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style="font-family:Calibri;font-size:14.7px;color:#000000; ">The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. 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"><b>&#160;</b></font></div></td> <td valign="bottom" 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:44px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2013</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; 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"><b>Consolidated Statement of Operations</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:52px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:332px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; 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"><b>Gain/(loss) on derivative instruments, net</b></font></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:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:57px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:52px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; 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">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:332px;height:30px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Ineffective portion of cash flow hedges following hedging designation</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; 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"><b>Interest and finance costs</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:332px;height:45px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Reclassification adjustments of interest rate swap loss transferred to Interest and finance costs from Other Comprehensive loss</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; 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border-bottom:double #000000 3.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></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:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>(1,854)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:332px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:52px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:332px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:52px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> </table> <div align="justify"><font style="font-family:Calibri;font-size:14.7px;color:#000000; 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">&#160;</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:248px;height:42px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" colspan="4" style=" border:solid #000000 0.0px;width:275px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Significant Other Observable Inputs </b></font></div><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>(Level 2)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:248px;height:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:119px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2013</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td> <td valign="bottom" 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:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:248px;height:42px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:119px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>(not designated as cash flow hedges)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>(designated as cash flow hedges)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:248px;height:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:119px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:248px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>ASSETS</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:119px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:248px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Interest rate swaps - asset position</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">91</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:248px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></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:119px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>91</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</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:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></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:118px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:248px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>LIABILITIES</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:248px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; 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">&#160;</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">The carrying values of temporary cash investments, restricted cash, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. &#160;The fair value of long-term bank loans, bearing interest at variable interest rates, approximates their recorded values as of December 31, 2014.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">The 8% 2019 Notes have a fixed rate, and their estimated fair value, determined through Level 2 inputs of the fair value hierarchy (quoted price on NASDAQ under the ticker symbol SBLKL), is approximately $37,460 as of December 31, 2014.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; 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The Company's impairment analysis for 2012 indicated that the carrying amount of its then entire Supramax fleet and <i>Star Sigma</i> was not recoverable and after comparing the vessels' fair values to their carrying values, an impairment loss of $303,219 was recognized, which was included under "Vessel impairment loss" in the accompanying consolidated statements of operations for the year ended December 31, 2012. 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"><i>Star Zeta</i></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">15,250</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">29,811</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:93px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><i>Star Sigma</i></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">9,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">3,205</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:93px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; 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">&#160;</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">The fair value is based on the Company's best estimate of the value of each vessel on a time charter free basis, and is supported by vessel valuations of independent shipbrokers as of September 30, 2012. </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">In addition, please refer to Note 1 for the fair value of assets acquired and liabilities assumed by the Company at the Merger and the Pappas Transaction on July 11, 2014, which was the acquisition date.</font></div> <div style="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="margin-bottom:10.0px;line-height:1.15;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" colspan="6" style=" border:solid #000000 0.0px;width:578px;height:15px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; 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"><b>Vessel impairment loss</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:93px;height:14px;"><div style="text-align:center;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>(Level 1)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>(Level 2)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>(Level 3)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:93px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><i>Star Cosmo</i></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">14,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">45,838</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:93px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><i>Star Delta</i></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">12,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">35,836</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:93px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><i>Star Epsilon</i></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">13,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">36,756</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:93px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><i>Star Gamma</i></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">14,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">36,033</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:93px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><i>Star Kappa</i></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">13,500</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">39,115</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:93px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><i>Star Omicron</i></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">17,750</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">39,841</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:93px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><i>Star Theta</i></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">15,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">36,784</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:93px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><i>Star Zeta</i></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">15,250</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">29,811</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:93px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><i>Star Sigma</i></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:142px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">9,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">3,205</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:93px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>TOTAL</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>-</b></font></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:solid #000000 1.0px;width:142px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>123,500</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>-</b></font></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:solid #000000 1.