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<div style="text-align:justify;margin-left: 48.0px;margin-bottom:12.0px;text-indent:-48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>1.       Basis of Presentation and General Information:</b></font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The accompanying consolidated financial statements as of and for the years ended December 31, 2014, 2015 and 2016, include the accounts of Star Bulk Carriers Corp. (Star Bulk) and its wholly owned subsidiaries as set forth below (collectively, the Company).</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Bulk was incorporated on December 13, 2006 under the laws of the Marshall Islands and maintains executive offices in Athens, Greece.  The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership and operation of dry bulk carrier vessels.  Since December 3, 2007, Star Bulk shares trade on the NASDAQ Global Select Market under the ticker symbol SBLK.</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Effective June 20, 2016, the Company effected a 5-for-1 reverse split of its issued and outstanding common shares (the June 2016 Reverse Split) (Note 9).  All share and per share amounts disclosed in the accompanying financial statements give effect to this reverse stock split retroactively, for all periods presented.</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>The July 2014 Transactions</b></font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On July 11, 2014, the Company, as part of its growth strategy, completed a transaction that resulted in the acquisition of Oceanbulk Shipping LLC (Oceanbulk Shipping) and Oceanbulk Carriers LLC (Oceanbulk Carriers, and together with Oceanbulk Shipping, Oceanbulk) from Oaktree Dry Bulk Holdings LLC (including affiliated funds, Oaktree) and Millennia Holdings LLC (Millennia Holdings, and together with Oaktree, the Oceanbulk Sellers or Sellers) through the merger of the Company's wholly-owned subsidiaries, Star Synergy LLC and Star Omas LLC, into Oceanbulk's holding companies (the Merger).  At the time of the Merger, Oceanbulk owned and operated a fleet of 12 dry bulk carrier vessels and owned contracts for the construction of 25 newbuilding fuel-efficient Eco-type dry bulk vessels at shipyards in Japan and China.  Millennia Holdings is an entity that is affiliated with the family of Mr. Petros Pappas, who became the Company's Chief Executive Officer in connection with the Merger.</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The agreement governing the Merger, the Merger Agreement, also provided for the acquisition (the Heron Transaction) by the Company of two Kamsarmax vessels (the Heron Vessels), from Heron Ventures Ltd. (Heron), a limited liability company incorporated in Malta, which was a joint venture between Oceanbulk Shipping and a third party.  Oceanbulk Shipping at the time of the Merger had an outstanding loan receivable of $23,680 from Heron that was convertible into 50% of the equity interests of Heron (the Heron Convertible Loan).  The Heron Convertible Loan was converted into 50% of the equity of Heron on November 5, 2014.  The Company issued 423,141 of its common shares (adjusted for the June 2016 Reverse Split) into escrow as part of the consideration for the acquisition of the Heron Vessels.  The common shares were released from escrow to the Sellers on January 30, 2015, following the transfer of the Heron Vessels to the Company on December 5, 2014.  In addition to the issued shares, upon the delivery of the Heron vessels the Company paid $25,000 in cash, which was financed by the Heron Vessels Facility (described in Note 8t), which the Company had entered in November 2014.</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">In addition, concurrently with the Merger, the Company completed a transaction (the Pappas Transaction), in which it acquired all of the issued and outstanding shares of Dioriga Shipping Co. and Positive Shipping Company (collectively, the Pappas Companies), which were entities owned and controlled by affiliates of the family of Mr. Pappas.  At the time of the Merger, the Pappas Companies owned and operated a dry bulk carrier vessel (<i>Tsu Ebisu</i>) and had a contract for the construction of a newbuilding dry bulk carrier vessel (<i>Indomitable </i>- ex-HN 5016), which was delivered in January 2015.  The Merger, the Heron Transaction and the Pappas Transaction are referred to, together, as the July 2014 Transactions.</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">A total of 10,820,840 of the Company's common shares (adjusted for the June 2016 Reverse Split) were issued to the various selling parties in the July 2014 Transactions, consisting of 9,679,153 common shares consideration for the Merger with Oceanbulk, 718,546 common shares consideration for the acquisition of Pappas Companies and 423,141 common shares as partial consideration for the acquisition of the Heron Vessels.</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The Merger and the Pappas Transaction have been reflected in the Company's consolidated financial statements for the year ended December 31, 2014, as purchases of businesses pursuant to Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 805, <i>Business Combinations</i>, and the results of operations of Oceanbulk and the Pappas Companies have been included in the accompanying consolidated statement of operations since July 11, 2014, the date the Merger and the Pappas Transaction were completed.  The following table summarizes the estimated fair values of the significant assets acquired and liabilities assumed by the Company on the date of the acquisition with respect to the Merger and the Pappas Transaction:</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:549px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:108px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>July 11, 2014</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:549px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Assets</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:108px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:549px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Cash and cash equivalents</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:108px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">89,887</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:549px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Restricted cash</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:108px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">6,381</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:549px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Other current assets</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:108px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">13,906</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:549px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Advances for vessel acquisition and vessels under construction</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:108px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">316,786</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:549px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Vessels</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:108px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">426,000</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:549px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Fair value of above market acquired charters</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:108px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,967</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:549px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Total Assets acquired</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:108px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>854,927</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:549px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:108px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:549px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Liabilities</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:108px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:549px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Current liabilities, excluding current portion of long term bank debt and derivative financial liabilities</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:108px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">12,372</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:549px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Long-term debt, including current portion</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:108px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">208,237</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:549px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Derivative financial liabilities</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:108px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">5,728</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:549px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Total Liabilities assumed</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:108px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>226,337</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:549px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:108px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:549px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Net assets acquired</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:108px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>628,590</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:549px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:108px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:549px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:108px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:549px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Consideration paid in common shares for Oceanbulk and Pappas Companies (10,397,699 shares issued)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:108px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">616,272</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:549px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Gain from Bargain Purchase</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:108px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>12,318</b></font></div></td> </tr> </table> <div><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The purchase price allocation was prepared by the Company, assisted by a third party expert, based on management estimates and assumptions, making use of available market data and taking into consideration third party valuations.  Major adjustments to record the acquired assets and assumed liabilities at fair value include:</font></div> <div style="text-align:justify;margin-left: 96.0px;margin-bottom:12.0px;text-indent:-48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">a)      a $158,523 fair value adjustment recognized for vessels under construction, as supported by vessel valuations of independent shipbrokers on a fully delivered and charter free basis, through Level 2 of the fair value hierarchy based on observable inputs, prevailing in the sale and purchase market of similar vessels on June 23, 2014, which, according to the third party appraiser and management estimates and based on the then current market trends were not materially different from the values on July 11, 2014;</font></div> <div style="text-align:justify;margin-left: 96.0px;margin-bottom:12.0px;text-indent:-48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">b)      a $79,465 fair value adjustment recognized for vessels in operation, as supported by vessel valuations of independent shipbrokers on a charter free basis, through Level 2 of the fair value hierarchy based on observable inputs, prevailing in the sale and purchase market of similar vessels on June 23, 2014, which, according to the third party appraiser and management estimates and based on the then current market trends were not materially different from the values on July 11, 2014;</font></div> <div style="text-align:justify;margin-left: 96.0px;margin-bottom:12.0px;text-indent:-48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">c)      a write-off of the Heron Convertible Loan of $23,680, as further discussed below, on the basis that no economic benefit was expected to be provided to the Company from Heron's liquidation process (other than the distribution of the Heron Vessels in exchange for separate consideration of 423,141 common shares and $25,000 in cash) with any distributable cash from the liquidation of Heron to be transferred to the former owners of Oceanbulk Shipping as further discussed in Note 16.2;</font></div> <div style="text-align:justify;margin-left: 96.0px;margin-bottom:12.0px;text-indent:-48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">d)      a write-off of $3,003 deferred finance costs with respect to financing arrangements that, according to the third party appraiser and management estimates, were not expected to provide any ongoing benefit to the business;</font></div> <div style="text-align:justify;margin-left: 96.0px;margin-bottom:12.0px;text-indent:-48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">e)      a $1,967 intangible asset recognized with respect to a fair value adjustment for two favorable charters under which Oceanbulk is the lessor, through Level 2 of the fair value hierarchy based on observable inputs, by comparing the discounted cash flows under the existing charters with those that could be obtained in the then current market by vessels of similar size and age for the remaining charter period.  The respective intangible asset was amortized on a straight-line basis over the remaining period of the time charters (which terminated during the first and second quarter of 2016) (Note 7).</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The fair value of the share consideration issued in connection with the July 2014 Transactions was based on the market price of $59.27 per share of the Company's common shares (adjusted for the June 2016 Reverse Split).</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The resulting gain from bargain purchase from the acquisition of Oceanbulk and the Pappas Companies of $12,318 is separately presented in the accompanying consolidated statement of operations for the year ended December 31, 2014.  The gain from bargain purchase is primarily attributable to the estimates of the fair value of the assets acquired and liabilities assumed and the subsequent stability or slightly declining market value of dry bulk carrier vessels since the signing of the agreements relating to the July 2014 Transactions, combined with the simultaneous decline in stock prices for most U.S. listed shipping companies, including Star Bulk, which had at the time of the Merger decreased by a greater amount than their net asset values.</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The following unaudited financial information reflects the results of operations of Oceanbulk and Pappas Companies since the acquisition date, which are included in the Company's consolidated statement of operations for the year ended December 31, 2014:</font></div> <div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:249px;height:25px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:22px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Oceanbulk</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:39px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:25px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Pappas Companies</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:249px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Voyage revenues</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">39,585  </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:39px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2,249  </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:249px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Operating income/(loss)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(645)  </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:39px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">111  </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:249px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Net loss</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(4,822)  </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:39px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(213)  </font></div></td> </tr> </table> <div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The following unaudited pro forma consolidated financial information reflects the results of operations for the year ended December 31, 2014, as if the Merger and the Pappas Transaction had been consummated on January 1, 2013 and after giving effect to purchase accounting adjustments, including the nonrecurring pro forma reversal of: (i) the gain from bargain purchase of $12,318 in 2014; (ii) all acquisition-related transaction costs of $12,757 in 2014; and (iii) the interest expense of $1,412 in 2013 and $1,816 in 2014, with respect to the convertible loan owed by Oceanbulk to its members, which was converted into equity because of the Merger, as if the conversion had taken place on January 1, 2013.  These unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been, had the Merger and the Pappas Transaction actually taken place on January 1, 2013. In addition, these results are not intended to be a projection of future results and do not reflect any synergies that might be achieved from the combined operations:</font></div> <div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:249px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2014</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:249px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pro forma revenues </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">           177,654 </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:249px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pro forma operating loss</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">           (10,296)</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:249px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pro forma net loss </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">           (24,075)</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:249px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pro forma loss per share, basic and diluted </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">               (0.27)</font></div></td> </tr> </table> <div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The Heron Transaction has been reflected in the Company's consolidated financial statements for the year ended December 31, 2014, as a purchase of assets with the acquisition cost of the two Heron Vessels delivered on December 5, 2014, consisting of the value of the 423,141 common shares issued on July 11, 2014, of $25,080, and $25,000 in cash, financed by the Heron Vessels Facility (Note 8) being recorded within Vessels and other fixed assets, net in the accompanying consolidated balance sheets, net of accumulated depreciation.  As discussed above, as part of the purchase price allocation as of July 11, 2014, the Company assigned zero value to the Heron Convertible Loan, as no economic benefit is expected to be provided to the Company from Heron's liquidation process, since any distributable cash from the liquidation of Heron will be transferred to the former owners of Oceanbulk Shipping and not to the Company as further discussed in Note 16.2. </font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On September 5, 2014, Oceanbulk Shipping, which became, following the Merger a wholly owned subsidiary of Star Bulk, entered into a term sheet with ABY Group Holdings Limited (ABY Group) and Heron.  The term sheet provided for the conversion of the Heron Convertible Loan.  Among other things, the term sheet contained customary governance provisions and provisions relating to the liquidation of Heron following the conversion of the Heron Convertible Loan.  Under the term sheet, Oceanbulk Shipping received as a distribution the vessels <i>Star Gwyneth (ex-ABYO Gwyneth</i>) and <i>Star Angelina (ex-ABYO Angelina</i>) (two Kamsarmax vessels of 82,790 dwt and 82,981 dwt, respectively), and ABY Group received, as a distribution, the <i>ABYO Audrey</i> (a Capesize vessel of 175,125 dwt) and the <i>ABYO Oprah</i> (a Kamsarmax vessel of 82,551 dwt).  On November 5, 2014, the conversion of the Heron Convertible Loan into 50% of the equity interests of Heron was completed.  However, such conversion did not affect the Company's financial statements since, as further discussed above and in Note 16.2, pursuant to the provisions of the Merger Agreement, the former owners of Oceanbulk effectively remain the ultimate beneficial owners of Heron until Heron is dissolved and any distributable cash from the liquidation of Heron will be transferred to the former owners of Oceanbulk Shipping and not to the Company.</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The Company incurred transaction costs and a stock based compensation expense relating to the July 2014 Transactions of $9,364 and $1,808, respectively, which are included in General and administrative expenses in the accompanying consolidated statement of operations for the year ended December 31, 2014.</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>The Excel Transactions</b></font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On August 19, 2014, the Company entered into definitive agreements with Excel Maritime Carriers Ltd. (Excel) pursuant to which (the Excel Transactions) the Company acquired 34 operating dry bulk vessels, consisting of six Capesize vessels, 14 sistership Kamsarmax vessels, 12 Panamax vessels and two Handymax vessels (the Excel Vessels) for an aggregate consideration of 5,983,462 of its common shares (adjusted for the June 2016 Reverse Split) (the Excel Vessel Share Consideration) and $288,391 in cash (Note 3).  The Excel Vessels were transferred to the Company in a series of closings, on a vessel-by-vessel basis, in general upon reaching port after their voyages and cargoes were discharged.  The last Excel Vessel was delivered to the Company in April 2015.</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">In the case of three Excel Vessels (<i>Star Martha </i>(ex -<i> Christine</i>), <i>Star Pauline </i>(ex - <i>Sandra</i>) and <i>Star Despoina </i>(ex<i> -Lowlands Beilun</i>)), which were transferred subject to existing charters, the Company acquired the outstanding equity interests of the vessel-owning subsidiaries that own those Excel Vessels (although all other assets and liabilities of such vessel-owning subsidiaries remained with Excel).  The delivery of each Excel Vessel has been reflected in the Company's financial statements as a purchase of assets.</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">At the transfer of each Excel Vessel, the Company paid the cash and share consideration for such Excel Vessel to Excel.  The Company used cash on hand, together with borrowings under (i) a $231,000 secured bridge loan facility (the Excel Vessel Bridge Facility) provided to the Company by Excel's majority equity holders, which are entities affiliated with Oaktree and entities affiliated with Angelo, Gordon & Co.  (Angelo, Gordon), or (ii) other bank borrowings, to fund part of the cash consideration for the acquisition of the Excel Vessels (Notes 3 and 8).  Excel used the cash consideration to cause an amount of outstanding indebtedness under its senior secured credit agreement to be repaid, such that all liens and obligations with respect to each transferred Excel Vessel were released upon its transfer to the Company.</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Below is the list of the Company's wholly owned subsidiaries as of December 31, 2016:</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Subsidiaries owning vessels in operation at December 31, 2016</b></font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div> <div style="text-align:right;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:183px;"><div style="text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:142px;"><div style="text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Date</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:53px;"><div style="text-indent:0.0px;"> </div></td> </tr> <tr> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:28px;height:25px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Wholly Owned Subsidiaries</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Vessel Name</b></font></div></td> <td valign="middle" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>DWT</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Delivered to Star Bulk</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Year Built</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Ennea LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Poseidon</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">209,475</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">February 26, 2016</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2016</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Sea Diamond LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Goliath </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">209,537</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 15, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">3</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pearl Shiptrade LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Gargantua </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">209,529</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">April 2, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">4</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Coral Cape Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Maharaj </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">209,472</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 15, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">5</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Seeker LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Libra</i> <i>(1) </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">207,765</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 6, 2016</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2016</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">6</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Clearwater Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Marisa  (1)</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">207,709</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">March 11 2016</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2016</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">7</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Cape Ocean Maritime LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Leviathan </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">182,511</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">September 19, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2014</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Cape Horizon Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Peloreus </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">182,496</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 22, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2014</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">9</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Sandra Shipco LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Pauline </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">180,274</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 29, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2008</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">10</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Christine Shipco LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Martha </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">180,274</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">October 31, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2010</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">11</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pacific Cape Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Pantagruel </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">180,181</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 11, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2004</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">12</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Borealis LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Borealis</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">179,678</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">September 9, 2011</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2011</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">13</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Polaris LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Polaris</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">179,600</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">November 14, 2011</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2011</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">14</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident V LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Angie </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">177,931</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">October 29, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2007</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">15</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Sky Cape Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Big Fish </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">177,662</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 11, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2004</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">16</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Global Cape Shipping LLC</font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Kymopolia </i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:59px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">176,990</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 11, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">17</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Sea Cape Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Big Bang </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">174,109</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 11, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2007</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">18</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Aurora LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Aurora</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">171,199</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">September 8, 2010</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2000</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">19</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident VII LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Eleonora (Note 19) </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">164,218</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 3, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2001</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">20</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Nautical Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Amami </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">98,681</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 11, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2011</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">21</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Majestic Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Madredeus </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">98,681</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 11, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2011</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">22</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Sirius LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Sirius</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">98,681</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">March 7, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2011</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">23</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Vega LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Vega</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">98,681</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">February 13, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2011</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">24</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Alta I LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Angelina </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,981</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 5, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">25</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Alta II LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Gwyneth </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,790</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 5, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">26</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident I LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Kamila </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,769</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">September 3, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2005</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">27</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Grain Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Pendulum </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,619</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 11, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">28</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XIX LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Maria </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,598</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">November 5, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2007</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">29</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XII LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Markella </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,594</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">September 29, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2007</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">30</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident IX LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Danai </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,574</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">October 21, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">31</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XI LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Georgia </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,298</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">October 14, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">32</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident VIII LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Sophia </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,269</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">October 31, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2007</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">33</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XVI LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Mariella </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,266</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">September 19, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">34</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XIV LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Moira </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,257</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">November 19, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">35</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XVIII LLC </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Nina </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,224</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">January 5, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">36</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident X LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Renee </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,221</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 18, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">37</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident II LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Nasia  </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,220</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">August 29, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">38</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XIII LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Laura </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,209</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 8, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">39</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XV LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Jennifer </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,209</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">April 15, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">40</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XVII LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Helena </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,187</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 29, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">41</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Mineral Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Mercurial Virgo </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">81,545</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 11, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2013</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">42</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident III LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Iris </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">76,466</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">September 8, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2004</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">43</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XX LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Emily </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">76,417</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">September 16, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2004</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">44</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XXV Ltd.</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Vanessa </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">72,493</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">November 7, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1999</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">45</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Orion Maritime LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Idee Fixe (1)</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">63,458</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">March 25, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">46</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Spring Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Roberta (1)</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">63,426</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">March 31, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">47</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Success Maritime LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Laura (1)</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">63,399</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">April 7, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">48</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Ultra Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Kaley (1)</font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">63,283</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 26, 2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">49</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Blooming Navigation LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Kennadi </font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">63,262</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">January 8, 2016</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2016</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">50</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Jasmine Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Mackenzie</font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">63,226</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">March 2, 2016</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2016</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">51</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Challenger I LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Challenger</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">61,462</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 12, 2013</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2012</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">52</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Challenger II LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Fighter</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">61,455</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 30, 2013</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2013</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">53</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Axe II LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Lutas</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">61,347</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">January 6, 2016</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2016</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">54</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Aurelia Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Honey Badger </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">61,320</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">February 27, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">55</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Rainbow Maritime LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Wolverine </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">61,292</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">February 27, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">56</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Axe I LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Antares</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">61,258</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">October 9, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">57</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Asia I LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Aquarius</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">60,916</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 22, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">58</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Asia II LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Pisces</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">60,916</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">August 7, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">59</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Glory Supra Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Strange Attractor </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">55,742</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 11, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">60</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Omicron LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Omicron</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">53,489</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">April 17, 2008</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2005</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">61</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Gamma LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Gamma</i> </font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">53,098</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">January 4, 2008</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2002</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">62</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Zeta LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Zeta</i> </font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">52,994</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">January 2, 2008</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2003</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">63</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Delta LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Delta </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">52,434</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">January 2, 2008</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2000</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">64</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Theta LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Theta</i> </font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">52,425</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 6, 2007</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2003</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">65</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Epsilon LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Epsilon</i> </font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">52,402</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 3, 2007</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2001</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">66</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Cosmo LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Cosmo</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">52,247</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 1, 2008</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2005</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">67</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Kappa LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Kappa</i> </font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">52,055</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 14, 2007</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2001</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:28px;height:13px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:183px;"><div style="text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:142px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total dwt</b></font></div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>7,010,446</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:53px;"><div style="text-indent:0.0px;"> </div></td> </tr> <tr> <td style="width:28px;"></td> <td style="width:183px;"></td> <td style="width:142px;"></td> <td style="width:9px;"></td> <td style="width:59px;"></td> <td style="width:128px;"></td> <td style="width:53px;"></td> </tr> </table> <div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> (1)       Vessels subject to a capital bareboat lease (Note 5)</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Subsidiaries owning newbuildings at December 31, 2016</b></i></font></div> <div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:1.3px;color:#000000; "> </font></div> <div style="text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" rowspan="2" style=" border:solid #000000 0.0px;width:176px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Wholly Owned Subsidiaries</b></font></div></td> <td valign="middle" rowspan="2" style=" border:solid #000000 0.0px;width:214px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Newbuildings Name</b></font></div></td> <td valign="middle" rowspan="2" style=" border:solid #000000 0.0px;width:93px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Type</b></font></div></td> <td valign="middle" rowspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>DWT</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Expected Delivery</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;height:13px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Date</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;height:13px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:176px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Breezer LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:214px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">HN 1371 (tbn <i>Star Virgo</i>) (1) (Note 19)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:93px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Newcastlemax</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">208,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Mar-17</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;height:13px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:176px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Domus Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:214px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">HN 1360 (tbn <i>Star Ariadne</i>) (1) </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:93px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Newcastlemax</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">208,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Mar-17</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;height:13px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">3</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:176px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Castle I LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:214px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">HN 1342 (tbn <i>Star Gemini</i>)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:93px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Newcastlemax</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">208,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Jul-17</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;height:13px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">4</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:176px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Festive Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:214px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">HN 1361 (tbn <i>Star Magnanimus</i>) (1) </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:93px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Newcastlemax</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">208,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Jan-18</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;height:13px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">5</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:176px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Castle II LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:214px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">HN 1343 (tbn <i>Star Leo</i>)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:93px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Newcastlemax</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">208,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Jan-18</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;height:14px;"><div style="text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:176px;"><div style="text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:214px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total dwt</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:93px;"><div style="text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>1,040,000</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"> </div></td> </tr> </table> <div><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="margin-bottom:4.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div> <div style="text-align:justify;margin-left: 36.0px;margin-bottom:6.0px;text-indent:-36.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(1)      Vessels subject to a bareboat capital lease (Note 5)</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Non-vessel owning subsidiaries at December 31, 2016</b></i></font></div> <div style="text-align:right;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Wholly Owned Subsidiaries</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-indent:0.0px;"> </div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Bulk Management Inc.</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">25</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Beta LLC </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Starbulk S.A.</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">26</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Mega LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">3</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Bulk Manning LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">27</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Big LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">4</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Bulk Shipmanagement Company (Cyprus) Limited</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">28</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Gravity Shipping LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">5</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Optima Shipping Limited</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">29</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">White Sand Shipping LLC </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">6</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Omas LLC </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">30</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Premier Voyage LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">7</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Synergy LLC </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">31</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">L.A. Cape Shipping LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Oceanbulk Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">32</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Cape Confidence Shipping LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">9</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Oceanbulk Carriers LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">33</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Cape Runner Shipping LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">10</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">International Holdings LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">34</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Olympia Shiptrade LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">11</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Ventures LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">35</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Victory Shipping LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">12</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Dry Ventures LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">36</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Cape I LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">13</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Unity Holding LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">37</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Cape II LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">14</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Bulk (USA) LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">38</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Positive Shipping Company</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">15</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XXI LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">39</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">OOCape1 Holdings LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">16</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XXIV LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">40</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Oday Marine LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">17</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XXVII LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">41</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Searay Maritime LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">18</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XXXI LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">42</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Lowlands Beilun Shipco LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">19</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XXIX LLC </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">43</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident VI LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">20</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XXVIII LLC </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">44</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">KMSRX Holdings LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">21</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XXVI LLC </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">45</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Dioriga Shipping Co.</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">22</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XXII LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">46</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XXX LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">23</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XXIII LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">47</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident IV LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">24</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Alpha LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">48</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pacific Ventures Holdings LLC</font></div></td> </tr> </table> <div><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:1.3px;color:#000000; "> </font></div> <div style="margin-bottom:4.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Below is the list of the vessels which were under commercial and technical management by Star Bulk's wholly owned subsidiary, Starbulk S.A., during the year ended December 31, 2014.  For each vessel, Starbulk S.A. received a fixed management fee of $0.75 per day.  Only the vessel <i>Serenity I</i>, listed in the below table, was under Starbulk S.A.'s commercial and technical management during the year ended December 31, 2015.  As of October 1, 2015, the management fee that the Company was receiving for Serenity I, was changed to $0.50 per day and the respective management agreement was terminated in August 2016. There were no vessels under commercial and technical management by Starbulk, S.A. on December 31, 2016.</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      </font></div> <div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="middle" rowspan="3" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Vessel Owning Company</b></font></div></td> <td valign="middle" rowspan="3" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Vessel Name</b></font></div></td> <td valign="middle" rowspan="3" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>DWT</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Effective Date</b></font></div></td> <td valign="middle" rowspan="3" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Year Built</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>of Management</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Agreement</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Global Cape Shipping LLC (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Kymopolia</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">176,990</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">January 30, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">OOCAPE1 Holdings LLC (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Obelix</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">181,433</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">October 19, 2012</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2011</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Pacific Cape Shipping LLC (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Pantagruel</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">180,181</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">October 24, 2013</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2004</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Sea Cape Shipping LLC (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Big Bang</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">174,109</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">August 30, 2013</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2007</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Sky Cape Shipping LLC (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Big Fish</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">177,662</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">October 18, 2013</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2004</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Majestic Shipping LLC (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Madredeus</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">98,681</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">February 4, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2011</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Nautical Shipping LLC (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Amami</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">98,681</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">February 4, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2011</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Grain Shipping LLC (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Pendulum</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">82,619</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">February 17, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Mineral Shipping LLC (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Mercurial Virgo</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">81,545</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">February 17, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2013</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Adore Shipping Corp.</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Renascentia</i>(3)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">74,732</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">June 20, 2013</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">1999</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Hamon Shipping Inc</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Marto</i> (4)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">74,470</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">August 2, 2013</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2001</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Glory Supra Shipping LLC (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Strange Attractor</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">55,742</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">September 24, 2013</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Premier Voyage LLC (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Maiden Voyage</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">58,722</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">September 28, 2012</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2012</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Serenity Maritime Inc.</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Serenity I</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">53,688</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">June 11, 2011</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2006</font></div></td> </tr> </table> <div><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:1.3px;color:#000000; "> </font></div> <div style="margin-bottom:4.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div> <div style="text-align:justify;margin-left: 36.0px;margin-bottom:6.0px;text-indent:-36.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(1)      These companies were subsidiaries of Oceanbulk and related parties to the Company (please refer to Note 3), which became wholly owned subsidiaries  following the completion of the Merger, when the respective management agreements were terminated.</font></div> <div style="text-align:justify;margin-left: 36.0px;margin-bottom:6.0px;text-indent:-36.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(2)      On June 20, 2014, this vessel was sold and the management agreement between Starbulk S.A. and the previous owners was terminated.  The Company received management fees for a period of two months following the termination date, in accordance with the terms of the management agreement.</font></div> <div style="text-align:justify;margin-left: 36.0px;margin-bottom:6.0px;text-indent:-36.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(3)      On July 3, 2014, the Company received a notice of termination of the management agreement for this vessel.  The management agreement was terminated upon the vessel's delivery to its new managers, on August 20, 2014.  The Company received management fees for a period of three months following the termination date, in accordance with the terms of the management agreement.</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Below is the vessel which was chartered in as part of the sale and leaseback transaction that the Company has entered into for the previously owned vessel <i>Maiden Voyage</i>, which is currently named <i>Astakos</i> (Note 5).</font></div> <div style="text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:136px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b><u>Vessel Name</u></b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b><u>Type</u></b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b><u>DWT</u></b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b><u>Year Built</u></b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:136px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Astakos</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Supramax</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">58,722</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2012</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:136px;height:13px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total dwt:</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:136px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>58,722</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:136px;"><div style="text-indent:0.0px;"> </div></td> </tr> </table> <div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">No charterer accounted for more than 10% of the Company's voyage revenue in 2015. Charterers who individually accounted for more than 10% of the Company's voyage revenues during the year ended December 31, 2014 and 2016 are as follows:</font></div> <div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:78px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>Charterer</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:63px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>2014</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:63px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>2015</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:63px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>2016</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:78px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">A</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">0%</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">6%</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">13%</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:78px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">B</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">12%</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">4%</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">3%</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:78px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">C</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">12%</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">3%</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">2%</font></div></td> </tr> </table> <div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The outstanding accounts receivable balance as at December 31, 2016 of these charterers was $452.</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>aa)          Recent accounting pronouncements - not yet adopted:</b></i></font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b> </b></i></font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Revenue from Contracts with Customers (Topic 606): In May and April 2016, the FASB issued two Updates with respect to Topic 606: ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing and ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients.  The amendments in these Updates do not change the core principle of the guidance in Topic 606, which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in each contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in each contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The amendments in Update 2016-10 clarify the following two aspects of Topic 606: (a) identifying performance obligations and (b) licensing implementation guidance.  The amendments in Update 2016-12 similarly affect only certain narrow aspects of Topic 606, including, (i) Assessing the Collectibility Criterion in Paragraph 606-10-25-1(e) and Accounting for Contracts That Do Not Meet the Criteria for Step 1 (Applying Paragraph 606-10-25-7), (ii) Presentation of Sales Taxes and Other Similar Taxes Collected from Customers, (iii) Noncash Consideration, (iv) Contract Modifications at Transition, (v) Completed Contracts at Transition, and (vi)  Technical Correction. The amendments in these Updates also affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. In December 2016, the FASB also issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. The amendments in the latest Update 2016-20 represent changes to make minor corrections/improvements to the Codification that are not expected to have a significant effect on current accounting practice. The effective date and transition requirements for the amendments in these Updates are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09).  Accounting Standards Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, has deferred the effective date of Update 2014-09 for public business entities to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period.  Earlier application is permitted. The new revenue standard may be applied using either of the following transition methods: (1) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures). Presently, the Company is in the process of evaluating the impact of the standard and of reviewing historical contracts to quantify the impact that the adoption of these ASUs, on January 1, 2018, will have on its financial statements and accompanying notes. While the Company is not yet in a position to quantify these effects as part of its preliminary assessment, the Company currently anticipates adopting the standard using the modified retrospective method.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Simplifying the Measurement of Inventory: In July 2015, the FASB issued ASU No.  2015-11, Simplifying the measurement of inventory.  ASC 330, Inventory, currently requires an entity to measure inventory at the lower of cost or market.  Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin.  The amendments in ASU 2015-11 require an entity to measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value.  For public business entities, the amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years.  The amendments in ASU 2015-11 are to be applied prospectively, with earlier application permitted as of the beginning of an interim or annual reporting period.  While the Company has not yet adopted ASU 2015-11, its adoption is not expected to have a material effect on the Company's financial statements and accompanying notes.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Leases: In February 2016, the FASB issued Accounting Standards Update No.  2016-02, Leases (Topic 842).  ASU 2016-02 will apply to both types of leases - capital (or finance) leases and operating leases.  According to the new Accounting Standard, lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with term of more than 12 months.  ASU 2016 - 02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.  Early application is permitted.  The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and footnotes disclosures.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Derivatives and Hedging: In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships, which clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship, provided that all other hedge accounting criteria (including those in paragraphs 815-20-35-14 through 35-18) continue to be satisfied.  For public companies, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years.  An entity may apply the amendments in this Update on a prospective basis or on a modified retrospective basis, as defined in the Update.  The adoption of this ASU is not expected to have a material effect on the Company's consolidated financial statements and accompanying notes.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Investments - Equity Method and Joint Ventures: In March 2016, the FASB issued ASU 2016-07, Investments - Equity Method and Joint Ventures (Topic 323) (ASU 2016-07), which simplifies the accounting for equity method investments by removing the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence.  The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting.  ASU 2016-07 is effective for fiscal years beginning after December 15, 2016, and interim periods within those years, and must be applied prospectively.  Early adoption is permitted.  The adoption of this ASU is not expected to have a material effect on the Company's consolidated financial statements and accompanying notes.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Compensation-Stock Compensation - Improvements to Employee Share-Based Payment Accounting: In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation - Improvements to Employee Share-Based Payment Accounting (Topic 718) (ASU 2016-09), which involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows.  Under the new standard, all excess income tax benefits and deficiencies are to be recognized as income tax expense or benefit in the income statement and the tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur.  An entity should also recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period.  Excess tax benefits should be classified along with other income tax cash flows as an operating activity.  With regard to forfeitures, the entity may make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur.  ASU 2016-09 is effective for fiscal years beginning after December 15, 2016 including interim periods within that reporting period.  Early adoption is permitted.  The adoption of this ASU is not expected to have a material effect on the Company's consolidated financial statements and accompanying notes.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Financial Instruments - Credit Losses (Topic 326): In June 2016, the FASB issued ASU No. 2016-13- Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities.  For public entities, the amendments of this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.  Early application is permitted. The Company is in the process of assessing the impact of the amendment of this Update on the Company's consolidated financial position and performance.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments: In August 2016, the FASB issued ASU No. 2016-15- Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments which addresses the following eight specific cash flow issues with the objective of reducing the existing diversity in practice: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period, however early adoption is permitted. The Company is currently evaluating the provisions of this guidance and assessing its impact on its consolidated financial statements and notes disclosures.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Statement of Cash Flows (230) - Restricted Cash: In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (230): Restricted Cash. The amendments in this Update require that a statement of cash flows explain the change during the period in the total amount of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update apply to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic 230. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. Other than the presentation effects, the adoption of this ASU is not expected to have a material effect on the Company's consolidated financial statements and accompanying notes.</font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(z)        Taxation: </b></i>The Company follows the provisions of  ASC 740-10, "Accounting for Uncertainty in Income Taxes" which clarifies the accounting for uncertainty in income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. ASC 740-10 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.</font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>y)         Derivatives:</b></i> The Company enters into derivative financial instruments to manage risk related to fluctuations of interest rates.  In case the instruments are eligible for hedge accounting, at the inception of a hedge relationship, the Company formally designates and documents the hedge relationship to which the Company wishes to apply hedge accounting and the risk management objective and strategy undertaken for the hedge.  The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the entity will assess the hedging instrument's effectiveness in offsetting exposure to changes in the hedged item's cash flows attributable to the hedged risk.  A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability, or a highly probable forecasted transaction that could affect profit or loss.  Such hedges are expected to be highly effective in achieving offsetting changes in cash flows and are assessed at each reporting date to determine whether they actually have been highly effective throughout the financial reporting periods for which they were designated. All derivatives are recorded on the balance sheet as assets or liabilities and are measured at fair value. The valuation of interest rate swaps is based on Level 2 observable inputs of the fair value hierarchy such as interest rate curves. For derivatives designated as cash flow hedges, the effective portion of the changes in their fair value is recorded in Accumulated other comprehensive income / (loss) and is subsequently recognized in earnings, under Interest and finance costs when the hedged items impact earnings, while the ineffective portion, if any, is recognized immediately in current period earnings under Gain / (Loss) on derivative financial instruments, net.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The changes in the fair value of derivatives not qualifying for hedge accounting are recognized in earnings.  The Company discontinues cash flow hedge accounting if the hedging instrument expires or is sold, terminated or exercised and it no longer meets all the criteria for hedge accounting or if the Company de-designates the instrument as a cash flow hedge.  At that time, any cumulative gain or loss on the hedging instrument recognized in equity remains in equity until the forecasted transaction occurs or until it becomes probable of not occurring.  When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in earnings.  If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is reclassified to earnings for the year.  Following the hedging designations made during the third quarter of 2014 (Note 18), all of the Company's interest rates swaps effective as of December 31, 2014 were designated as accounting hedges.  Only four out of the nine of the Company's interest rate swaps effective as of December 31, 2015 and 2016 remained designated as accounting hedges as of those dates. </font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">In addition, from time to time, the Company may take positions in derivative instruments including freight forward agreements, or FFAs. Generally, FFAs and other derivative instruments may be used to hedge a vessel owner's exposure to the charter market for a specified route and period of time. Upon settlement, if the contracted charter rate is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period. Based on this, the value of all open positions at each reporting date is measured (Level 2). Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. FFAs are intended to serve as an economic hedge for the Company's vessels that are being chartered in the spot market, effectively locking-in an approximate amount of revenue that the Company expects to receive from such vessels for the relevant periods. The Company's FFAs do not qualify for hedge accounting and therefore gains or losses are recognized in the accompanying consolidated statements of operations under (Gain)/Loss on forward freight agreements.  </font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>x)        Accounting for leases:</b></i> Leases of assets under which substantially all the risks and rewards of ownership are effectively retained by the lessor are classified as operating leases.  Lease payments under an operating lease are recognized as an expense on a straight-line method over the lease term.  As of December 31, 2015 and 2016, the Company held no operating lease arrangements acting as lessee other than its office leases and an operating lease arrangement for one Supramax vessel (Note 5).</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Leases of vessels are classified as capital leases when they satisfy the criteria for capital lease classification under ASC 840, Leases.  As of December 31, 2015 and 2016 the Company was the lessee under certain capital lease arrangements as further discussed in Notes 5 and 6.  Capital leases are capitalized at the inception of the lease at the lower of the fair value of the leased assets and the present value of the minimum lease payments.  Each lease payment is allocated between liability and finance charges to achieve a constant rate on the capital balance outstanding.  The interest incurred under a capital lease is included within Interest and finance costs in the consolidated statement of operations.  The depreciation of vessels under capital lease is included within Depreciation in the consolidated statement of operations.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">When the ownership of a vessel is transferred at the end of the lease, or there is a bargain purchase option, the vessel is depreciated on a straight-line basis over its useful life as if the vessel was owned.  Otherwise, vessels under capital lease are depreciated on a straight-line basis over the term of the lease.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pursuant to the provisions of the ASC 840, Leases, in cases of changes in the contractual terms, the Company reassesses its conclusions for the accounting of the subject leases.</font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>w)        Segment reporting:</b></i><b> </b>The Company reports financial information and evaluates its operations and operating results by total charter revenues and not by the type of vessel, length of vessel employment, customer or type of charter.  As a result, management, including the Chief Operating Officer, who is the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet, and thus, the Company has determined that it operates under one reportable segment, that of operating dry bulk vessels.  Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide, subject to restrictions as per the charter agreement, and, as a result, the disclosure of geographic information is impracticable.</font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>v)        Earnings/ (loss) per share:</b></i> Earnings or loss per share are computed in accordance with guidance related to Earnings per Share.  Basic earnings or loss per share are calculated by dividing net income or loss available to common shareholders by the basic weighted average number of common shares outstanding and vested during the period.  Diluted earnings per share reflect the potential dilution that would occur assuming that common shares were issued for the exercise of outstanding in-the-money warrants and non-vested shares and the hypothetical proceeds, including proceeds from warrant exercise and average unrecognized stock-based compensation cost thereof, were used to purchase common shares at the average market price during the period such warrants and non-vested shares were outstanding (Note 13).</font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>u)        Fair value measurements:</b></i> The Company follows the provisions of ASC 820, Fair Value Measurements and Disclosures that defines and provides guidance as to the measurement of fair value.  ASC 820 creates a hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.  The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets and the lowest priority (Level 3) to unobservable data, for example, the reporting entity's own data.  Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy (Note 18).</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>t)         Accounting for revenue and related expenses: </b></i>The Company generates its revenues from charterers for the charterhire of its vessels under time charter agreements, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charterhire rate, or voyage charter agreements, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified freight rate per ton.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Under time charter agreements, voyage costs, such as fuel and port charges are borne and paid by the charterer. The Company's time charter agreements are classified as operating leases.  Revenues under operating lease arrangements are recognized when a charter agreement exists, the charter rate is fixed and determinable, the vessel is made available to the lessee and collection of the related revenue is reasonably assured.  Revenues are recognized ratably on a straight line basis over the period of the respective charter agreement in accordance with guidance related to leases.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Revenue from voyage charter agreements is recognized on a pro-rata basis over the duration of the voyage. Under voyage charter agreements, all voyage costs are borne and paid by the Company.  Demurrage income, which is included in voyage revenues, represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter agreements and is recognized when an arrangement exists, services have been performed, the amount is fixed or determinable and collection is reasonably assured.  Deferred revenue includes cash received prior to the balance sheet date and is related to revenue to be earned after such date.  The portion of the deferred revenue that will be earned within the next twelve months is classified as current liability and the remaining (if any) as long term liability.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">For vessels operating in pooling arrangements, the Company earns a portion of total revenues generated by the pool, net of voyage expenses and expenses incurred by the pool. The amount allocated to each pool participant vessel, including the Company's vessels, is determined in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool (based on the vessel's age, design, consumption and other performance characteristics) as well as the time each vessel has spent in the pool. Revenue under pooling arrangements is accounted for on an accrual basis and is recognized when an agreement with the pool exists, the price is fixed, services are provided and collectability of the revenue is reasonably assured.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Vessel operating expenses include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes, regulatory fees, technical management fees and other miscellaneous expenses.  Payments in advance for services are recorded as prepaid expenses.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Voyage expenses consist of bunker consumption, port expenses and agency fees related to the voyage.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Brokerage commissions are paid by the Company.  Brokerage commissions are recognized over the related charter period and included in voyage expenses.  Voyage expenses and vessel operating expenses are recognized as incurred.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">In addition expenses related to the chartering-in of vessels owned by third parties are recognized on a pro-rata basis over the duration of the voyage, and are included in voyage expenses, except for the hire expense for chartering-in the respective vessels, which is included within Charter in hire expense in the consolidated statement of operations.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div> <div style="text-align:justify;text-indent:0.0px;"></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>s)         Dry docking and special survey expenses:</b></i> Dry docking and special survey expenses are expensed when incurred.</font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>r)         Stock incentive plan awards:</b></i> Stock based compensation represents the cost of shares and share options granted to employees and to directors, for their services, and is included in General and administrative expenses in the consolidated statements of operations.  The shares are measured at their fair value equal to the market value of the Company's common stock on the grant date.  The shares that do not contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date.  Guidance related to stock compensation describes two generally accepted methods of recognizing expense for non-vested share awards with a graded vesting schedule for financial reporting purposes: 1) the accelerated method'', which treats an award with multiple vesting dates as multiple awards and results in a front-loading of the costs of the award and 2) the straight-line method'' which treats such awards as a single award and results in recognition of the cost ratably over the entire vesting period.  The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and a total fair value of such shares is recognized using the accelerated method.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The fair value of share options grants is determined with reference to option pricing models, and depends on the terms of the granted options.  The fair value is recognized (generally as compensation expense) over the requisite service period for all awards that vest.</font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>q)      Debt Modifications and extinguishments:</b></i> The Company follows the provisions of ASC 470-50,"Modifications and Extinguishments to account for all extinguishments of debt instruments, except debt that is extinguished through a troubled debt restructuring (see Subtopic 470-60) or a conversion of debt to equity securities of the debtor pursuant to conversion privileges provided in terms of the debt at issuance (see Subtopic 470-20). This subtopic also provides guidance on whether an exchange of debt instruments with the same creditor constitutes an extinguishment and whether a modification of a debt instrument should be accounted for in the same manner as an extinguishment. In circumstances where an exchange of debt instruments or a modification of a debt instrument does not result in extinguishment accounting, this Subtopic provides guidance on the appropriate accounting treatment.</font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>p)        Financing costs:</b></i> Effective as of January 1, 2016, fees paid to lenders or required to be paid to third parties on the lenders' behalf for obtaining new loans, senior notes or for refinancing or amending existing loans, are required to be presented on the balance sheet, following the adoption of Accounting Standards Update (ASU) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, rather than as a deferred finance charges asset.  These costs are expensed as interest and finance costs using the effective interest rate method over the duration of the relevant loan facility. Any unamortized balance of costs relating to debt repaid or refinanced is expensed in the period in which the repayment or refinancing is made, subject to the guidance regarding Debt Extinguishment. Any unamortized balance of costs relating to debt refinanced is deferred and amortized over the term of the refinanced debt in the period in which the refinancing occurs. The guidance under ASU 2015-03 also provides that the new classification should be retrospectively applied to prior periods presented in the financial statements.  As such, the outstanding balance of deferred finance charges as of December 31, 2015 of $16,037 (previously presented as Deferred finance charges, net) and December 31, 2016 of $10,496, are reflected as a direct deduction from long term debt, long term lease commitments and the 8.00% 2019 Notes in the accompanying balance sheets as further analyzed in Note 8.  The recognition and measurement guidance for debt issuance costs were not affected by the amendments in this update.</font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>o)          Vessels held for sale:</b></i> It is the Company's policy to dispose of vessels when suitable opportunities occur.  The Company classifies a vessel as being held for sale when all of the following criteria, enumerated under ASC 360 Property, Plant, and Equipment, are met: (i) management has committed to a plan to sell the vessel; (ii) the vessel is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the vessel have been initiated; (iv) the sale of the vessel is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; (v) the vessel is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. The resulting difference, if any, is recorded under Impairment loss in the accompanying consolidated statement of operations. The vessels are not depreciated once they meet the criteria to be classified as held for sale. At December 31, 2015 and 2016, there were no vessels that met the criteria to be classified as held for sale.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>n)         Impairment of long-lived assets:</b></i> The Company follows guidance related to the Impairment or Disposal of long-lived assets which addresses financial accounting and reporting for the impairment or disposal of long-lived assets.  The standard requires that long-lived assets and certain identifiable intangibles held and used by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable.  When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use and eventual disposition of the asset is less than its carrying amount, the Company should record an impairment loss to the extent the asset's carrying value exceeds its fair value.  Measurement of the impairment loss is based on the fair value.  The Company determines the fair value of its assets based on management estimates and assumptions and by making use of available market data and taking into consideration agreed sale prices and third party valuations.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">In this respect, the management regularly reviews the carrying amount of the vessels, including newbuilding contracts, on a vessel-by-vessel basis, when events and circumstances indicate that the carrying amount of the vessels or newbuilding contracts might not be recoverable (such as vessel sales and purchases, business plans, obsolescence or damage to the asset and overall market conditions). When impairment indicators are present, the Company compares undiscounted cash flows to the carrying values of the Company's vessels to determine if the assets are impaired.  In developing its estimates of future undiscounted net operating cash flows, the Company makes assumptions and estimates about vessels' future performance, with the significant assumptions being related to charter rates, ship operating expenses, vessels' residual value, fleet utilization and the estimated remaining useful lives of the vessels, assumed to be 25 years from the delivery of the vessel from the shipyard.  These assumptions are based on current market conditions, historical industry and Company specific trends, as well as future expectations.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The undiscounted projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed vessel days and an estimated daily time charter equivalent rate for the unfixed days over the estimated remaining economic life of each vessel, net of brokerage and address commissions.  Estimates of the daily time charter equivalent for the unfixed days are based on the current Forward Freight Agreement (FFA) rates, for the first three-year period, and historical average rate levels of similar size vessels for the period thereafter. The expected cash inflows from charter revenues are based on an assumed fleet utilization rate of approximately 98% for the unfixed days, taking also into account expected technical off-hire days.  In assessing expected future cash outflows, management forecasts vessel operating expenses, which are based on the Company's internal budget for the first annual period and thereafter assume an annual inflation rate of up to 3% (escalating during the first three-year period) and are capped at the tenth year, as well as vessel expected maintenance costs (for dry docking and special surveys).  The estimated salvage value of each vessel is $0.3 per light weight ton, in accordance with the Company's vessel depreciation policy.  The Company uses a probability weighted approach for developing estimates of future cash flows used to test its vessels for recoverability when alternative courses of action are under consideration (i.e. sale or continuing operation of a vessel).  If the Company's estimate of undiscounted future cash flows for any vessel is lower than the vessel's carrying value, the carrying value is written down to the vessel's fair market value with a charge recorded in earnings.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Using the framework for estimating projected undiscounted net operating cash flows described above, the Company completed its impairment analysis for the years ended December 31, 2014, 2015 and 2016, for those operating vessels and newbuildings whose carrying values were above their respective market values.  For 2014, no asset impairment was necessary.  An impairment loss of $321,978 and $29,221 was recognized for the years ended December 31, 2015 and 2016, respectively, which resulted primarily from the Company's actual and intended vessel sales that are further discussed in Notes 5 and 6.</font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>m)        Fair value of above/below market acquired time charter:</b></i> The Company values any asset or liability arising from the market value of the time charters assumed when a vessel is acquired.  The value of above or below market acquired time charters is determined by comparing the existing charter rates in the acquired time charter agreements with the market rates for equivalent time charter agreements prevailing at the time the foregoing vessels are delivered.  Such intangible asset or liability is recognized ratably as an adjustment to revenues over the remaining term of the assumed time charter.</font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>l)        Advances for vessels under construction:</b></i> Advances made to shipyards during construction periods are classified as Advances for vessels under construction and acquisition of vessels until the date of delivery and acceptance of the vessel, at which date they are reclassified to Vessels and other fixed assets, net.  Advances for vessels under construction also include supervision costs, amounts paid under engineering contracts, capitalized interest and other expenses directly related to the construction of the vessel or the preparation of the vessel for its initial voyage.  Financing costs incurred during the construction period of the vessels are also capitalized and included in the vessels' cost.</font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>k)        Vessels, net:</b></i> Vessels are stated at cost, which consists of the purchase price and any material expenses incurred upon acquisition, such as initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for its initial voyage.  Any subsequent expenditure, when it does not extend the useful life of the vessel, increase the earning capacity or improve the efficiency or safety of the vessel, is expensed as incurred.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The cost of each of the Company's vessels is depreciated beginning when the vessel is ready for its intended use, on a straight-line basis over the vessel's remaining economic useful life, after considering the estimated residual value (vessel's residual value is equal to the product of its lightweight tonnage and estimated scrap rate per ton).  Management estimates the useful life of the Company's vessels to be 25 years from the date of initial delivery from the shipyard.  When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Effective as of January 1, 2015, following management's reassessment of the residual value of the Company's vessels, the Company increased the estimated scrap rate per light weight tonnage from $0.2 to $0.3.  The current value of $0.3 was based on the historical average demolition prices prevailing in the market.  The change in this accounting estimate, which pursuant to ASC 250 Accounting Changes and Error Corrections was applied prospectively and did not require retrospective application, decreased the depreciation expense and the net loss for the year ended December 31, 2015 by $6,337 or $0.16 loss per basic and diluted share.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>j)            Inventories:</b></i> Inventories consist of consumable lubricants and bunkers, which are stated at the lower of cost or market value.  Cost is determined by the first in, first out method.</font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>i)           Trade accounts receivable, net:</b></i> The amount shown as Trade accounts receivable, net, at each balance sheet date, includes estimated amounts recovered from each voyage or time charter net of any provision for doubtful debts.  At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables. As of December 31, 2015 and 2016, provision for doubtful receivables was nil.</font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>h)           Restricted cash:</b></i> Restricted cash represents minimum cash deposits or cash collateral deposits required to be maintained with certain banks under the Company's borrowing arrangements or derivative contracts, which are legally restricted as to withdrawal or use. In the event that the obligation to maintain such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets. Otherwise, they are classified as non-current assets.</font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>g)       Cash and cash equivalents:</b></i> The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less or from which cash is readily available without penalty, to be cash equivalents.</font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>f)         Foreign currency transactions:</b></i> The functional currency of the Company is the U.S. Dollar since its vessels operate in the international shipping markets, and therefore primarily transact business in U.S. Dollars.  The Company's books of accounts are maintained in U.S. Dollars.  Transactions involving other currencies during the period are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions.  At the consolidated balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are converted into U.S. Dollars at the period-end exchange rates.  Resulting gains or losses are included in Interest and other income in the accompanying consolidated statements of operations.</font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>e)       Concentration of credit risk:</b></i> Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and restricted cash, trade accounts receivable and derivative contracts (including freight derivatives, bunker derivatives and interest rate swaps).  The Company's policy is to place cash and cash equivalents, and restricted cash with financial institutions evaluated as being creditworthy and are exposed to minimal interest rate and credit risk.  The Company may be exposed to credit risk in the event of non-performance by counter parties to derivative instruments.  To decrease this risk, the Company limits its exposure in over-the-counter transactions by diversifying among counter parties with high credit ratings, and selects freight derivatives, if any, that clear through the London Clearing House.  The Company performs periodic evaluations of the relative credit standing of those financial institutions.  In addition the Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>d)      Comprehensive income/(loss):</b></i> The statement of comprehensive income/(loss) presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources.  It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders.  Reclassification adjustments are presented out of accumulated other comprehensive income/(loss) on the face of the statement in which the components of other comprehensive income/(loss) are presented or in the notes to the financial statements.  The Company follows the provisions of ASC 220 Comprehensive Income, and presents items of net income/(loss), items of other comprehensive income/(loss) (OCI) and total comprehensive income/(loss) in two separate and consecutive statements.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>c)           Use of estimates:</b></i> The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the accompanying consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates under different assumptions or conditions.</font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>a)        Principles of consolidation:</b></i> The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP), which include the accounts of Star Bulk and its wholly owned subsidiaries referred to in Note 1 above.  All intercompany balances and transactions have been eliminated in the consolidation.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Bulk as the holding company determines whether it has controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity.  Under ASC 810 Consolidation, a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and make financial and operating decisions.  Star Bulk consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest. </font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">A variable interest entity (VIE) is an entity as defined under ASC 810-10, which in general either does not have equity investors with voting rights or has equity investors that do not provide sufficient financial resources for the entity to support its activities.  A controlling financial interest pursuant to a VIE model requires both of the following:(a) the power to direct the activities that most significantly impact the VIE's economic performance, and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.  The company with a controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE.  The Company evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its consolidated financial statements.  As of December 31, 2014, 2015 and 2016, no such interests existed.</font></div> <div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The amendments to the consolidation analysis, issued by the FASB under ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis in February 2015, provide guidance for reporting entities to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The implementation of these amendments had no impact on the Company's consolidated financial statements.</font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>b)          Equity method investments:</b></i> Investments in the equity of entities over which the Company exercises significant influence, but does not exercise control are accounted for by the equity method of accounting.  Under this method, the Company records such an investment at cost and adjusts the carrying amount for its share of the earnings or losses of the entity subsequent to the date of investment and reports the recognized earnings or losses in income.  The Company also evaluates whether a loss in value of an investment that is other than a temporary decline should be recognized.  Evidence of a loss in value might include absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment.  Dividends received reduce the carrying amount of the investment.  When the Company's share of losses in an entity accounted for by the equity method equals or exceeds its interest in the entity, the Company does not recognize further losses, unless the Company has made advances, incurred obligations and made payments on behalf of the entity.</font></div> <div style="text-align:justify;text-indent:0.0px;"></div>

