</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri,sans-serif; font-size: 11pt; font-weight: bold;">Q2 2022</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri,sans-serif; font-size: 11pt; font-weight: bold;">Q1 2022</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri,sans-serif; font-size: 11pt; font-weight: bold; text-indent: 4pt; text-align: right;">FY 2021</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt; font-weight: bold;">Adjusted net income (loss)</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Net income (loss)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">472,718</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">240,034</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">154,439</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">47,097</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">31,148</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(11,148</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Add back:</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Loss on marketable securities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">12,005</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">12,005</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">457</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
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              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Share of losses of associated companies</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">92</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">92</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">789</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Unrealized loss on derivatives (1)</div>
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              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">1,116</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">1,116</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">3,282</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Tax expense on received dividends</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">4,455</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Loss on termination of leases</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">431</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">431</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <tr>
              <td valign="bottom" rowspan="1" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Less:</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Unrealized gain on derivatives (1)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(51,108</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(15,757</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(9,217</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(26,134</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(26,544</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Gain on marketable securities</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(70,364</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(23,023</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(47,072</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(269</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(4,134</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Share of results of associated companies</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(14,335</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(2,632</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(5,652</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(6,051</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(65</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Amortization of acquired time charters</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(2,806</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(304</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(1,258</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(1,244</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(5,045</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Gain on sale of vessels</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(6,055</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(6,055</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(5,058</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Dividends received</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(17,819</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Gain on settlement of insurance and other claims</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(3,998</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(2,796</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(840</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(362</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Adjusted net income (loss)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">337,696</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">215,495</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">82,858</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">42,167</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(2,824</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(60,830</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt; font-style: italic;">(in thousands)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Weighted average number of ordinary shares</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">214,011</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">222,623</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">222,623</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">206,965</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">203,531</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">198,965</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Denominator for diluted earnings (loss) per share</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">214,011</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">222,623</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">222,623</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">206,965</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">203,531</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">198,965</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt">&#160;</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt; font-style: italic;">(in $)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Basic earnings (loss) per share</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">2.21</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">1.08</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">0.69</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">0.23</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">0.15</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(0.06</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Adjusted basic earnings (loss) per share</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">1.58</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">0.97</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">0.37</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">0.20</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(0.01</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(0.31</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Diluted earnings (loss) per share</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">2.21</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">1.08</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">0.69</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">0.23</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">0.15</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(0.06</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Adjusted diluted earnings (loss) per share</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">1.58</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">0.97</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">0.37</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">0.20</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(0.01</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(0.31</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
            </tr>

        </table>
        <div style="margin-top: 0.15pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.45pt; margin-left: 6.5pt; margin-top: 2.75pt; font-family: Calibri, sans-serif; font-size: 11pt;">(1) Adjusted net income (loss) has been revised to only exclude the unrealized gain/loss on
          derivatives to give effect to the economic benefit/cost provided by our interest rate swap agreements. A reconciliation of the gain/loss on derivatives is as follows:</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after:always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: center;"><img src="image00001.jpg"></div>
        <div style="margin-top: 0.35pt;"><br>
        </div>
        <table cellspacing="0" cellpadding="0" class="cfttable" id="z6753e8a57dc94a859606040c8b3d4f04" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

            <tr>
              <td valign="bottom" style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.25pt; font-family: Calibri,sans-serif; font-size: 11pt; font-style: italic;">(in thousands of $)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">YTD 2022</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Q4 2022</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Q3 2022</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Q2 2022</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Q1 2022</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; font-family: Calibri,sans-serif; font-size: 11pt; font-weight: bold; text-indent: 4pt;">FY 2021</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.25pt; font-family: Calibri,sans-serif; font-size: 11pt;">Unrealized gain (loss) on derivatives</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">49,992</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(1,116</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">15,757</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">9,217</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">26,134</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">23,262</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.25pt; font-family: Calibri,sans-serif; font-size: 11pt;">Interest income (expense) on derivatives</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">3,631</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">3,697</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">1,487</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(340</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(1,213</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(5,753</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.25pt; font-family: Calibri,sans-serif; font-size: 11pt; font-weight: bold;">Gain on derivatives</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">53,623</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">2,581</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">17,244</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">8,877</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">24,921</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">17,509</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-left: 6.5pt; margin-top: 2.75pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Reconciliation of Total operating revenues to Time Charter Equivalent and Time Charter Equivalent per