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>303,219</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:93px;height:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:142px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:center;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:93px;height:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:142px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td style="width:93px;"></td> <td style="width:118px;"></td> <td style="width:142px;"></td> <td style="width:94px;"></td> <td style="width:114px;"></td> <td style="width:14px;"></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:248px;height:42px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" colspan="4" style=" border:solid #000000 0.0px;width:275px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Significant Other Observable Inputs </b></font></div><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>(Level 2)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:248px;height:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:119px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2013</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td> <td valign="bottom" 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:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:248px;height:42px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:119px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>(not designated as cash flow hedges)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>(designated as cash flow hedges)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:248px;height:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:119px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:248px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>ASSETS</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:119px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:248px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Interest rate swaps - asset position</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">91</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:248px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></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:119px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>91</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</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:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:118px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:248px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>LIABILITIES</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:248px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Interest rate swaps - liability position (current and non-current)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:119px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">7,732</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:248px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></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:119px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>-</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</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:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></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:118px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>7,732</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:248px;height:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:119px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:248px;height:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:119px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:248px;height:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:119px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:118px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:50px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td style="width:248px;"></td> <td style="width:22px;"></td> <td style="width:119px;"></td> <td style="width:14px;"></td> <td style="width:22px;"></td> <td style="width:118px;"></td> <td style="width:50px;"></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:332px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:52px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:332px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Consolidated Statement of Operations</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:52px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:332px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; 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border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:52px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2013</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; "><b>2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:332px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Gain/(loss) on derivative instruments, net</b></font></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:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:57px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:52px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:332px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Gains/(losses) from freight derivatives</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">41</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:332px;height:45px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Unrealized gains/(losses) from the Credit Agricole Swaps and the HSH Swaps before hedging designation (August&#160;31, 2014)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">91</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(799</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:332px;height:30px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Ineffective portion of cash flow hedges following hedging designation</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:332px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total Gains/(Losses) on derivative instruments, net</b></font></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:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>41</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></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:52px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>91</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</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:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></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:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>(799)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:332px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Interest and finance costs</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:332px;height:45px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Reclassification adjustments of interest rate swap loss transferred to Interest and finance costs from Other Comprehensive loss</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(1,055</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:332px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total Gains/(Losses) recognized</b></font></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:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></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:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>41</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;">&#160;</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:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:52px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>91</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></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:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>(1,854)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:332px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:52px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:332px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:52px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</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:334px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:46px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:44px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:42px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:334px;height:30px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Consolidated Statement of Comprehensive Income/(Loss)</b></font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td> <td valign="bottom" 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:46px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2012</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td> <td valign="bottom" 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:44px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2013</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; "><b>2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:42px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:334px;height:45px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Unrealized loss from hedging interest rate swaps recognized in Other Comprehensive loss before reclassifications</font></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:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:46px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></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:solid #000000 0.0px;width:44px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></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:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(1,433</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:42px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:334px;height:30px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Reclassification adjustments of interest rate swap loss transferred to Interest and finance costs</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:46px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:44px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,055</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:42px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:334px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Unrealized loss from hedging interest rate swaps, net</b></font></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:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></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:46px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</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:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:44px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></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:57px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; 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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&amp;I) Association in which the Company's vessels are entered. The Company's vessels are subject to calls payable to their P&amp;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&amp;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: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">a.