<div style="text-align:right;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:183px;"><div style="text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:142px;"><div style="text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Date</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:53px;"><div style="text-indent:0.0px;"> </div></td> </tr> <tr> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:28px;height:25px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Wholly Owned Subsidiaries</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Vessel Name</b></font></div></td> <td valign="middle" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>DWT</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Delivered to Star Bulk</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Year Built</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Ennea LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Poseidon</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">209,475</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">February 26, 2016</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2016</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Sea Diamond LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Goliath </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">209,537</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 15, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">3</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pearl Shiptrade LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Gargantua </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">209,529</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">April 2, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">4</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Coral Cape Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Maharaj </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">209,472</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 15, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">5</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Seeker LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Libra</i> <i>(1) </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">207,765</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 6, 2016</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2016</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">6</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Clearwater Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Marisa  (1)</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">207,709</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">March 11 2016</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2016</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">7</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Cape Ocean Maritime LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Leviathan </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">182,511</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">September 19, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2014</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Cape Horizon Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Peloreus </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">182,496</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 22, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2014</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">9</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Sandra Shipco LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Pauline </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">180,274</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 29, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2008</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">10</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Christine Shipco LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Martha </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">180,274</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">October 31, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2010</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">11</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pacific Cape Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Pantagruel </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">180,181</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 11, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2004</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">12</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Borealis LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Borealis</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">179,678</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">September 9, 2011</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2011</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">13</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Polaris LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Polaris</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">179,600</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">November 14, 2011</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2011</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">14</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident V LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Angie </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">177,931</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">October 29, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2007</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">15</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Sky Cape Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Big Fish </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">177,662</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 11, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2004</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">16</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Global Cape Shipping LLC</font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Kymopolia </i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:59px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">176,990</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 11, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">17</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Sea Cape Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Big Bang </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">174,109</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 11, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2007</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">18</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Aurora LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Aurora</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">171,199</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">September 8, 2010</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2000</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">19</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident VII LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Eleonora (Note 19) </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">164,218</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 3, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2001</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">20</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Nautical Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Amami </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">98,681</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 11, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2011</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">21</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Majestic Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Madredeus </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">98,681</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 11, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2011</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">22</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Sirius LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Sirius</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">98,681</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">March 7, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2011</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">23</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Vega LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Vega</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">98,681</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">February 13, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2011</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">24</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Alta I LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Angelina </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,981</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 5, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">25</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Alta II LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Gwyneth </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,790</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 5, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">26</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident I LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Kamila </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,769</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">September 3, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2005</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">27</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Grain Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Pendulum </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,619</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 11, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">28</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XIX LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Maria </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,598</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">November 5, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2007</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">29</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XII LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Markella </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,594</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">September 29, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2007</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">30</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident IX LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Danai </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,574</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">October 21, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">31</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XI LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Georgia </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,298</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">October 14, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">32</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident VIII LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Sophia </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,269</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">October 31, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2007</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">33</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XVI LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Mariella </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,266</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">September 19, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">34</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XIV LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Moira </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,257</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">November 19, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">35</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XVIII LLC </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Nina </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,224</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">January 5, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">36</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident X LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Renee </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,221</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 18, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">37</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident II LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Nasia  </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,220</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">August 29, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">38</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XIII LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Laura </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,209</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 8, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">39</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XV LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Jennifer </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,209</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">April 15, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">40</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XVII LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Helena </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,187</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 29, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">41</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Mineral Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Mercurial Virgo </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">81,545</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 11, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2013</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">42</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident III LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Iris </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">76,466</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">September 8, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2004</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">43</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XX LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Emily </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">76,417</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">September 16, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2004</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">44</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XXV Ltd.</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Vanessa </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">72,493</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">November 7, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1999</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">45</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Orion Maritime LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Idee Fixe (1)</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">63,458</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">March 25, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">46</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Spring Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Roberta (1)</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">63,426</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">March 31, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">47</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Success Maritime LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Laura (1)</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">63,399</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">April 7, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">48</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Ultra Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Kaley (1)</font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">63,283</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 26, 2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">49</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Blooming Navigation LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Kennadi </font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">63,262</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">January 8, 2016</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2016</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">50</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Jasmine Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Mackenzie</font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">63,226</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">March 2, 2016</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2016</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">51</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Challenger I LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Challenger</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">61,462</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 12, 2013</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2012</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">52</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Challenger II LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Fighter</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">61,455</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 30, 2013</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2013</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">53</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Axe II LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Lutas</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">61,347</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">January 6, 2016</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2016</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">54</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Aurelia Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Honey Badger </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">61,320</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">February 27, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">55</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Rainbow Maritime LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Wolverine </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">61,292</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">February 27, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">56</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Axe I LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Antares</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">61,258</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">October 9, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">57</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Asia I LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Aquarius</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">60,916</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 22, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">58</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Asia II LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Pisces</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">60,916</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">August 7, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">59</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Glory Supra Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Strange Attractor </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">55,742</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 11, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">60</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Omicron LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Omicron</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">53,489</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">April 17, 2008</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2005</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">61</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Gamma LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Gamma</i> </font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">53,098</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">January 4, 2008</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2002</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">62</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Zeta LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Zeta</i> </font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">52,994</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">January 2, 2008</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2003</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">63</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Delta LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Delta </i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">52,434</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">January 2, 2008</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2000</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">64</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Theta LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Theta</i> </font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">52,425</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 6, 2007</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2003</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">65</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Epsilon LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Epsilon</i> </font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">52,402</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 3, 2007</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2001</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">66</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Cosmo LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Cosmo</i></font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">52,247</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">July 1, 2008</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2005</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">67</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:183px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Kappa LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Star Kappa</i> </font></div></td> <td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">52,055</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">December 14, 2007</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2001</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:28px;height:13px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:183px;"><div style="text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:142px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total dwt</b></font></div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>7,010,446</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:53px;"><div style="text-indent:0.0px;"> </div></td> </tr> <tr> <td style="width:28px;"></td> <td style="width:183px;"></td> <td style="width:142px;"></td> <td style="width:9px;"></td> <td style="width:59px;"></td> <td style="width:128px;"></td> <td style="width:53px;"></td> </tr> </table> <div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> (1)       Vessels subject to a capital bareboat lease (Note 5)</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"></div>