          day</div>
        <div style="margin-top: 0.5pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.3pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">Consistent with general practice in the shipping industry, we use TCE as a measure to compare revenue generated from a
          voyage charter to revenue generated from a time charter. We define TCE as operating revenues less voyage expenses and commission, administrative income, finance lease interest income and other non-vessel related income. Under time charter
          agreements, voyage costs, such as bunker fuel, canal and port charges and commissions are borne and paid by the charterer whereas under voyage charter agreements, voyage costs are borne and paid by the owner. TCE is a common shipping industry
          performance measure used primarily to compare period-to-period changes in a shipping company&#8217;s performance despite changes in the mix of charter types (i.e., spot charters and time charters) under which the vessels may be employed between the
          periods. Time charter equivalent, a non-U.S. GAAP measure, provides additional meaningful information in conjunction with operating revenues, the most directly comparable U.S. GAAP measure, because it assists management in making decisions
          regarding the deployment and use of our vessels and in evaluating their financial performance, regardless of whether a vessel has been employed on a time charter or a voyage charter.</div>
        <div style="margin-top: 0.5pt;"><br>
        </div>
        <table cellspacing="0" cellpadding="0" class="cfttable" id="z8c943902eb5f4e169d888aac7d8e5c60" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

            <tr>
              <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt; font-style: italic;">(in thousands of $)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">YTD 2022</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Q4 2022</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Q3 2022</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Q2 2022</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Q1 2022</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right; font-family: Calibri,sans-serif; font-size: 11pt; font-weight: bold;">FY 2021</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Total operating revenues</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">1,430,208</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">530,141</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">382,186</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">300,440</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">217,441</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">749,381</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" rowspan="1" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">less</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Voyage expenses and commission</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(605,544</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(177,295</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(173,343</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(141,255</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(113,651</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(392,697</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt;">Other non-vessel items</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(12,254</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(1,197</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(4,188</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(4,972</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(1,897</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">(19,551</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt;">)</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 28%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 12.35pt; font-family: Calibri,sans-serif; font-size: 11pt; font-weight: bold;">Total TCE</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">812,410</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">351,649</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">204,655</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">154,213</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">101,893</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">337,133</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="margin-top: 0.15pt;"><br>
        </div>
        <div style="text-align: justify; margin-left: 6.5pt; margin-top: 2.8pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Time charter equivalent per day</div>
        <div style="margin-top: 0.45pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.85pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">Time charter equivalent per day ("TCE rate" or "TCE per day") represents the weighted average daily TCE income of
          vessels of different sizes in our fleet</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.55pt; margin-left: 6.5pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt;">TCE per day is a measure of the average daily income performance. Our method of calculating TCE per
          day is determined by dividing TCE by onhire days during a reporting period. Onhire days are calculated on a vessel by vessel basis and represent the net of available days and offhire days for each vessel (owned or chartered in) in our possession
          during a reporting period. Available days for a vessel during a reporting period is the number of days the vessel (owned or chartered in) is in our possession during the period. By definition, available days for an owned vessel equal the calendar
          days during a reporting period, unless the vessel is delivered by the yard during the relevant period whereas available days for a chartered-in vessel equal the tenure in days of the underlying time charter agreement, pro-rated to the relevant
          reporting period if such tenure overlaps more than one reporting period.</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after:always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: center;"><img src="image00001.jpg"></div>
        <div style="text-align: justify; margin-right: 17.25pt; margin-left: 6.5pt; margin-top: 7.1pt; font-family: Calibri, sans-serif; font-size: 11pt;">Offhire days for a vessel during a reporting period is the number of days the vessel is in our
          possession during the period but is not operational as a result of unscheduled repairs, scheduled dry docking or special or intermediate surveys and lay-ups, if any.</div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="margin-top: 0.2pt;">
          <table cellspacing="0" cellpadding="0" class="cfttable" id="ze4261d2bc05d41c8bb7c04165e4854ca" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

              <tr>
                <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: right; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;"> YTD 2022</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Q4 2022</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Q3 2022</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Q2 2022</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Q1 2022</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: right; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">FY 2021</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
                  <div style="margin-left: 3.1pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Time charter TCE (in thousands of $)</div>
                </td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
                <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                  <div style="margin-left: 3.1pt; font-family: Calibri, sans-serif; font-size: 11pt;">VLCC</div>
                </td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">8,235</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                  <div style="margin-left: 3.1pt; font-family: Calibri, sans-serif; font-size: 11pt;">Suezmax</div>
                </td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">42,078</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">613</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">11,535</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">17,306</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">12,624</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">51,810</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0);">
                  <div style="margin-left: 3.1pt; font-family: Calibri, sans-serif; font-size: 11pt;">LR2</div>
                </td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">7,921</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">5,984</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">1,937</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">&#8212;</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">3,230</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0);">
                  <div style="margin-left: 3.1pt; font-family: Calibri, sans-serif; font-size: 11pt;">Total Time charter TCE</div>
                </td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">49,999</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">6,597</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">13,472</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">17,306</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">12,624</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">63,275</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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                <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                  <div style="margin-left: 3.1pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Spot TCE (in thousands of $)</div>