&#160;&#160;&#160;&#160;&#160;&#160;In 2010, the Company commenced arbitration proceedings against Ishhar Overseas FZE of Dubai (&#147;Ishhar&#148;) for repudiatory breach of the charter parties due to the nonpayment of charter hires related to <i>Star Epsilon</i> and <i>Star Kappa</i>. The Company sought damages for repudiations of the charter parties due to early redelivery of the vessels as well as unpaid hire of $1,949. The Company pursued an interim award for such nonpayment of charter hire and an award for the loss of charter hire for the remaining period under the charter. Claim submissions were filed. As of December 31, 2011, the Company determined that the above amount was not recoverable and recognized a provision for doubtful receivables of $1,949.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Subsequently, a conditional settlement agreement was signed on September 5, 2012, under which the Company agreed to receive a cash payment of $5,000 in seventeen monthly installments. The first installment of $500 was received upon the execution of the settlement agreement and the next sixteen monthly installments, varying between $250 and $500, were received on the last day of each month beginning from September 30, 2012 and ending on December 31, 2013. </font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">During the years ended December 31, 2012 and 2013, the Company received $2,514 and $2,500, respectively, under the settlement agreement, which is included under "Other operational gain" in the accompanying consolidated statements of operations for the years ended December 31, 2012 and 2013 (Note 11).</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">b. &#160;In February 2011, Korea Line Corporation ("KLC"), charterer at the time of the vessels <i>Star Gamma</i> and <i>Star Cosmo</i>, commenced rehabilitation proceedings in Seoul, Korea. Under the rehabilitation plan approved by KLC's creditors on October 14, 2011, the Company was entitled to receive $6,839, of which 37% is to be paid in cash over a period of ten years and the remaining 63% shall be converted into KLC's shares at a rate of one common share of KLC with par value of KRW 5,000 (approx. $0.0045 using the exchange rate as of December 31, 2014, KRW/usd 0.00091) for each KRW 100,000 (approx. $0.09 using the exchange rate as of December 31, 2014, KRW/usd 0.00091) of claim. Based on the terms of the rehabilitation plan, the shares of KLC will be restricted from trading for six months. The Company does not expect that it will have either control or significant influence over KLC as a result of the shares that it is entitled to receive under the terms of the rehabilitation plan. In addition, the Company entered into a direct agreement with KLC and received $172 in October 2011 and $172 in January 2013, as part of the due hire for <i>Star Gamma</i>. Finally, the Company entered into two tripartite agreements with KLC and the sub-charterers of the vessels <i>Star Gamma</i> and <i>Star Cosmo</i>, under which the Company received $86 from the <i>Star Gamma</i> sub-charter in December 2011 and $121 in March 2012 from the <i>Star Cosmo</i> sub-charterer. As of December 31, 2011, the Company determined that $498 of receivables were not recoverable due to the long term time period of KLC's rehabilitation plan and the uncertainty surrounding the continuation of KLC's operations and recognized a corresponding provision.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On November 19, 2012, the Company received 11,502 shares (46,007 shares before split) of KLC as part of the rehabilitation plan described above for the vessel <i>Star Gamma</i>, which shares were sold the same date. The cash proceeds from the sale of the respective shares were $144. In December 2012, the Company also received $12 and $1 in cash, for <i>Star Gamma</i> and <i>Star Cosmo</i>, respectively, pursuant to the terms of the rehabilitation plan. The total amount of $157 is included under "Other operational gain" in the consolidated statements of operations for the year ended December 31, 2012 (Note 11). In October 2013 the Company received $167 and $10 for <i>Star Gamma</i> and <i>Star Cosmo</i>, respectively, pursuant to the terms of the rehabilitation plan, and the total amount of $177 is included under "Other operational gain" in the consolidated statements of operations for the year ended December 31, 2013 (Note 11). These amounts have been received as early payment of the cash component of the rehabilitation plan. The next tranche of 718 shares for the vessel <i>Star Cosmo</i> was released from lock up on June 4, 2013 and as of December 31, 2014, the shares had not been sold. In addition, in November 2013, 24,196 and 983 shares were issued pursuant to the terms of the rehabilitation plan for <i>Star Gamma</i> and <i>Star Cosmo</i>, respectively, all of which had not been sold up to December 31, 2014.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;c.&#160;&#160;&#160;&#160;&#160;&#160;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. Administrative investigation commenced locally. The Company posted a cash collateral of &#128;340,000 (approx. $415, using the exchange rate as of December 31, 2014, eur/usd 1.22) to guarantee the payment of fines that may be assessed in the future, and the vessel was released. The cash collateral of &#128;340,000 was released to the Company in March 2012, after being replaced by a P&amp;I Letter of undertaking. The fines were previously reduced by the Spanish administrative authorities to &#128;260,000 (approx. $317, using the exchange rate as of December 31, 2014, eur/usd 1.22). Except for an amount of &#128;60,000 (approx. $73.2, using the exchange rate as of December 31, 2014, eur/usd 1.22), which was irrevocably adjudicated in March 2015, the remaining amount of this fine remains subject to adjudication. Up to $1 billion of the liabilities associated with the individual vessel's actions, mainly for sea pollution, are covered by the P&amp;I Club Insurance. The Company has not accrued any amount for this case.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">d.&#160;&#160;&#160;&#160;&#160;&#160;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 is pursuing the compensation for the cost of the repairs and the loss of revenues and an arbitration hearing is scheduled in July 2015.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;e.&#160;&#160;&#160;&#160;&#160;&#160;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</i>. <i>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 &#147;Settled Claim&#148;). 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 Star Borealis at the time of the charter repudiation. </font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;f.&#160;&#160;&#160;&#160;&#160;&#160;On October 23, 2014, a purported shareholder (the &#147;Plaintiff&#148;) 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. &#160;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. 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border:solid #000000 0.0px;width:57px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">Future, minimum, non-cancellable charter revenue (1) </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">73,892</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">65,327</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">8,565</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:43px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">Office rent</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(948</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(108</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(108</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(108</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(105</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(97</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(422</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:43px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">Bareboat capital leases - upfront hire &amp; handling fees </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(38,966</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(36,986</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(1,980</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:43px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">Bareboat commitments charter hire (2) </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:56px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(535,791</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" 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:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:Calibri;font-size:10.7px;color:#000000; ">(9,563</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" 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:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:Calibri;font-size:10.7px;color:#000000; ">(32,953</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" 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:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:Calibri;font-size:10.7px;color:#000000; ">(40,004</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" 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:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:Calibri;font-size:10.7px;color:#000000; ">(40,004</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" 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:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:Calibri;font-size:10.7px;color:#000000; ">(43,231</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" 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:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(370,036</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:43px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>Total </b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</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:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:56px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>(501,813)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>$</b></font></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:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>18,670</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</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:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>(26,476)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>$</b></font></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:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>(40,112)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</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:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>(40,109)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>$</b></font></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:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>(43,328)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 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valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:60px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:43px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> </table> <div><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>16.