<div style="text-align:justify;margin-left: 48.0px;margin-bottom:12.0px;text-indent:-48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>19.      Subsequent Events:</b></font></div> <ul> <li type="disc" style="text-align: justify;margin-bottom:12.0px;font-family:Times New Roman;font-size:13.3px;color:#000000; "><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b></b>On February 2, 2017, the Company completed a private placement of 6,310,272 common shares, at a price of $8.154 per share (the February 2017 Private Placement). The aggregate gross proceeds to the Company were approximately $51.5 million, raised for general corporate purposes.  One of the Company's significant shareholders, Oaktree and its affiliates, purchased a total of 3,244,292 of the common shares in the February 2017 Private Placement.  </font></li> <li type="disc" style="text-align: justify;margin-bottom:12.0px;font-family:Times New Roman;font-size:13.3px;color:#000000; "><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On February 9, 2017, the Company entered into agreement with a third party to sell the vessel <i>Star Eleonora </i>at market terms. The vessel was delivered to its new owner in early March.</font></li> <li type="disc" style="text-align: justify;margin-bottom:12.0px;font-family:Times New Roman;font-size:13.3px;color:#000000; "><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On March 1, 2017, the Company took delivery of the Newcastlemax vessel Star Virgo (ex HN 1371), which, as disclosed in Note 5, is financed under a bareboat charter accounted for as a capital lease, from CSSC (Hong Kong) Shipping Company Limited.</font></li> <li type="disc" style="text-align: justify;margin-bottom:12.0px;font-family:Times New Roman;font-size:13.3px;color:#000000; "><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">In March 2017, the Company entered into definitive agreements to acquire two modern Kamsarmax drybulk carriers from an unaffiliated third party for an aggregate total consideration of  $30.3 million. Each of the vessels has a carrying capacity of 81,713 deadweight tons and was built with high specifications at Jiangsu New Yangzijiang in 2013. The vessels are expected to be delivered to the Company between March and May 2017. The Company is currently in advanced discussions with a financial institution to secure financing for up to 50% of the acquisition costs of the vessels.</font></li> </ul><div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"></font></div> <div style="text-align:justify;margin-left: 48.0px;margin-bottom:12.0px;text-indent:-24.0px;"></div>