                </td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                  <div style="margin-left: 3.1pt; font-family: Calibri, sans-serif; font-size: 11pt;">VLCC</div>
                </td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">211,938</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">118,110</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">42,387</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">26,414</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">25,027</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">96,519</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                  <div style="margin-left: 3.1pt; font-family: Calibri, sans-serif; font-size: 11pt;">Suezmax</div>
                </td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">313,981</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">142,630</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">88,071</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">50,004</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">33,276</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">95,163</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0);">
                  <div style="margin-left: 3.1pt; font-family: Calibri, sans-serif; font-size: 11pt;">LR2</div>
                </td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">236,492</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">84,312</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">60,725</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">60,489</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">30,966</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">82,176</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0);">
                  <div style="margin-left: 3.1pt; font-family: Calibri, sans-serif; font-size: 11pt;">Total Spot TCE</div>
                </td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">762,411</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">345,052</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">191,183</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">136,907</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">89,269</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">273,858</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="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: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; padding-bottom: 4px; border-left: 2px solid rgb(0, 0, 0);">
                  <div style="margin-left: 3.1pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Total TCE</div>
                </td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">812,410</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">351,649</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">204,655</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">154,213</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">101,893</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">337,133</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                  <div style="margin-left: 3.1pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Spot days (available days less offhire days)</div>
                </td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                  <div style="margin-left: 3.1pt; font-family: Calibri, sans-serif; font-size: 11pt;">VLCC</div>
                </td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">6,775</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">1,870</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">1,698</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">1,612</div>
                </td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">1,595</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">6,305</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                  <div style="margin-left: 3.1pt; font-family: Calibri, sans-serif; font-size: 11pt;">Suezmax</div>
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                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">2,141</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">1,890</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">1,971</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">7,901</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <tr>
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                  <div style="margin-left: 3.1pt; font-family: Calibri, sans-serif; font-size: 11pt;">LR2</div>
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                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">6,139</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">1,433</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">1,512</div>
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                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">1,567</div>
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                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">1,627</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">6,944</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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                <td valign="bottom" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                  <div style="margin-left: 3.1pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Spot TCE per day (in $ per day)</div>
                </td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                  <div style="margin-left: 3.1pt; font-family: Calibri, sans-serif; font-size: 11pt;">VLCC</div>
                </td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">31,300</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">63,200</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">25,000</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">16,400</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">15,700</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">15,300</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0);">
                  <div style="margin-left: 3.1pt; font-family: Calibri, sans-serif; font-size: 11pt;">Suezmax</div>
                </td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">37,100</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">57,900</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">41,100</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">26,500</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">16,900</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
                <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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                  <div style="font-family: Calibri, sans-serif; font-size: 11pt;">12,000</div>
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                <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 28%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="margin-left: 3.1pt; font-family: Calibri, sans-serif; font-size: 11pt;">LR2</div>
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          </table>
        </div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="margin-top: 0.2pt;"> </div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="margin-top: 0.5pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.8pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and per day
          amounts may not precisely reflect the absolute figures.</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-left: 6.5pt; margin-top: 0.05pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Estimated average daily cash breakeven rates</div>
        <div style="margin-top: 0.45pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.5pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">The estimated average daily cash breakeven rates are the daily TCE rates our vessels must earn to cover operating
          expenses including dry docks, repayments of loans, interest on loans, bareboat hire, time charter hire and net general and administrative expenses for the remainder of the year.</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;">Spot TCE estimates</div>
        <div style="margin-top: 0.4pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.6pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">Spot estimates are provided on a load-to-discharge basis, whereby the Company recognizes revenues over time ratably from
          commencement of cargo loading until completion of discharge of cargo. The rates reported are for all</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after:always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: center;"><img src="image00001.jpg"></div>
        <div style="text-align: justify; margin-right: 17.35pt; margin-left: 6.5pt; margin-top: 7.1pt; font-family: Calibri, sans-serif; font-size: 11pt;">contracted days up until the last contracted discharge of cargo for each vessel in the quarter. The
          actual rates to be earned in the first quarter of 2023 will depend on the number of additional days that we can contract, and more importantly the number of additional days that each vessel is laden. Therefore, a high number of ballast days at
          the end of the quarter will limit the amount of additional revenues to be booked on a load-to-discharge basis. Ballast days are days when a vessel is sailing without cargo and therefore, we are unable to recognize revenues on such days.
          Furthermore, when a vessel remains uncontracted at the end of the quarter, the Company will recognize certain costs during the uncontracted days up until the end of the period, whereas if a vessel is contracted, then certain costs can be deferred
          and recognized over the load-to-discharge period. The number of ballast days at the end of the third quarter were 322 for VLCCs, 428 for Suezmax tankers and 174 for LR2/Aframax tankers.</div>
        <div style="margin-top: 0.25pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.45pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">The recognition of revenues on a load-to-discharge basis results in revenues being recognized over fewer days, but at a
          higher rate for those days. Over the life of a voyage there is no difference in the total revenues and costs to be recognized as compared to a discharge-to-discharge basis.</div>
        <div style="margin-top: 0.2pt;"><br>
        </div>
        <div style="text-align: justify; margin-right: 17.9pt; margin-left: 6.5pt; font-family: Calibri, sans-serif; font-size: 11pt;">When expressing TCE per day the Company uses the total available days, net of off hire days and not just the number of
          days the vessel is laden.</div>
      </div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