&#160;&#160;&#160;&#160;&#160;&#160;Income taxes:</b></font></div> <div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;<b>a) Taxation on Marshall Islands Registered Companies</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Under the laws of the countries of the shipowning companies' incorporation and/or vessels' registration, the shipowning companies are not subject to tax on international shipping income. However, they are subject to registration and tonnage taxes, which have been included under "Vessel operating expenses" in the accompanying statements of operations. In addition, effective January 1, 2013, each foreign flagged vessel managed in Greece by Greek or foreign ship management companies is subject to Greek tonnage tax, under the laws of the Hellenic Republic. The technical managers of the Company's vessels , which are established in Greece under Greek Law 89/67, are responsible for the filing and payment of the respective tonnage tax on behalf the Company. These tonnage taxes for 2013 and 2014 amounted to $668 and $1,260, respectively, and have also been included under "Vessel operating expenses" in the accompanying statements of operations.</font></div> <div style="margin-left: 24.3px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>b) Taxation on US Source Income -&#160;Shipping Income</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">The Company believes that it and its subsidiaries are exempt from U.S. federal income tax at 4% on U.S. source shipping income for the taxable years 2012, 2013 and 2014, as each vessel-operating subsidiary is organized in a foreign country that grants an equivalent exemption to corporations organized in the United States and the Company's stock is primarily and regularly traded on an established securities market in the United States, as defined by the Internal Revenue Code (IRC) of the United States. &#160;Under IRS regulations, a Company's stock will be considered to be regularly traded on an established securities market if (i) one or more classes of its stock representing 50% or more of its outstanding shares, by voting power of all classes of stock of the corporation entitled to vote and of the total value of the stock of the corporation, are listed on the market and (ii) (A) such class of stock is traded on the market, other than in minimal quantities, on at least 60 days during the taxable year or one sixth of the days in a short taxable year; and (B) the aggregate number of shares of such class of stock traded on such market during the taxable year must be at least 10% of the average number of shares of such class of &#160;stock outstanding during such year or as appropriately adjusted in the case of a short taxable year. 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">&#160;&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:24px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:30px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; "><b>2013</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; 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">&#160;</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">As of December 31, 2014, there was $858 of total unrecognized compensation cost related to non-vested stock-based compensation arrangements granted under the Company's equity incentive plans or awards. 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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:Calibri;font-size:14.7px;color:#000000; "><b>2013</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; "><b>2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:257px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>(Loss) / Income:</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></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:solid #000000 0.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></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:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></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:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:257px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Net (loss) / income</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" 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:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(314,521</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" 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:26px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,850</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" 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:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(11,723</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:257px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; 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">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:257px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Basic (loss) / earnings per share:</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:257px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Weighted average common shares outstanding, basic</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">5,393,131</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:26px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; ">14,051,344</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; ">58,441,193</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:257px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Basic (loss) / earnings per share</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 1.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>(58.32)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></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:solid #000000 1.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; 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border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; 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">Dilutive effect of non vested shares</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">65,045</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:257px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Weighted average common shares outstanding, diluted</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">5,393,131</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">14,116,389</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; 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">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:26px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:257px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Diluted (loss) / earnings per share</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 1.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>(58.32)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; 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border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:74px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:82px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; 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">&#160;</font></div> <div style="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"></div> <div><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>12.&#160;&#160;&#160;&#160;&#160;&#160;Other operational loss:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On September 29, 2010, the Company entered into an agreement with a third party to sell 45% of its interests in any future proceeds related to the recovery of certain of the commercial claims for consideration of $5,000 (Note 17.1. (a)). During the year ended December 31, 2012, the Company came to a legal settlement over a legal case included in the above agreement and paid the third party 45% of the proceeds from that settlement. 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"><b>&#160;</b></font></div> <div style="text-align:justify;margin-left: 24.2px;margin-bottom:10.0px;line-height:1.15;text-indent:-24.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>a)&#160;&#160;&#160;&#160;&#160;&#160;Commerzbank $120,000 Facility:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On December 27, 2007, the Company entered into a loan agreement with Commerzbank AG for up to $120,000, in order to partially finance the acquisition cost of the second hand vessels, <i>Star Gamma, Star Delta, Star Epsilon, Star Zeta,</i> and <i>Star Theta</i> (the &#147;Commerzbank $120,000 Facility&#148;). The Commerzbank $120,000 Facility is secured by a first priority mortgage over the financed vessels. On June 10, 2009 and December 24, 2009, the loan agreement was amended to revise some of its economic terms for a period up to January 31, 2011, in view of the depressed conditions prevailing at the market at that time. Under the terms of this loan facility, the repayment of $120,000 is scheduled over a nine year term and is divided into two tranches. The first tranche of up to $50,000 is repayable in twenty-eight consecutive quarterly installments, commencing in January 2010, with: (i) the first four installments of $2,250 each, (ii) the next thirteen installments of $1,000 each, (iii) the remaining eleven installments of $1,300 each, and a final balloon payment of $13,700 payable together with the last installment. The second tranche of up to $70,000 is repayable in twenty-eight consecutive quarterly installments, commencing in January 2010, with: (i) the first four installments of $4,000 each, (ii) the remaining twenty-four installments of $1,750 each, and (iii) a final balloon payment of $12,000 payable together with the last installment.