<div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>16.      Commitments and Contingencies:</b></font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>      a)      <u>Legal proceedings</u></b></font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business.  In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company's vessels. The Company's vessels are covered for pollution in the amount of $1 billion per vessel per incident, by the Protection and Indemnity (P&I) Association in which the Company's vessels are entered.  The Company's vessels are subject to calls payable to their P&I Association and may be subject to supplemental calls which are based on estimates of premium income and anticipated and paid claims.  Such estimates are adjusted each year by the Board of Directors of the P&I Association until the closing of the relevant policy year, which generally occurs within three years from the end of the policy year.  Supplemental calls, if any, are expensed when they are announced and according to the period they relate to.  The Company is not aware of any supplemental calls in respect of any policy years other than those that have already been recorded in its consolidated financial statements.</font></div> <div style="text-align:justify;margin-left: 48.0px;margin-bottom:12.0px;text-indent:-48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(i)      On July 13, 2011, <i>Star Cosmo</i> was retained by the port authority in the Spanish port of Almeria and was released on July 16, 2011.  According to the port authority, the vessel allegedly discharged oily water while sailing in Spanish waters in May 2011, more than two months before being retained, and related records were allegedly deficient.  An administrative investigation commenced locally. The fines were finally set by the Spanish administrative authorities to 260,000 (approx. $273, using the exchange rate as of December 31, 2016, eur/usd 1.05) and, following their irrevocable adjudication, the fines have been fully settled and the case is considered closed. Up to $1 billion of the liabilities associated with the individual vessel's actions, mainly for sea pollution, are covered by the P&I Club Insurance. </font></div> <div style="text-align:justify;margin-left: 48.0px;margin-bottom:12.0px;text-indent:-48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(ii)      In March 2013, the Company commenced arbitration proceedings against Hanjin HHIC-Phil Inc., the shipyard that constructed the <i>Star Polaris</i>, relating to an engine failure the vessel experienced in Korea. This resulted in 142 off-hire days and the loss of $2,343 in revenues. The Company pursued the compensation for the cost of the repairs and the loss of revenues and following the arbitration hearing in July 2015, the arbitral tribunal issued its partial final award (the Award), which found the yard liable for certain aspects of the claim but did not quantify the Award. Following the dismissal of the loss of revenues claim before the High Court of the United Kingdom in the appeal proceedings, a hearing before the arbitral tribunal to quantify the cost of the repairs for which the yard is liable is pending.</font></div> <div style="text-align:justify;margin-left: 48.0px;margin-bottom:12.0px;text-indent:-48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(iii)      On June 28, 2013, the Company received a letter from the receivers of STX Pan Ocean Co.  Ltd., or STX, terminating the charter agreement for the vessel <i>Star Borealis.  Star Borealis</i> was on time charter at an average gross daily charter rate of $24.75 for the period from September 11, 2011 until July 11, 2021.  On September 11, 2014, Star Bulk agreed the settlement of a claim for damages and due hire brought by its subsidiary, Star Borealis LLC arising from the purported repudiation of the <i>Star Borealis</i> charter agreement by charterer STX (the Settled Claim).  Star Borealis LLC negotiated, sold and assigned the rights to the Settled Claim to an unrelated third party for $8,016, which was received on October 3, 2014.  The Company recorded in 2014 a gain of approximately $9,377 including the extinguishment of a $1,361 liability related to the amount of fuel and lubricants remaining on board of <i>Star Borealis</i> at the time of the charter repudiation.</font></div> <div style="text-align:justify;margin-left: 48.0px;margin-bottom:12.0px;text-indent:-48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(iv)      On October 23, 2014, a purported shareholder (the Plaintiff) of the Company filed a derivative and putative class action lawsuit in New York state court against the Company's Chief Executive Officer, members of its Board of Directors and several of its shareholders and related entities.  The Company has been named as a nominal defendant in the lawsuit.  The lawsuit alleges that the acquisition of Oceanbulk and purchase of several Excel Vessels were the result of self-dealing by various defendants and that the Company entered into the respective transactions on unfair terms.  The lawsuit further alleges that, as a result of these transactions, several defendants' interests in the Company have increased and that the Plaintiff's interest in the Company has been diluted.  The lawsuit also alleges that the Company's management has engaged in other conduct that has resulted in corporate waste.  The lawsuit seeks cancellation of all shares issued to the defendants in connection with the acquisition of Oceanbulk, unspecified monetary damages, the replacement of some or all members of the Company's Board of Directors and its Chief Executive Officer, and other relief.  The Company believes the claims are completely without merit, denies them and intends to vigorously defend against them in court.  On November 24, 2014, the Company and the other defendants removed the action to the United States District Court for the Southern District of New York.  On March 4, 2015, the Company and the other defendants moved to dismiss the complaint.  On February 18, 2016, the court granted the Company's motion to dismiss in full and dismissed the matter.  On February 24, 2016, Plaintiff filed a notice of appeal.  The appeal was heard before the Court of Appeals for the Second Circuit on December 6, 2016 and judgment is pending.</font></div> <div style="text-align:justify;margin-left: 48.0px;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>b)      <u>Other contingencies:</u></b></font></div> <div style="text-align:justify;margin-left: 48.0px;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Contingencies relating to Heron</b></font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Following the completion of the Merger, Oceanbulk Shipping became a wholly owned subsidiary of the Company.  As further discussed in Note 1, Oceanbulk Shipping owned the Heron Convertible Loan, which was convertible into 50% of Heron's equity.  After the conversion of the loan, on November 5, 2014 (Note 1), Heron is a 50-50 joint venture between Oceanbulk Shipping and ABY Group Holding Limited, and Oceanbulk Shipping shares joint control over Heron with ABY Group Holding Limited.  Based on the applicable related agreements, neither party will entirely control Heron.  In addition, any operational and other decisions with respect to Heron will need to be jointly agreed between Oceanbulk Shipping and ABY Group Holding Limited.  As of December 31, 2016, all vessels previously owned by Heron have been either sold or distributed to its equity holders.  While Oceanbulk Shipping and ABY Group Holding Limited intend that Heron eventually will be dissolved shortly after receiving permission from local authorities, until that occurs, contingencies to the Company may arise.  However, the pre-transaction investors in Heron effectively remain as ultimate beneficial owners of Heron, until Heron is dissolved on the basis that, according to the Merger Agreement, any cash received or paid by the Company from the final liquidation of Heron will be settled accordingly by Oceanbulk Sellers. As of December 31, 2015, the Company had an outstanding payable of $50 to the Oceanbulk Sellers, respectively, which is included under Due to related parties in the accompanying consolidated balance sheets. As this amount was settled in 2016, the Company had no outstanding balance with the Oceanbulk Sellers as of December 31, 2016.</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>c)      <u>Lease commitments</u>:</b></font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The following table sets forth inflows or outflows, related to the Company's leases, as at December 31, 2016.</font></div> <div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:80px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" colspan="19" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:671px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Twelve month periods ending December 31,</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:80px;height:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Plus inflows/ minus outflows</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i> </i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i> </i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2017</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2018</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2019</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2020</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2021</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:72px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2022 and thereafter</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:80px;height:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Future, minimum, non-cancellable charter revenue (1) </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">46,161  </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">45,345  </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">816  </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                -   </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                -   </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                -   </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:72px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                       -   </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:80px;height:31px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Future, minimum, non-cancellable lease payment under vessel operating leases (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">          (2,334)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">       (2,334)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                -   </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                -   </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                -   </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                -   </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:72px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                       -   </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:80px;height:10px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Office rent</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">          (1,397)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">          (249)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">           (248)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">           (245)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">           (241)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">           (201)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:72px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                   (213)</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:80px;height:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Bareboat capital leases - upfront hire & handling fees (3)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">          (5,800)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">       (5,800)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                -   </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                -   </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                -   </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                -   </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:72px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                       -   </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:80px;height:10px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Bareboat commitments charter hire (4) </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      (168,854)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:53px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">       (4,964)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      (11,609)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      (14,215)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      (14,111)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      (14,001)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:72px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">            (109,954)</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:80px;height:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total</b> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>    (132,224)</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> $ </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:53px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>     31,998 </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> $ </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>     (11,041)</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> $ </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>     (14,460)</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> $ </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>     (14,352)</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> $ </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>     (14,202)</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> $ </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:72px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>          (110,167)</b></font></div></td> </tr> <tr> <td style="width:80px;"></td> <td style="width:17px;"></td> <td style="width:21px;"></td> <td style="width:67px;"></td> <td style="width:17px;"></td> <td style="width:21px;"></td> <td style="width:53px;"></td> <td style="width:17px;"></td> <td style="width:21px;"></td> <td style="width:60px;"></td> <td style="width:17px;"></td> <td style="width:21px;"></td> <td style="width:60px;"></td> <td style="width:17px;"></td> <td style="width:21px;"></td> <td style="width:60px;"></td> <td style="width:17px;"></td> <td style="width:21px;"></td> <td style="width:60px;"></td> <td style="width:17px;"></td> <td style="width:21px;"></td> <td style="width:72px;"></td> </tr> </table> <div><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="margin-bottom:4.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div> <div style="text-align:justify;margin-left: 36.0px;margin-bottom:6.0px;text-indent:-36.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(1)      The amounts represent the minimum contractual charter revenues to be generated from the existing, as of December 31, 2016, non-cancellable time and freight charter until their expiration, net of address commission, assuming no off-hire days other than those related to scheduled interim and special surveys of the vessels.</font></div> <div style="text-align:justify;margin-left: 36.0px;margin-bottom:6.0px;text-indent:-36.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(2)      The amounts represent the Company's commitments under the operating lease arrangement for <i>Maiden Voyage</i> disclosed in Note 5.</font></div> <div style="text-align:justify;margin-left: 36.0px;margin-bottom:6.0px;text-indent:-36.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(3)      The amounts represent the Company's commitments under the bareboat lease arrangements representing the upfront hire fee and handling fees for those vessels being, as of December 31, 2016, under construction (Note 6).</font></div> <div style="text-align:justify;margin-left: 36.0px;margin-bottom:6.0px;text-indent:-36.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(4)      The amounts represent the Company's commitments under the bareboat lease arrangements representing the charter hire for those vessels that, as of December 31, 2016, either are under construction or have been delivered to the Company. The bareboat charter hire is comprised of fixed and variable portion, the variable portion is calculated based on the 6-month LIBOR of 1.34572%, as of December 31, 2016 (please refer to Note 5 and Note 6).</font></div> <div style="text-align:justify;margin-left: 36.0px;margin-bottom:6.0px;text-indent:-36.0px;"></div>

<div style="text-align:justify;margin-left: 48.0px;margin-bottom:12.0px;text-indent:-48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>17.      Voyage and Vessel operating expenses:</b></font></div> <div style="text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2014</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2015</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2016</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Voyage  expenses</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Port charges                                               </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">5,132</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">17,619</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">30,229</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Bunkers</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">33,146</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">48,535</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">28,121</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Commissions - third parties </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,902</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2,915</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2,506</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Commissions - related parties (Note 3)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,997</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">3,350</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">3,300</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Miscellaneous</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">164</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">458</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,665</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total voyage expenses                             </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>42,341</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>72,877</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>65,821</b></font></div></td> </tr> </table> <div><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div> <div style="text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Vessel operating expenses</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Crew wages and related costs                   </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">29,449</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">65,402</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">62,920</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Insurances</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">4,561</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8,026</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">6,124</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Maintenance, repairs, spares and stores</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">9,415</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">18,577</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">17,194</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Lubricants</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">3,901</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8,187</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">6,372</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Tonnage taxes</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,360</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">3,717</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2,438</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Upgrading expenses</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">3,167</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">6,205</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,784</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Miscellaneous</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,243</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2,682</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,998</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:18px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total vessel operating expenses            </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>53,096</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>112,796</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>98,830</b></font></div></td> </tr> </table> <div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The amounts in the accompanying consolidated statements of operations are analyzed as follows:</font></div> <div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"></div>