</font></div> <div style="text-align:justify;margin-left: 24.2px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>b) Commerzbank $26,000 Facility:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On September 3, 2010 the Company entered into a loan agreement with Commerzbank AG for up to $26,000 in order to partially finance the acquisition cost of the second hand vessel, <i>Star Aurora</i> (the &#147;Commerzbank $26,000 Facility&#148;). The Commerzbank $26,000 Facility is secured by a first priority mortgage over the financed vessel. The loan is repayable over a six year period, in twenty-four consecutive quarterly installments of $950 each, commencing in December 2010, three months after the drawdown, and a final balloon payment of $3,200 payable together with the last installment.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Restructuring Agreement - Commerzbank $120,000 and $26,000 Facilities</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On December 17, 2012, the Company executed a commitment letter with Commerzbank to amend the Commerzbank $120,000 Facility and the Commerzbank $26,000 Facility. The definitive documentation for the supplemental agreement (the &#147;Commerzbank Supplemental&#148;) was signed on July 1, 2013. Pursuant to the Commerzbank Supplemental, the Company paid Commerzbank a flat fee of 0.40% of the combined outstanding loans under the two facilities and agreed to (i) prepay Commerzbank $2,000 pro rata against the balloon payments of each facility (which was completed on December 31, 2012), (ii) raise $30,000 in equity (which condition was satisfied after the completion of the Company's rights offering in July 2013, which resulted in gross proceeds of $80,065 and its underwritten public offering in October, 2013, which resulted in gross proceeds of $70,840, (Note 10)), (iii) increase the vessel management services to cover at least ten third-party vessels by December 31, 2013 (which was satisfied as of December 31, 2013), (iv) increase the loan margins, (v) amend some of the financial covenants under the two facilities, (vi) defer 60% and 50% of the quarterly installments for the years ended December 31, 2013 and 2014 (the &#147;Deferred Amounts&#148;), to the balloon payments or to a payment in accordance with a cash sweep mechanism; (vi) include a semi-annual cash sweep mechanism, under which all earnings of the mortgaged vessels after operating expenses, dry docking provision, general and administrative expenses and debt service, if any, will be used as repayment of the Deferred Amounts; and (vii) not pay any dividends as long as Deferred Amounts are outstanding and/or until original terms are complied with. In the Commerzbank Supplemental, Commerzbank also agreed to waive an on-charter covenant for the <i>Star Aurora</i> in the Commerzbank $26,000 Facility until July 31, 2015.</font></div> <div style="text-align:justify;margin-left: 24.2px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>c) Credit Agricole $70,000 Facility:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On January 20, 2011, the Company entered into a loan agreement with Credit Agricole Corporate and Investment Bank for a term loan up to $70,000 (the &#147;Credit Agricole $70,000 Facility&#148;) to partially finance the construction cost of the Company's two newbuildings, <i>Star Borealis</i> and <i>Star Polaris</i>, which were delivered to the Company in 2011. The Credit Agricole $70,000 Facility is secured by a first priority mortgage over the financed vessels and is divided into two tranches. The Company drew down $67,275 under this facility. The Credit Agricole $70,000 Facility is repayable in twenty eight consecutive quarterly installments, commencing three months after the delivery of each vessel, of $485.4 and $499.7, respectively, and a final balloon payment payable at maturity, of $19,558.2 (due August 2018) and $20,134 (due November 18) for the <i>Star Borealis</i> and <i>Star Polaris</i> tranches, respectively.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On May 20, 2013, the Company signed a waiver letter with Credit Agricole Corporate and Investment Bank in order to revise some of the financial covenants contained in the loan agreement for a period up to March 31, 2014, as well as to revise the dividend distribution related requirements so that Star Bulk Carriers Corp. shall not pay any dividends until March 31, 2014.</font></div> <div style="text-align:justify;margin-left: 24.2px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>d) ABN AMRO Bank N.V. $31,000 Facility:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On July 21, 2011, the Company entered into a senior secured credit facility with ABN AMRO Bank N.V. (&#147;ABN AMRO&#148;) for $31,000 (the &#147;ABN AMRO $31,000 Facility&#148;), to partially finance the acquisition of the second-hand vessels <i>Star Big</i> and <i>Star Mega</i>. The ABN AMRO $31,000 Facility is secured by a first priority mortgage over the financed vessels. The borrowers under the ABN AMRO $31,000 Facility are the two vessel-owning subsidiaries that own the two vessels and Star Bulk Carriers Corp. is the guarantor. The ABN AMRO $31,000 Facility is repayable in 18 consecutive, quarterly installments, commencing three months after the initial borrowings in October 2011. The first 14 installments amount to $1,400 each and the remaining four installments amount to $625 each, and a final balloon payment of $8,900 is payable together with the last installment at the maturity date of January 2016.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On March 16, 2012, the Company and ABN AMRO amended the ABN AMRO $31,000 Facility under a first supplemental agreement (the &#147;ABN $31,000 First Supplemental&#148;). On April 2, 2013, the Company and ABN AMRO signed a second supplemental agreement (the &#147;ABN $31,000 Second Supplemental&#148; and, together with the ABN First Supplemental, the &#147;ABN $31,000 Supplementals&#148;). Under the ABN $31,000 Supplementals, the Company agreed to (i) revise the financial covenants until December 31, 2014, (ii) not pay dividends until December 31, 2014, and (iii) increase the margin by 50 bps, beginning on March 31, 2013, until the time the Company was able to raise at least $30,000 of additional equity. The Company paid the increased margin of 50 bps from March 31, 2013 until July 26, 2013, upon the completion of the Company's rights offering which resulted in net proceeds of $77,898 after deducting offering expenses of $2,167 (Note 10).</font></div> <div style="text-align:justify;margin-left: 24.2px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>e) HSH Nordbank AG $64,500 Facility:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On October 3, 2011, the Company entered into a $64,500 secured term loan agreement (the &#147;HSH Nordbank $64,500 Facility&#148;) with HSH Nordbank AG (&#147;HSH Nordbank&#148;) to repay, together with cash on hand, certain existing debt. The borrowers under the HSH Nordbank $64,500 Facility are the vessel-owning subsidiaries that own the <i>Star Cosmo, Star Kappa, Star Sigma, Star Omicron</i> and <i>Star Ypsilon</i>, and Star Bulk Carriers Corp. is the guarantor. The borrowing under this new loan agreement together with $5,326 in cash was used to repay in full the Company's indebtedness under its old loan agreements with Piraeus Bank S.A.; a term loan of $150,000 dated April 14, 2008 and a term loan of $35,000 dated July 1, 2008, in 2011. This facility consists of two tranches. The first tranche of $48,500 (the &#147;Supramax Tranche&#148;) is repayable in 20 quarterly consecutive installments of $1,250 commencing in January 2012 and a final balloon payment of $23,500 payable at the maturity date of September 2016. The second tranche of $16,000 (the &#147;Capesize Tranche&#148;) was repayable in 12 consecutive, quarterly installments of $1,333, commencing in January 2012 and matured in September 2014.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">The Company and HSH Nordbank signed a supplemental agreement (the &#147;HSH Nordbank $64,500 Supplemental&#148;) on July 17, 2013. Under the HSH Nordbank $64,500 Supplemental, the Company agreed to (i) defer a minimum of approximately $3,500 payments from January 1, 2013 until December 31, 2014, (ii) prepay HSH Nordbank $6,590 with pledged cash already held by HSH Nordbank, of which $3,500 was applied against the balloon payment of Supramax Tranche and $3,090 was applied pro rata against the eight quarterly repayment installments of the Supramax Tranche, starting with the scheduled repayment date in January 2013, (iii) amend some of the financial covenants until December 31, 2014, (iv) raise $20,000 in equity (which condition was satisfied after the completion of the Company's rights offering in July 2013, which resulted in gross proceeds of $80,065 and its underwritten public offering in October, 2013, which resulted in gross proceeds of $70,840 (Note 10)), (v) increase the loan margins from January 1, 2013 until December 31, 2014, (vi) include a semi-annual cash sweep mechanism, under which all earnings of the mortgaged vessels after operating expenses, dry docking provision, general and administrative expenses and debt service, if any, are to be used as prepayment to the balloon payment of the Supramax Tranche, and (vii) not pay any dividends until December 31, 2014 or later in case of a covenant breach. When the Company sold the <i>Star Sigma</i> in April 2013, the HSH Nordbank $64,500 Supplement also required the Company to use the proceeds from the sale to fully prepay the balance of the Capesize Tranche and use the remaining vessel sale proceeds of $4,123 to prepay a portion of the Supramax Tranche. As a result, the next seven scheduled quarterly installments commencing in April 2013 were reduced pro rata according to the prepayment from $813 to $224.