<div style="text-align:center;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Long-lived assets held and used</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Quoted Prices in Active Markets for Identical Assets (Level 1)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:109px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Significant Other Observable Inputs (Level 2)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Significant Unobservable Inputs (Level 3) Impairment loss</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:104px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Impairment loss</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:218px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Vessels, net      </i></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">      $      </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:109px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">      $      259,775</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">      $      </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">      $145,631</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:218px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Advances for vessels under <br/>construction      </i></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:109px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">36,152</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">      158,532</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:218px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>TOTAL       </b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>      $      </b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:109px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>      $      295,927</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>      $      </b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>      $      304,163</b></font></div></td> </tr> </table> <div align="center"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:center;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Long-lived assets held and used</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Quoted Prices in Active Markets for Identical Assets (Level 1)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:109px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Significant Other Observable Inputs (Level 2)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Significant Unobservable Inputs (Level 3) Impairment loss</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:104px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Impairment loss</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:218px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Vessels, net      </i></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">      $      </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:109px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">      $      12,700</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">      $      </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$            10,684</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:218px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>TOTAL       </b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>      $      </b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:109px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>      $      12,700</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>      $      </b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>      $      10,684</b></font></div></td> </tr> </table> <div></div>

<div style="text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Vessel operating expenses</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Crew wages and related costs                   </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">29,449</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">65,402</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">62,920</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Insurances</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">4,561</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8,026</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">6,124</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Maintenance, repairs, spares and stores</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">9,415</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">18,577</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">17,194</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Lubricants</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">3,901</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8,187</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">6,372</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Tonnage taxes</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,360</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">3,717</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2,438</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Upgrading expenses</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">3,167</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">6,205</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,784</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Miscellaneous</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,243</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2,682</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,998</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:18px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total vessel operating expenses            </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>53,096</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>112,796</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>98,830</b></font></div></td> </tr> </table> <div></div> <div style="text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2014</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2015</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2016</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Voyage  expenses</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Port charges                                               </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">5,132</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">17,619</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">30,229</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Bunkers</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">33,146</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">48,535</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">28,121</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Commissions - third parties </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,902</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2,915</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2,506</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Commissions - related parties (Note 3)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,997</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">3,350</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">3,300</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Miscellaneous</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">164</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">458</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,665</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:262px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total voyage expenses                             </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>42,341</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>72,877</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:69px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>65,821</b></font></div></td> </tr> </table> <div></div>

<div style="text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:223px;height:25px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Options</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:75px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Shares</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:118px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Weighted average exercise price</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:138px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Weighted Average Grant Date Fair Value</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:223px;height:12px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:75px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:96px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:117px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:223px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Outstanding at January 1, 2015</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:75px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                   -   </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:96px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                         -   </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:117px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                                 -   </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:223px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Granted</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:75px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">         104,250 </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:96px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                      27.5 </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:117px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                         7.0605 </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:223px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Outstanding as of December 31, 2015</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:75px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>       104,250 </b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:96px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>                     27.5 </b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:117px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>                       7.0605 </b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:223px;height:13px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:75px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:96px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:117px;"><div style="text-indent:0.0px;"> </div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:223px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Outstanding at January 1, 2016</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:75px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">         104,250 </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:96px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                      27.5 </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:117px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                         7.0605 </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:223px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Granted</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:75px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                   -   </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:96px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                         -   </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:117px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                                 -   </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:223px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Vested</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:75px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                   -   </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:96px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                         -   </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:117px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                                 -   </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:223px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Outstanding as of December 31, 2016</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:75px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>       104,250 </b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:96px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>                     27.5 </b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:117px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>                       7.0605 </b></font></div></td> </tr> <tr> <td style="width:223px;"></td> <td style="width:26px;"></td> <td style="width:75px;"></td> <td style="width:21px;"></td> <td style="width:21px;"></td> <td style="width:96px;"></td> <td style="width:14px;"></td> <td style="width:21px;"></td> <td style="width:117px;"></td> </tr> </table> <div></div>

<div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:352px;height:17px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>2015</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:47px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>2016</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:352px;height:16px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>Assets</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:47px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:352px;height:17px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">Oceanbulk Maritime S.A. and its affiliates (d)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">1,209</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:47px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">        922 </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:352px;height:17px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>Total Assets</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>1,209</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:47px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>922</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:352px;height:17px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:47px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:352px;height:16px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>Liabilities</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:47px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:352px;height:16px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">Interchart Shipping Inc. (a)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">8</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:47px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">          -   </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:352px;height:16px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">Combine Marine Ltd (c)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">9</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:47px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">          -   </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:352px;height:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">Oceanbulk Maritime S.A. and its affiliates (d)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">33</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:47px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">26</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:352px;height:16px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">Management and Directors Fees (b)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">315</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:47px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">323</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:352px;height:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">Managed Vessels of Oceanbulk Shipping LLC (e )</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">7</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:47px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">7</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:352px;height:17px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">Oceanbulk Sellers (Note 16.2) </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> </font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">50</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> </font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:47px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">          -   </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:352px;height:17px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>Total Liabilities</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>422</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>$</b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:47px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>356</b></font></div></td> </tr> </table> <div><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:385px;height:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>Statements of Operations</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> <td valign="middle" colspan="7" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:248px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:385px;height:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>2014</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>2015</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b> </b></font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>2016</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:385px;height:31px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">Executive directors consultancy fees (b)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">     (1,516)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> $ </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">      (633)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> $ </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">      (496)</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:385px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">Non-executive directors compensation (b)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">        (191)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">   </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">      (160)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">   </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">      (148)</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:385px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">Office rent - Combine Marine Ltd. (c )</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">         (42)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">        (35)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">        (34)</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:385px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">Voyage expenses-Interchart (a)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">     (1,997)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">   </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">   (3,350)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">   </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">   (3,300)</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:385px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">Management fee expense - Oceanbulk Maritime S.A. (d)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">        (158)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">   </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> - </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">   </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">          -   </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:385px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">Management fee expense - Maryville Maritime Inc. (j)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">         (35)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">      (451)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">          -   </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:385px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">Interest on Excel Vessel Bridge Facility (h)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">     (1,659)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">      (220)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">          -   </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:385px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">Management fee income - Oceanbulk Maritime S.A. (d)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">         188 </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> - </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> - </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:385px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">Management fee income - Managed Vessels of Oceanbulk Shipping LLC (e )</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">      1,390 </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> - </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> - </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:385px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">Management fee income Product Shipping & Trading S.A. (f)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">           62 </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> - </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "> - </font></div></td> </tr> <tr> <td style="width:385px;"></td> <td style="width:15px;"></td> <td style="width:21px;"></td> <td style="width:57px;"></td> <td style="width:15px;"></td> <td style="width:21px;"></td> <td style="width:57px;"></td> <td style="width:15px;"></td> <td style="width:21px;"></td> <td style="width:57px;"></td> </tr> </table> <div></div>

<div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="middle" rowspan="3" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Vessel Owning Company</b></font></div></td> <td valign="middle" rowspan="3" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Vessel Name</b></font></div></td> <td valign="middle" rowspan="3" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>DWT</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Effective Date</b></font></div></td> <td valign="middle" rowspan="3" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Year Built</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>of Management</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Agreement</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Global Cape Shipping LLC (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Kymopolia</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">176,990</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">January 30, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">OOCAPE1 Holdings LLC (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Obelix</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">181,433</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">October 19, 2012</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2011</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Pacific Cape Shipping LLC (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Pantagruel</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">180,181</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">October 24, 2013</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2004</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Sea Cape Shipping LLC (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Big Bang</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">174,109</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">August 30, 2013</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2007</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Sky Cape Shipping LLC (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Big Fish</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">177,662</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">October 18, 2013</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2004</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Majestic Shipping LLC (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Madredeus</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">98,681</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">February 4, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2011</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Nautical Shipping LLC (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Amami</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">98,681</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">February 4, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2011</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Grain Shipping LLC (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Pendulum</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">82,619</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">February 17, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Mineral Shipping LLC (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Mercurial Virgo</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">81,545</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">February 17, 2014</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2013</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Adore Shipping Corp.</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Renascentia</i>(3)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">74,732</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">June 20, 2013</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">1999</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Hamon Shipping Inc</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Marto</i> (4)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">74,470</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">August 2, 2013</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2001</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Glory Supra Shipping LLC (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Strange Attractor</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">55,742</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">September 24, 2013</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2006</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Premier Voyage LLC (2)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Maiden Voyage</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">58,722</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">September 28, 2012</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2012</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:239px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Serenity Maritime Inc.</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><i>Serenity I</i></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">53,688</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:151px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">June 11, 2011</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:55px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2006</font></div></td> </tr> </table> <div><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:1.3px;color:#000000; "> </font></div> <div style="margin-bottom:4.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div> <div style="text-align:justify;margin-left: 36.0px;margin-bottom:6.0px;text-indent:-36.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(1)      These companies were subsidiaries of Oceanbulk and related parties to the Company (please refer to Note 3), which became wholly owned subsidiaries  following the completion of the Merger, when the respective management agreements were terminated.</font></div> <div style="text-align:justify;margin-left: 36.0px;margin-bottom:6.0px;text-indent:-36.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(2)      On June 20, 2014, this vessel was sold and the management agreement between Starbulk S.A. and the previous owners was terminated.  The Company received management fees for a period of two months following the termination date, in accordance with the terms of the management agreement.</font></div> <div style="text-align:justify;margin-left: 36.0px;margin-bottom:6.0px;text-indent:-36.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(3)      On July 3, 2014, the Company received a notice of termination of the management agreement for this vessel.  The management agreement was terminated upon the vessel's delivery to its new managers, on August 20, 2014.  The Company received management fees for a period of three months following the termination date, in accordance with the terms of the management agreement.</font></div> <div style="text-align:justify;margin-left: 36.0px;margin-bottom:6.0px;text-indent:-36.0px;"></div> <div style="text-align:right;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Wholly Owned Subsidiaries</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-indent:0.0px;"> </div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Bulk Management Inc.</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">25</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Beta LLC </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Starbulk S.A.</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">26</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Mega LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">3</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Bulk Manning LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">27</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Big LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">4</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Bulk Shipmanagement Company (Cyprus) Limited</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">28</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Gravity Shipping LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">5</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Optima Shipping Limited</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">29</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">White Sand Shipping LLC </font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">6</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Omas LLC </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">30</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Premier Voyage LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">7</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Synergy LLC </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">31</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">L.A. Cape Shipping LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Oceanbulk Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">32</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Cape Confidence Shipping LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">9</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Oceanbulk Carriers LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">33</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Cape Runner Shipping LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">10</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">International Holdings LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">34</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Olympia Shiptrade LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">11</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Ventures LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">35</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Victory Shipping LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">12</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Dry Ventures LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">36</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Cape I LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">13</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Unity Holding LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">37</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Cape II LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">14</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Bulk (USA) LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">38</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Positive Shipping Company</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">15</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XXI LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">39</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">OOCape1 Holdings LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">16</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XXIV LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">40</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Oday Marine LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">17</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XXVII LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">41</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Searay Maritime LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">18</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XXXI LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">42</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Lowlands Beilun Shipco LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">19</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XXIX LLC </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">43</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident VI LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">20</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XXVIII LLC </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">44</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">KMSRX Holdings LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">21</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XXVI LLC </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">45</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Dioriga Shipping Co.</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">22</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XXII LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">46</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XXX LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">23</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident XXIII LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">47</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Trident IV LLC</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:28px;height:12px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">24</font></div></td> <td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 1.0px; border-bottom:solid #000000 0.0px;width:331px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Alpha LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">48</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:191px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pacific Ventures Holdings LLC</font></div></td> </tr> </table> <div></div> <div style="text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div><div style="text-indent:0.0px;"></div></td> <td valign="middle" rowspan="2" style=" border:solid #000000 0.0px;width:176px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Wholly Owned Subsidiaries</b></font></div></td> <td valign="middle" rowspan="2" style=" border:solid #000000 0.0px;width:214px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Newbuildings Name</b></font></div></td> <td valign="middle" rowspan="2" style=" border:solid #000000 0.0px;width:93px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Type</b></font></div></td> <td valign="middle" rowspan="2" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>DWT</b></font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Expected Delivery</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;height:13px;"><div style="text-indent:0.0px;"> </div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Date</b></font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;height:13px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:176px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Breezer LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:214px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">HN 1371 (tbn <i>Star Virgo</i>) (1) (Note 19)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:93px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Newcastlemax</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">208,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Mar-17</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;height:13px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:176px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Domus Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:214px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">HN 1360 (tbn <i>Star Ariadne</i>) (1) </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:93px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Newcastlemax</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">208,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Mar-17</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;height:13px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">3</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:176px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Castle I LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:214px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">HN 1342 (tbn <i>Star Gemini</i>)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:93px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Newcastlemax</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">208,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Jul-17</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;height:13px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">4</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:176px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Festive Shipping LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:214px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">HN 1361 (tbn <i>Star Magnanimus</i>) (1) </font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:93px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Newcastlemax</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">208,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Jan-18</font></div></td> </tr> <tr> <td valign="middle" style=" border:solid #000000 0.0px;width:17px;height:13px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">5</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:176px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Castle II LLC</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:214px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">HN 1343 (tbn <i>Star Leo</i>)</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:93px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Newcastlemax</font></div></td> <td valign="middle" style=" border:solid #000000 0.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">208,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Jan-18</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;height:14px;"><div style="text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:176px;"><div style="text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:214px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total dwt</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:93px;"><div style="text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:68px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>1,040,000</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"> </div></td> </tr> </table> <div><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="margin-bottom:4.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div> <div style="text-align:justify;margin-left: 36.0px;margin-bottom:6.0px;text-indent:-36.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(1)      Vessels subject to a bareboat capital lease (Note 5)</font></div> <div style="text-align:justify;margin-left: 36.0px;margin-bottom:6.0px;text-indent:-36.0px;"></div>

743719000

10496000

16037000

2015-06-30

2016-01-31

The HSH Nordbank AG $64,500 Facility is secured by a first priority mortgage over the Star Cosmo, Star Kappa and Star Omicron vessels

104250

14360000

9214000

1677000

1243000

8000000

209150000

30300000 0.5 2 81713

8.154

51500000

3244292

6310272

10684000

12700000

267000

550000

10684000

18537000

39000

415000

0.02

0.03

0.12

225000 0 0

267000

-153961000

-458177000

-11723000

-154087000

-458387000

-11829000

0 0 0 0

3940000

12079000

7838000

411000

41000 370000

40449000

35969000

15362000

743719000

752933000

81785000

130764000

64358000

309363000

166663000

3216000

1604000

Bareboat charter for eight years

4820000

1068000

3 2 2015-05-27 2015-01-08 15000 15000 2

411000

2974000

3443000

-5048000 -4918000 0

-799000

41000

0.0207

0.0179

The DNB-SEB-CEXIM $227,500 Facility is secured by a first priority cross-collateralized mortgage over the Gargantua (ex-HN166), Goliath (ex-HN167), Maharaj (ex-HN184) and Star Poseidon (ex-HN198) vessels and general and specific assignments

2018-10-31

1866

1867

1866

10397699

25000000

25080000

734000

733000

1000

102578000

219400000

201585000

17815000

304163000

158532000

145631000

295927000

36152000

259775000

273000

260000

3000

135230

131545

40000

305000

40000

558050

4.94 3.75

650000

2017-03-30 2018-03-01 2018-03-01

345000

690000

940000

7.0605

27.5

104250

17.75

1685

14004000

13997000

47566000

150000000

7985000

1361000 9377000

50278000

4.3

11976745

43955659

219778437

Effective as of the opening of trading on June 20, 2016, the Company effected a five-for-one reverse stock split of its common shares.

15 50000000 0.25 6

195914000

139753000

2018-08-31

0.6 0.5

8076000

23065000

7477000

3088000

64000

10144000

3056000

228679000

120992000

20680000

130062000

12720000

18221000

23400000

33390000

14478000

21229000

14813000

19770000

75000

22000

51000

126000

34942000

1100000 34 28 501535000

5131885

248751000

32500000

34625000

32500000

34625000

138453

300 300 200 1040000 2006 2006 2006 2006 53688 58722 55742 74470 74732 81545 82619 98681 98681 177662 174109 180181 181433 176990 61347 63226 63262 207709 207765 209475 2016 2016 2016 2016 2016 2016 January 6, 2016 March 2, 2016 January 8, 2016 March 11, 2016 June 6, 2016 February 26, 2016

-213000

-4822000

111000

-645000

2249000 39585000

216000

1430000

-294000

922000

-1216000

-838000

-378000

851577

34234

21050084

19308000 19299000 9000

282000

417797000

417586000

211000

2684000

-378000

252784000

252733000

51000

25079000

25075000

4000

616272000

616168000

104000

5834000 5833000 1000

328000

5131885

423141

10397699

116068

4520

1604000

41000

1430000

295

43152000

39968000

40000000

43200000

12960000 12000000

1816000

1412000

12757000

31998000

508000

1.34

213000

201000

241000

245000

248000

249000

1397000

39984000

79936000

187014000

74339000

112675000

P1Y

2600 2500 24

20198000

14587000

367000

23400000

quarterly

132224000

168854000

2334000

7769000

890000

500

28628000

24131000

26840000

22956000

14177000

412074000

461264000

186307000

104250

7010446 170000

As of December 31, 2016, the Company was in compliance with the applicable financial and other covenants contained in its debt agreements, including the 2019 Notes.

5983462

288391000

December 5, 2014 30000000

0.005

1967000

Bareboat charter for ten years

ten-year bareboat charters

208000

93000000

113046000

423141

20 750

48425000

3717000 2438000 1360000 2343000 0.004 23680000

1025000

3550000

If the Company receives net cash proceeds from certain asset sales and does not apply them within a specified deadline, the Company will be required to apply those proceeds to offer to repurchase the 2019 Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest to, but not including, the date of redemption.

1.01

The Company may redeem the 2019 Notes, in whole or in part, at any time on or after November 15, 2016 at a redemption price equal to 100% of the principal amount to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

Prior to November 15, 2016, the Company may redeem the 2019 Notes, in whole or in part, at a price equal to 100% of their principal amount plus a make-whole premium and accrued and unpaid interest to the date of redemption.

In addition, the Company may redeem the 2019 Notes in whole, but not in part, at any time, at a redemption price equal to 100% of their principal amount to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date, if certain events occur involving changes in taxation.

quarterly in arrears on each February 15, May 15, August 15 and November 15

2019-11-30

0.08

50000000

2014-11-06

525000 500000

0.5

14268000

The Company's outstanding credit facilities generally contain customary affirmative and negative covenants, on a subsidiary level, including limitations to: - pay dividends if there is an event of default under the Company's credit facilities or the Deferred Amounts have not been repaid in full; - incur additional indebtedness, including the issuance of guarantees, refinance or prepay any indebtedness, unless certain conditions exist; - create liens on Company's assets, unless otherwise permitted under Company's credit facilities; - change the flag, class or management of Company's vessels or terminate or materially amend the management agreement relating to each vessel; - acquire new or sell vessels, unless certain conditions exist; - merge or consolidate with, or transfer all or substantially all Company's assets to, another person; or - enter into a new line of business.

2019-12-31

quarterly

1000000

19500000

16000000

48500000

813000

2013-04-30

224000

quarterly

7 20000000 30000000

1600

11250000

9800084

228679000

850000

0.33

0.613

0 0 5800000 17500 58722 3 3 2012

P2Y

1 June 11, 2011

1998000

1784000 6372000

17194000

6124000

62920000

-1854000

649000

47574454

39124673

11688239

135230

78833

60.15

3000

2 53.55 54.3 3500000

472000

3157000

42627500

51477500

2015-06-10

2015-12-31

6590000 2 3000000 2000000 67

30300000

The DVB $31,000 Facility was secured by a first priority mortgage over the Deep Blue (ex-HN 5017) vessel and general and specific assignments

2016-03-31

quarterly

25311000

quarterly

30000000

20 4

2020-10-31

2016-04-30

15237000

9888000

255000

16000000

9633000

255000

quarterly

The HSBC $20,000 Dioriga Facility was secured by a first priority mortgage over the Tsu Ebisu vessel and general and specific assignments.

1333000

2014-09-30

2012-01-31

quarterly

24 4 11 4 15 11 4

22000

75000

148000

2015-09-15

38162000

16738000

19770000

15237000

20351000

15237000

20359000

39475000

851577

423141

2014-07-01

130

2014-07-11

4 3 2

5600

2014-07-31

2014-05-03 2014-02-07 2013-02-07 2012-02-07

2014-02-25

2014-10-01

34234

170

26000

33000

-24075000

-10296000

177654000

-0.27 60916 60916 61258 209472 209537 2015 July 22, 2015 2015 2015 2015 August 7, 2015 October 9, 2015 2015 July 15, 2015 July 15, 2015

126000

4166000 4159000 7000

692595

138453

218000

-11.71

-1

-11.71

-1

5773000

1301000

3580000

1866

78833

86000

254000

9540000

6113000

2016-05-03 2015-05-03

1.05

496000

664000

33768

1867

5600

7604000

110167000

109954000

14202000

14001000

14352000

14111000

14460000

14215000

11041000

11609000

4964000

5800000

78833

quarterly

28680000

476500

17245000

31000000

39500000

227500000

6 24

2015-05-21

2015-03-13

2015-03-31

2 200000

519000

9 4

0.0172

0.01765

0.01705

0.5

2018-04-01

2018-09-28

2018-11-09

2018-08-09

437000

2908000

807000

7642000

-372000

-5047000

-1433000

3300000

3350000

1997000

2682000

6205000 8187000

18577000

8026000

65402000

1243000

3167000 3901000

9415000

4561000

29449000

3300000

2506000

28121000

30229000

1665000

3350000

2915000

48535000

17619000

458000

1997000

1902000

33146000

164000

5132000 142

Hanjin HHIC-Phil Inc.