</font></div> <div style="margin-left: 24.2px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>f) HSH Nordbank AG $35,000 Facility:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On February 6, 2014, the Company entered into a new $35,000 secured term loan agreement (the &#147;HSH Nordbank $35,000 Facility&#148;) with HSH Nordbank AG. The borrowings under this new loan agreement were used to partially finance the acquisition of second-hand vessels <i>Star Challenger</i> and <i>Star Fighter</i>. The HSH Nordbank $35,000 Facility is secured by a first priority mortgage over the financed vessels. The borrowers under the HSH Nordbank $35,000 Facility are the two vessel-owning subsidiaries that own the two vessels and Star Bulk Carriers Corp. is the guarantor. This facility matures in February 2021 and is repayable in 28 equal, consecutive, quarterly installments, commencing in May 2014, of $312.5 and $291.7 for the <i>Star Challenger</i> and <i>Star Fighter</i>, respectively, and a final balloon payment of $8,750 and $9,332.4, payable together with the last installments, for <i>Star Challenger</i> and <i>Star Fighter</i>, respectively.</font></div> <div style="margin-left: 24.2px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>g) Deutsche Bank AG $39,000 Facility:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On March 14, 2014, the Company entered into a new $39,000 secured term loan agreement with Deutsche Bank AG (the &#147;Deutsche Bank $39,000 Facility&#148;). The borrowings under this new loan agreement were used to partially finance the acquisition of the vessels <i>Star Sirius</i> and <i>Star Vega</i>. The Deutsche Bank $39,000 Facility is secured by a first priority mortgage over the financed vessels. The borrowers under the Deutsche Bank $39,000 Facility are the two vessel-owning subsidiaries that own the two vessels and Star Bulk Carriers Corp. is the guarantor. This facility consists of two tranches of $19,500 each and matures in March 2021. Each tranche is repayable in 28 equal, consecutive, quarterly installments of $390 each commencing in June 2014, and a final balloon payment of $8,580 payable at maturity.</font></div> <div style="margin-left: 24.2px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>h) Assumed debt as part of the Merger and the Pappas Transactions:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">As a result of the July 2014 Transactions, the Company assumed, on July 11, 2014, an additional $208,237 aggregate principal amount consisting of the following debt agreements:</font></div> <div style="text-align:justify;margin-left: 56.7px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>1) ABN $87,458 Facility</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On August 1, 2013, Oceanbulk Shipping entered into a $34,458 credit facility with ABN AMRO, N.V. (the &#147;ABN AMRO $87,458 Facility&#148;) in order to partially finance the acquisition cost of the vessels <i>Obelix</i> and <i>Maiden Voyage</i>. The loans under the ABN AMRO $87,458 Facility were available in two tranches of $20,350 and $14,108. On August 6, 2013, Oceanbulk Shipping drew down the available tranches. On December 18, 2013, the ABN AMRO $87,458 Facility was amended to add an additional loan of $53,000 to partially finance the acquisition cost of the vessels <i>Big Bang, Strange Attractor, Big Fish </i>and <i>Pantagruel.</i> On December 20, 2013, Oceanbulk Shipping drew down the available tranches. The tranche under the ABN AMRO $87,458 Facility relating to vessel <i>Obelix</i> matures in September 2017, the one relating to vessel <i>Maiden Voyage</i> matures in August 2018 and those relating to vessels <i>Big Bang, Strange Attractor, Big Fish</i> and <i>Pantagruel</i> mature in December 2018. The tranches are repayable in quarterly consecutive installments ranging between $248 to $550 and a final balloon payment for each tranche at maturity, ranging between $2,500 and $12,813. The ABN AMRO $87,458 Facility is secured by a first-priority ship mortgage on the financed vessels, general assignments, charter assignments and, operating account assignments and was guaranteed by Oceanbulk Shipping LLC. Following the completion of the Merger, Star Bulk Carriers Corp. replaced Oceanbulk Shipping as guarantor of the ABN AMRO $87,458 Facility.</font></div> <div style="margin-left: 56.7px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2) Deutsche Bank $85,000 Facility</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On May 20, 2014, Oceanbulk Shipping entered into a loan agreement with Deutsche Bank AG Filiale Deutschlandgeschaft for the financing of an aggregate amount of $85,000 (the &#147;Deutsche Bank $85,000 Facility&#148;), in order to partially finance the construction cost of <i>Magnum Opus, Peloreus and Leviathan</i>. Each tranche matures five years after the drawdown date. The applicable tranches were drawn down concurrently with the deliveries of the financed vessels, in May, July and September 2014, respectively. Each loan is subject to 19 quarterly amortization payments equal to 1/60th of the loan amount, with the 20th payment equal to the remaining amount outstanding on the loan. The Deutsche Bank $85,000 Facility is secured by first priority cross-collateralized ship mortgages on the financed vessels, charter assignments and insurance and earnings assignments, and was originally guaranteed by Oceanbulk Shipping. On July 4, 2014, an amendment to the Deutsche Bank $85,000 Facility was executed in order to add ITF International Transport Finance Suisse AG as a lender and replace Oceanbulk Shipping with Star Bulk Carriers Corp. as guarantor of this facility.</font></div> <div style="margin-left: 56.7px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>3) HSBC $86,600 Facility</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On June 16, 2014, Oceanbulk Shipping entered into a loan agreement with HSBC Bank plc. (the &#147;HSBC $86,600 Facility&#148;) for the financing of an aggregate amount of $86,600, to partially finance the acquisition cost of the second hand <i>vessels Kymopolia, Mercurial Virgo, Pendulum, Amami</i> and <i>Madredeus</i>. The loan, which was drawn in June 2014, matures in May 2019 and is repayable in 20 quarterly installments, commencing three months after the drawdown, of $1,555 plus a balloon payment of $55,500 due together with the last installment. The HSBC $86,600 Facility is secured by a first priority mortgage over the financed vessels and general and specific assignments and was originally guaranteed by Oceanbulk Shipping. On September 11, 2014, a supplemental agreement to the HSBC $86,600 Facility was executed in order to replace Oceanbulk Shipping with Star Bulk Carriers Corp. as guarantor of the HSBC $86,600 Facility. </font></div> <div style="margin-left: 56.7px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>4) CEXIM $57,360 Facility</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On June 26, 2014, Oceanbulk Shipping entered into a loan agreement with the Export-Import Bank of China (the &#147;CEXIM $57,360 Facility&#148;) for the financing of an aggregate amount of $57,360, which will be available in two tranches of $28,680 each, to partially finance the construction cost of two Capesize bulk carriers currently under construction at SWS (Hulls HN 1312 (tbn <i>Bruno Mars</i>) and HN 1313 (tbn <i>Jenmark</i>)), with expected delivery in April and May 2015, respectively. Each tranche will mature ten years from the delivery date of the last delivered financed vessel and will be repayable in 20 semi-annual installments of $1,147 plus a balloon payment of $5,736, with the first installment being due on the first January 21 or July 21 six months after the delivery of each vessel. The CEXIM $57,360 Facility will be secured by first priority cross-collateralized ship mortgages on the financed vessels, charter assignments and insurance and earnings assignments, and is guaranteed by Oceanbulk Shipping.</font></div> <div style="margin-left: 56.7px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>5) HSBC $20,000 Dioriga Facility</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On April 14, 2014, Dioriga Shipping Co. entered into a loan agreement with HSBC Bank plc (the &#147;HSBC $20,000 Dioriga Facility&#148;) for $20,000 to partially finance the construction cost of <i>Tsu Ebisu</i>, which was delivered in April 2014. The HSBC $20,000 Dioriga Facility will mature in March 2019 and will be repayable in 20 quarterly installments of $350 each, commencing three months after the drawdown, plus a balloon payment of $13,000 due together with the last installment. The HSBC $20,000 Dioriga Facility is secured by a first priority mortgage over the financed vessel and general and specific assignments. On October 3, 2014, a supplemental agreement to the HSBC $20,000 Dioriga Facility was executed in order for Star Bulk Carriers Corp. to become the guarantor of the HSBC $20,000 Dioriga Facility and to include covenants similar to those of the Company's other vessel financing facilities.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">During July 2014, the Company obtained the consent of the various relevant lenders to complete the July 2014 Transactions.</font></div> <div style="margin-left: 24.2px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>i) NIBC $32,000 Facility:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On November 7, 2014, the Company and NIBC Bank N.V. entered into an agreement with respect to a credit facility (the &#147;NIBC $32,000 Facility&#148;) for the financing of an aggregate amount of $32,000, which will be available in two tranches of $16,000, to partially finance the construction cost of two Ultramax bulk carriers currently under construction by Japan Marine United Corporation (Hulls HN 5040 (tbn <i>Star Acquarius</i>) and HN 5043 (tbn <i>Star Pisces</i>)), with expected delivery in May and July 2015, respectively. The facility will mature in November, 2020. Each tranche is expected to be drawn concurrently with the delivery of the relevant vessel and will be repayable in consecutive quarterly installments of $267.5, commencing three months after the drawdown, plus a balloon payment of $10,382.5, for each of HN 5040 ( tbn <i>Star Acquarius</i>) and HN 5043 (tbn <i>Star Pisces</i>), both due in November 2020. The NIBC $32,000 Facility is secured by a first priority cross collateralized mortgage over the financed vessels and general and specific assignments and is guaranteed by Star Bulk Carriers Corp.