1000000000

8016000

4357000 9555000 26000 117000 216000 3539000 7573000 7000 449000 386000

6.14

3733

17.75

44.7

54.25

37.3

89968

135230

117201

55333

94000

24750

456000

0.01

300000000

100000000

43821114

16000000

32000000

Upon certain change of control events, the Company is required to offer to repurchase the 2019 Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest to, but not including, the date of redemption. If the Company receives net cash proceeds from certain asset sales and does not apply them within a specified deadline, the Company will be required to apply those proceeds to offer to repurchase the 2019 Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest to, but not including, the date of redemption.

As of December 31, 2015, as a result of market conditions, the market value of certain of the Company's vessels was below the minimum SCR required under certain loan agreements. A SCR shortfall does not automatically trigger the acceleration of the corresponding loans or constitute a default under the relevant loan agreements. Under these loan agreements, the Company may remedy an SCR shortfall within a period of 10 to 30 days after it receives notice from the lenders by providing additional collateral or repaying the amount of the shortfall. With respect to such SCR shortfall, the Company did not receive any notices from the relevant lenders that would indicate their intention to exercise their rights under the SCR provisions of the relevant loan agreements and cause acceleration of respective outstanding loan amounts. As of December 31, 2015, $14,268, which was the amount that could be made repayable under the SCR provisions by the lenders (or "SCR Shortfall Amount"), was reclassified as current portion of long term debt within current liabilities. Apart from this, as of December 31, 2015, the Company was in compliance with the applicable financial and other covenants contained in its debt agreements, including the 2019 Notes.

Under all loan agreements, the Company is not allowed to pay dividends until all Deferred Amount have been repaid in full. Additionally, the Company may not pay dividends or distributions if an event of default has occurred and is continuing or would result from such dividend or distribution.

1478226000

0.0413

0.0369

0.0353

231000000

120000000

2 7

26349000

3388000

100000000

25311000

744400

The facility is secured by a first priority mortgage over the Star Gwyneth and Star Angelina vessels and general and specific assignments

2014-12-31

quarterly

2019-06-30

2014-11-30

The Citi Facility is secured by a first priority mortgage over the Star Pauline, Star Angie, Star Sophia, Star Georgia, Star Kamila and Star Nina vessels and general and specific assignments

2015-03-30

quarterly

2014-12-22

29160000

4374000

9507000

9515000

88275000

120000000

20 1 24

12150000

450000

900000

24750000

The DVB $24,750 Facility is secured by a first priority pledge of the membership interests of the Christine Shipco LLC and general and specific assignments

quarterly

2014-10-30

2019-12-31

2015-03-31

The DNB $120,000 Facility is secured by a first priority mortgage over the Star Nasia, Star Eleonora, Star Danai, Star Renee, Star Markella, Star Laura, Star Moira, Star Jennifer, Star Mariella, Star Helena and Star Maria vessels and general and specific assignments

2014-12-29

156453000

20000000

13000000

350000

8 48 8

quarterly

P12Y

The Sinosure Facility is secured by first priority cross collateralized mortgage over the Honey Badger (ex-HN NE 164), Wolverine (ex-HN NE 165), Star Antares (ex-HN NE 196), Star Lutas (ex-HN NE 197), Kennadi (ex-HN 1080) and Mackenzie (ex-HN 1081) vessels and general and specific assignments

2015-02-11

2 2

The NIBC $32,000 Facility is secured by a first priority cross collateralized mortgage over the Star Acquarius and Star Pisces vessels and general and specific assignments

2020-11-30

2014-11-07

quarterly

2016-01-31

2014-04-14

500000

30000000

6000000 6000000 6000000

21737000

32480000

32500000

28680000

57360000

2015-03-31

537200

20 2 2

The Excel Vessel CiT Facility was secured on a first-priority basis by 11 Excel Vessels, which consist of nine Panamax and two Handymax vessels

2014-12-09

2015-01-29

2014-08-19

The BNP $32,480 Facility is secured by a first priority mortgage over the Indomitable vessel and general and specific assignments

quarterly

2014-06-26

2014-12-03

8750000

85000000

55500000

1555000

86600000

The HSBC $86,600 Facility is secured by a first priority mortgage over the Kymopolia, Mercurial Virgo, Pendulum, Amami, Star Emily and Madredeus vessels

quarterly

2019-05-31

2014-06-16

The Deutsche Bank $85,000 Facility is secured by first priority cross-collateralized ship mortgages on the Peloreus and Leviathan vessls

Each tranche is subject to 19 quarterly amortization payments equal to 1/60th of the tranche amount, with the 20th payment equal to the remaining amount outstanding on the tranche

P5Y

2014-05-20

14108000

20350000

12813000

2500000

550000

248000

53000000

14108000

20350000

34458000

The ABN AMRO $87,458 Facility is secured by a first-priority ship mortgage over the Big Bang, Strange Attractor, Big Fish and Pantagruel vessels

quarterly

2013-08-01

2018-12-31

2018-08-31

2017-09-30

390000

8580000

390000

39000000

2 2 28 28

2014-06-30

quarterly

2014-06-30

2021-03-31

The Deutsche Bank $39,000 Facility is secured by a first priority mortgage over the Star Sirius, Star Vega and Star Vanessa vessels

2014-03-14

2 28

9332400

291700

312500

35000

2014-05-31

quarterly

2021-02-28

The HSH Nordbank $35,000 Facility is secured by a first priority mortgage over the Star Challenger, Star Zeta and Star Fighter vessels

2014-02-06

23500000

1250000

64500000

20 2

2016-09-30

2012-01-31

quarterly

2011-10-03

26000000

The Commerzbank $26,000 Facility was secured by a first priority mortgage over the Star Aurora vessel

2010-09-03

31000000

The ABN AMRO $31,000 Facility was secured by a first priority mortgage over the Star Big and Star Mega vessels

2011-07-21

20134000

67275000

70000000

28 2 2

19558200

499700

485400

2018-11-30

2018-08-31

quarterly

The Credit Agricole $70,000 Facility is secured by a first priority mortgage over the Star Borealis and Star Polaris vessels

2011-01-20

12000000

1750000

4000000

13700000

1300000

2250000

50000000

70000000

2010-01-31

quarterly

2010-01-31

quarterly

The Commerzbank $120,000 Facility is secured by a first priority mortgage over the Star Aurora, Star Gamma, Star Delta, Star Epsilon, Star Theta and Star Iris vessels

2007-12-27

315000

-1055000

2015-01-21

25000000

25080000

426000000

13 1 2 3 4 110 2077000 750 0.005

0.05

0.15

0.25

0.4

108016000

23121000

23467000

22439000

17166000

14980000

0.33

275000

200000

4520

72.55

2017-12-31

158000

34000

148000

496000

1390000

188000

62000

220000

35000

451000

160000

633000

1659000

42000

35000

191000

1516000

0.03 0.98

straight-line basis

P25Y

2 12 14 6

452000

1808000

9364000

59.27

3003000

79465000

158523000

23680000

82551 175125

0.03

0.04

0.12

0.13

0.06

0.1

12318000

616272000

628590000

226337000

5728000

208237000 12372000

854927000

1967000 426000000 316786000

13906000

6381000

89887000

438000

0 1361000 0 0 0 4856000

200000

6513000

173986000

11525000

518447000

-287000

2328000

5409000

16057000

237000

-66000

-1717000

5803000

53548000

32452000

456708000

637207000

-437075000

35000

550000

1100000

96268000

12819000

1384000

6713000

-449000

1995000

215000

5834000

681000

106000

266106000

50278000

1154302000

-402404000

-1026532000

-154228000

-872304000

-458177000

-414127000

-11723000

668452000

2063490000

50158000

2008440000

1568589000

566000

120000

58000

11976745

21885219

5811906

922000

-12101000

-378000

-1055000

-4209000

12318000

-974000

-652000

-799000

-11723000

-10397000

629000

9575000

-1432000

148819000

10003000

32723000

158000

37150000

5363000

53096000

42341000

147387000

2346000

145041000

11688239

7.0605

27.5

104250

30740000

6809000 7438000

75030000

48323000

2291000

4490000

5284000

2518000

844000

127910000

-1216000

2148846000

1135358000

-872304000

2008440000

438000

1013488000

431000

720237000

166949000

2465000

5931000

14773000

422000

9436000

127141000

2148846000

10228000

1885462000

1757552000

252058000

8604000

14247000

10889000

3769000

208056000

1209000

7604000

8436000

152613000

6235000

50302000

209189000

25272000 54428000 32602000 65009000

43342000

SBLK SBLKL

280000

-2416000

-1252000

1730000 4966000 2172000 6301000

Furthermore, the Company's credit facilities contain financial covenants requiring the Company to maintain various financial ratios, including: - a minimum percentage of aggregate vessel value to secured loans (security cover ratio or "SCR"); - a maximum ratio of total liabilities to market value adjusted total assets; - a minimum EBITDA to interest coverage ratio; - a minimum liquidity; and - a minimum market value adjusted net worth. As of December 31, 2015 and 2016, the Company was required to maintain minimum liquidity, not legally restricted, of $150,000 and $47,566, respectively, which is included within "Cash and cash equivalents" in the accompanying balance sheets. In addition, as of December 31, 2015 and 2016, the Company was required to maintain minimum liquidity, legally restricted, of $13,997 and $14,004 respectively, which is included within "Restricted cash" current and non-current, in the accompanying balance sheets.

32400000

7.0605

17.75 25

-1793000

-42000

P5Y

0.33

6337000 0.16

6000000 2015 2015 2015 2015 2015 2015 12000000 12960000 208000

Effective as of January 1, 2015, following management's reassessment of the residual value of the Company's vessels, the Company increased the estimated scrap rate per light weight tonnage from $0.2 to $0.3. The current value of $0.3 was based on the historical average demolition prices prevailing in the market.

2012 2011 2011 2004 2007 2004 2011 September 28, 2012 September 24, 2013 2001 2013 August 2, 2013 June 20, 2013 1999 February 17, 2014 February 17, 2014 February 4, 2014 February 4, 2014 October 18, 2013 August 30, 2013 October 24, 2013 October 19, 2012 January 30, 2014

718546

9679153

10820840

47997000

29813000

354000

-1294000

-3368000 -5684000

P3Y4M13D

6-month LIBOR of 1.34572%

27.5

104250

923000

483000

0.013

0.59274

27.5

P6M

4.82

104250

385000

135230

175586000

242211000

LIBOR

601000

623000

30994000

64570000

127910000

34982000

19422000

332426000

269946000

2039635000

2027498000

1898000

1810000

2037737000 2025688000

9000

2 12 61292 61320 63283 63399 63426 63458 82209 82224 209529 June 26, 2015 February 27, 2015 February 27, 2015 April 7, 2015 March 31, 2015 March 25, 2015 April 15, 2015 January 5, 2015 April 2, 2015 2006 2006 2015

86000000

311000

-153306000

-459015000

-838000

-2114000

-1026532000

-294000

152613000

6447000

6235000

373993000

244529000

181201000

151763000

816000

45345000

46161000

280000

533000

48757000

-154228000

-2375000

-3.24

796000

2005 2005

4223000

50000

50589000

2006-12-13 174109 2007 July 11, 2014

121000

208000 208000 208000 208000 208000 Jan-18 Jan-18 Mar-17 Mar-17 Jul-17 55742 72493 76417 76466 81545 82187 82209 82220 82221 82257 82266 82269 82298 82574 82594 82598 82619 82769 82790 82981 98681 98681 98681 98681 164218 176990 177662 177931 180274 180181 180274 182496 182511 2006 July 11, 2014 1999 November 7, 2014 2004 September 16, 2014 2004 September 8, 2014 2013 July 11, 2014 2006 December 29, 2014 2006 December 8, 2014 2006 August 29, 2014 2006 December 18, 2014 2006 November 19, 2014 2006 September 19, 2014 2007 October 31, 2014 2006 October 14, 2014 2006 October 21, 2014 2007 September 29, 2014 2007 November 5, 2014 2006 July 11, 2014 2005 September 3, 2014 2006 December 5, 2014 2006 December 5, 2014 2011 February 13, 2014 2011 March 7, 2014 2011 July 11, 2014 2011 July 11, 2014 2001 December 3, 2014 2006 July 11, 2014 2004 July 11, 2014 2007 October 29, 2014 2010 October 31, 2014 2004 July 11, 2014 2008 December 29, 2014 2014 July 22, 2014 2014 September 19, 2014

2855000

2732000

418771000

29221000

-2291000

2291000

974000

-112000

-38000

321978000

2549000

January 4, 2008

7000

1565000

592000

-20585000

78833

-2116000

-3268000

61462 December 12, 2013 2012

503000

September 8, 2010

210000

970000

135230

December 3, 2007 December 30, 2013 January 2, 2008 December 6, 2007 April 17, 2008 December 14, 2007 January 2, 2008 July 1, 2008 November 14, 2011 September 9, 2011 2013 2003 2003 2001 2002 2001 2000 2011 2011 2000

300000000

0.01

56628907

300000000

0.01

4500000

7251000

1209000

922000

61455

64570000

47574454

39124673

7042000

4525000

0.01

25000000

396154000

473917000

385000

4166000

2684000

-287000

964000

783545

78833

474000

13094000

1707209000 6629000 7905000

54.3

4.15

17.75

54.3

1035000

-458177000

29661000

41217000

-15248000

-13876000

1683000

-121000

184000

8497000

-3142000

0 1472000 52247 53098 52402 179600 52055 52425 179678 52994 171199 53489 52434 56628907 0001386716

323000

315000

8000

922000

-26298000

122056000

20366000

534167000

-13216000

-397533000

2536000

309000

380193000

70300000

-33448000

-14578000

-405000

-35000

-2900000

1465000

-66000

-1744000

-4236000

-5276000

-44832000

-32813000

876000

1090000

-109255000

-425574000

331361000

659860000

24602000

23621000

81935000

82070000

6023000

14950000

98830000

112796000

65821000 72877000

222106000

234286000

119000

251000

221987000 234035000

14534000

181758000

5121000

12572000

5641000

228466000

1771779000

8883000

2011702000

5200000

356000

11719000

2060000

28119000

743719000

468000

974472000

566000

2063490000

1037230000

2011702000

2016-12-31 2016 FY No Accelerated Filer --12-31 No Yes Star Bulk Carriers Corp. false 20-F