&#8195;</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="margin-left: 24.2px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>j) BNP $32,480 Facility:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On July 31, 2014, Positive Shipping Company, a subsidiary of Star Bulk following the completion of the Pappas Transaction, executed a binding term sheet with BNP Paribas (the &#147;BNP $32,480 Facility&#148;) for the financing of an amount up to $32,500 to partially finance the construction cost of its Capesize bulk carrier under construction by Japan Marine United Corporation (Hull HN 5016, tbn <i>Indomitable</i>). Definitive agreement relating to this facility was executed on December 3, 2014 and the amount of $32,480 was drawn in December 2014, in anticipation of the delivery of the <i>Indomitable</i> to the Company on January 8, 2015 (Note 20). The facility will be repaid in 20 equal, consecutive, quarterly principal payments of $537.2 each, with the first becoming due and payable three months from the drawdown date and a balloon installment of $21,737 payable simultaneously with the 20th installment, which is due in December 2019. The BNP $32,480 Facility is secured by a first priority mortgage over the financed vessel and general and specific assignments and is guaranteed by Star Bulk Carriers Corp.</font></div> <div style="margin-left: 24.2px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>k) Excel Vessel Bridge Facility (Note 3 and Note 20):</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On August 19, 2014, the Company, through Unity Holdings LLC (&#147;Unity&#148;), a fully owned subsidiary, entered into a $231,000 Senior Secured Credit Agreement, among Unity, as Borrower, the initial lenders named therein, as Initial Lenders, affiliates of Oaktree and Angelo Gordon as Lenders, and Wilmington Trust National Association, as Administrative Agent. The Company has used borrowings under the Excel Vessel Bridge Facility to fund portion of the cash consideration for the Excel Vessels. The Excel Vessel Bridge Facility is secured (i) by a first priority mortgage on all the Excel Vessels, except those that have been refinanced by the DNB $120,000 Facility and the Citi Facility (see below o) and r)) and financed by the DVB $24,750 Facility (see below l)); and (ii) by a second priority mortgage on those vessels financed by the Excel Vessel CiT Facility (see below m). The Excel Vessel Bridge Facility matures in February 2016, with mandatory prepayments of $6,000, each due in March, June and September 2015. Unity, Star Bulk, and each individual vessel-owning subsidiary of Unity are guarantors under the Excel Vessel Bridge Facility. As of December 31, 2014, 28 of the Excel Vessels had been delivered to the Company, and an amount of $195,914 had been drawn under the Excel Vessel Bridge Facility, of which an amount of $139,753 was prepaid from proceeds from the Citi Facility and the DNB $120,000 Facility (discussed below), with such prepayment being applied in direct order of maturity according to the provisions of the Excel Vessel Bridge Facility (Note 20f).</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">As of December 31, 2014, the classification of the Excel Vessel Bridge Facility, in the accompanying balance sheet was made according to the repayment schedules of the Citi Facility and DNB $120,000 Facility.</font></div> <div style="margin-left: 24.2px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>l) DVB $24,750 Facility:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On October 31, 2014, as part of the Excel Transactions, the Company acquired 100% of the equity interests of Christine Shipco LLC, which is the owner of the vessel <i>Christine </i>(tbr <i>Star Martha</i>), one of the 34 Excel Vessels. In order to finance this acquisition, the Company entered into a credit facility with DVB Bank SE, Frankfurt (the &#147;DVB $24,750 Facility&#148;). Definitive documentation for the DVB $24,750 Facility was signed on October 30, 2014, and on October 31, 2014 the Company drew $24,750 to pay Excel the related cash consideration. The DVB $24,750 Facility will be repaid in 24 consecutive, quarterly principal payments of $900 for each of the first four quarters and of $450 for each of the remaining 20 quarters, with the first becoming due and payable three months from the drawdown date, and a balloon payment of $12,150 payable simultaneously with the last quarterly installment, which is due in October 2020. 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 and is guaranteed by Star Bulk Carriers Corp.</font></div> <div style="margin-left: 24.2px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>m) Excel Vessel CiT Facility:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On December 9, 2014, the Company entered into a new credit facility with CiT Finance LLC (the &#147;Excel Vessel CiT Facility&#148;) for an amount up to $30,000 to partially finance the acquisition of 11 of the older Excel Vessels. The Excel Vessel CiT Facility is secured on a first-priority basis by these 11 vessels, which the Company has acquired or is acquiring under the Excel Vessel Purchase Agreement, consisting of nine Panamax and two Handymax vessels (the &#147;Excel Collateral Vessels&#148;). Pursuant to an intercreditor agreement executed among the lenders under the Excel Vessel Bridge Facility and Excel Vessel CiT Facility, the Excel Collateral Vessels will also secure the Excel Vessel Bridge Facility on a second-priority basis. The Company drew $30,000 under the Excel Vessel CiT Facility on December 10, 2014. The borrowers under the Excel Vessel CiT Facility are the various vessel-owning subsidiaries that own the Excel Collateral Vessels and Star Bulk Carriers Corp. will be the guarantor. The Excel Vessel CiT Facility will mature in December 2016 and will be subject to quarterly amortization payments of $500, commencing on March 31, 2015, with a balloon payment equal to the outstanding amount under the Excel Vessel CiT Facility payable simultaneously with the last quarterly installment.</font></div> <div style="margin-left: 24.2px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>n) Sinosure Facility:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On December 22, 2014, the Company executed a binding term sheet with Deutsche Bank (China) Co., Ltd. Beijing Branch and HSBC Bank plc (the &#147;Sinosure Facility&#148;) for the financing of an aggregate amount of up to $156,453 to partially finance the construction cost of eight of its Ultramax bulk carriers (Hulls HN NE 164 (tbn <i>Honey Badger</i>), HN NE 165 (tbn <i>Wolverine</i>), HN NE 196 (tbn <i>Star Antares</i>), HN NE 197 (tbn <i>Star Lutas</i>), HN 1080 (tbn <i>Kennadi</i>), HN 1081 (tbn <i>Mackenzie</i>), HN 1082 (tbn <i>Night Owl</i>), HN 1083 (tbn <i>Early Bird</i>)) (the &#147;Sinosure Financed Vessels&#148;), which are currently under construction by Jiangsu Yangzijiang Shipbuilding Co. Ltd and Nantong COSCO KHI Ship Engineering Co. Ltd., with expected deliveries between February 2015 and November 2015. The financing will be available in eight separate tranches, one for each Sinosure Financed Vessel, and will be credit insured (95%) by China Export &amp; Credit Insurance Corporation. The final loan documentation was signed on February 11, 2015 (Note 20). Each tranche, which will be documented by a separate credit agreement, will mature twelve years after each drawdown and will be repaid in 48 equal and consecutive quarterly installments. The Sinosure Facility will be secured by a first priority cross collateralized mortgage over the Sinosure Financed Vessels and general and specific assignments and will be guaranteed by Star Bulk Carriers Corp.</font></div> <div style="margin-left: 24.2px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>o) Citi Facility:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On December 22, 2014, the Company entered into a new credit facility with Citibank, N.A., London Branch (the &#147;Citi Facility&#148;) to provide financing in an amount of up to $100,000, in lieu of the Excel Vessel Bridge Facility, in connection with the acquisition of vessels <i>Sandra</i> (tbr <i>Star Pauline</i>), <i>Lowlands Beilun</i> (tbr <i>Star Despoina</i>), <i>Star Angie, Star Sophia, Star Georgia, Star Kamila</i> and <i>Iron Kalypso</i> (tbr <i>Star Nina</i>), which are seven of the Excel Vessels the Company has acquired or is acquiring (the &#147;Citi Financed Excel Vessels&#148;). The first tranche of $51,477.5 was drawn on December 23, 2014, and the second tranche of $42,627.5 was drawn on January 21, 2015. The Company used amounts drawn under the Citi Facility to repay portion of the Excel Vessel Bridge Facility in respect of those Citi Financed Excel Vessels. The Citi Facility matures on December 30, 2019. The Citi Facility will be repaid in 20 equal, consecutive, quarterly principal payments of $3,388, with the first installment due on March 30, 2015, with a balloon installment of $26,349 payable simultaneously with the 20th quarterly installment. The Citi Facility is secured by a first priority mortgage over the Citi Financed Excel Vessels and general and specific assignments and is guaranteed by Star Bulk Carriers Corp.</font></div> <div style="margin-left: 24.2px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>p) Heron Vessels Facility:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">In November 2014, the Company entered into a secured term loan agreement with CiT Finance LLC, in the amount of up to $25,311 ( the &#147;Heron Vessels Facility&#148;), in order to partially finance the acquisition cost of the two Heron Vessels<i>, Star Gwyneth and Star Angelina</i>. The drawdown of the financed amount incurred in December 2014, when the Company took delivery of the Heron Vessels. The facility matures on June 30, 2019, and is repayable in 19 equal consecutive, quarterly principal payments of $744.4 (with the first becoming due and payable on December 31, 2014), with a balloon installment payable at maturity equal to the then outstanding amount of the loan. The facility is secured by a first priority mortgage over the financed vessels and general and specific assignments and is guaranteed by Star Bulk Carrier Corp.</font></div> <div style="margin-left: 24.2px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>q) DNB $120,000 Facility:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On December 29, 2014, the Company entered into an agreement with DNB Bank ASA as facility agent, security agent account bank and bookrunner, DNB Bank ASA, NIBC Bank N.V and Skandinaviska Enskilda Banken AB as original lenders, mandated lead arrangers and hedge counterparties (the &#147;DNB $120,000 Facility&#148;), to provide financing for up to $120,000, in lieu of the Excel Vessel Bridge Facility, in connection with the acquisition of vessels<i> Star Nasia, Iron Beauty</i> (tbr <i>Star Monisha), Star Eleonora, Star Danai, Star Renee, Star Markella, Star Laura, Star Moira, Ore Hansa</i> (tbr <i>Star Jennifer</i>), <i>Star Mariella, Star Helena and Star Maria</i>, which are twelve of the Excel Vessels the Company has acquired (the &#147;DNB Financed Excel Vessels&#148;). The Company drew $88,275 on December 30, 2014, $9,515 in January, 2015, and $9,507 in February 2015 (Note 20). The Company used amounts drawn under the DNB $120,000 Facility to repay portion of the amounts drawn under the Excel Vessel Bridge Facility relating to the DNB Financed Excel Vessels. The DNB $120,000 Facility matures in December 2019 and is repayable in 20 equal, consecutive, quarterly principal payments of $4,374, with the first installment due in March 2015, and a balloon installment of $29,160 payable simultaneously with the 20th installment. The DNB $120,000 Facility is secured by a first priority mortgage over the DNB Financed Excel Vessels and general and specific assignments and is guaranteed by Star Bulk Carriers Corp.</font></div> <div style="margin-left: 24.2px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>r) Issuance of the 8.00% 2019 Notes:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On November 6, 2014, the Company issued $50,000 aggregate principal amount of 8.00% Senior Notes due 2019 (the &#147;2019 Notes&#148;). The net proceeds were $48,425. The 2019 Notes mature in November 2019 and are senior, unsecured obligations of Star Bulk Carriers Corp. 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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.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">The indenture governing the 2019 Notes contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the trustee or the holders of not less than 25% in aggregate principal amount of the 2019 Notes then outstanding may declare the entire principal amount of all the 2019 Notes plus accrued interest, if any, to be immediately due and payable. 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.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">The Company's outstanding credit facilities generally contain customary affirmative and negative covenants, on a subsidiary level, including limitations to:</font></div> <ul> <li style="font-family:Calibri;font-size:14.7px;color:#000000; "><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">incur additional indebtedness, including the issuance of guarantees;</font></li> <li style="font-family:Calibri;font-size:14.7px;color:#000000; "><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">create liens on its assets;</font></li> <li style="font-family:Calibri;font-size:14.7px;color:#000000; "><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">change the flag, class or management of its vessels or terminate or materially &#160;</font></li> </ul><div><font style="font-family:Calibri;font-size:14.7px;color:#000000; "></font></div> <div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">amend the management agreement relating to each vessel;</font></div> <ul> <li style="font-family:Calibri;font-size:14.7px;color:#000000; "><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">sell its vessels;</font></li> <li style="font-family:Calibri;font-size:14.7px;color:#000000; "><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">merge or consolidate with, or transfer all or substantially all its assets to, another </font></li> </ul><div><font style="font-family:Calibri;font-size:14.7px;color:#000000; "></font></div> <div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">person; or</font></div> <ul> <li style="font-family:Calibri;font-size:14.7px;color:#000000; "><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">enter into a new line of business.</font></li> </ul><div><font style="font-family:Calibri;font-size:14.7px;color:#000000; "></font></div> <div style="margin-left: 47.9px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">In addition, under certain of its loan agreements, the Company is not allowed to pay dividends or distributions until the later of i) March 31, 2015 and ii) the repayment of the deferred amounts under Commerzbank $120,000 and $26,000 facilities. 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In addition, as of December 31, 2013 and 2014, the Company was required to maintain minimum liquidity, legally restricted, of $2,482 and $13,972, respectively, which is included within &#147;Restricted cash&#148; in the accompanying balance sheets. An amount of $9,250 representing minimum liquidity, not legally restricted, as of December 31, 2013, was initially classified as &#147;Restricted cash&#148; in the prior year financial statements. 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">Interest on long term debt </font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:27px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></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:solid #000000 0.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">7,167</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; 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">Amortization of deferred finance charges </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:27px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">502</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:65px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">522</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:65px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; 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"><b>Years</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:26px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Amount</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:191px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 31, 2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">11,654</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:191px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 31, 2016</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; 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">Advances for secondhand vessels</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:61px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:24px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">79</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:61px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:61px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:302px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; 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Total advances paid and other capitalized costs incurred with respect to this vessel up to December 31, 2014 are reflected within &#147;Advances for vessels under construction and acquisition of vessels&#148; in the accompanying balance sheet for the year ended December 31, 2014. &#8195;</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>Capital leases</b></i></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">On February 17, 2014, the Company entered into separate bareboat charter party contracts with CSSC (Hong Kong) Shipping Company Limited, or CSSC, an affiliate of SWS, a Chinese shipyard, to bareboat charter for ten years, two fuel efficient newbuilding Newcastlemax dry bulk vessels, Hull 1372 (tbn Star Libra) and Hull 1371 (tbn Star Virgo), or the &#147;CSSC Vessels&#148;, each with a cargo carrying capacity of 208,000 dwt. The vessels are being constructed pursuant to shipbuilding contracts entered into between two pairings of affiliates of SWS. Each pair has one shipyard party (each, an &#147;SWS Builder&#148;) and one ship-owning entity (each an &#147;SWS Owner&#148;). Delivery to the Company of each vessel is deemed to occur upon delivery of the vessel to the SWS Owner from the corresponding SWS Builder. Pursuant to the terms of the bareboat charters, the Company is required to pay upfront fees, corresponding to the pre-delivery installments to the shipyard. An amount of $47,200 and $46,400, respectively, for the construction cost of each vessel, corresponding to the last pre-delivery and delivery installment to the shipyard, will be financed by the relevant SWS Owner, to whom the Company will pay a daily bareboat charter hire rate payable monthly plus a variable amount corresponding to the LIBOR payable every six months. In addition, the Company will pay for Hull 1371 (tbn <i>Star Virgo</i>), an installment of $300 plus an additional amount of $669 for agreed extra costs for both vessels. In addition, the Company is also obliged to pay an amount of $936 representing handling fees in two installments. The first installment of $462 was paid upon the signing of the bareboat charters, and the second installment is due in one year. Under the terms of the bareboat charters, the Company has the option to purchase the CSSC Vessels at any time, such option being exercisable on a monthly basis against pre-determined, amortizing-during-the-charter-period prices whilst it has a respective obligation of purchasing the vessels at the expiration of the bareboat term at a purchase price of $14,160 and $13,919, respectively. Upon the earlier of the exercise of the purchase options or the expiration of the bareboat charters, the Company will own the CSSC Vessels.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">In addition, following the completion of the Merger and the Pappas Transactions the Company also assumed bareboat charters with respect to four newbuilding vessels being built at New Yangzijiang and five newbuilding vessels being built at SWS as follows:</font></div> <div style="text-align:justify;margin-left: 47.3px;margin-bottom:10.0px;line-height:1.15;text-indent:-28.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#149;&#160;&#160;&#160;&#160;&#160;&#160;On May 17, 2013, subsidiaries of Oceanbulk entered into separate bareboat charter party contracts with affiliates of New Yangzijiang shipyards for eight-year bareboat charters of four newbuilding 64,000 dwt Ultramax vessels (Hulls HN 1061 (tbn <i>Roberta</i>), HN 1062 (tbn <i>Laura</i>), HN 1063 (tbn <i>Idee Fixe</i>) and HN 1064 (tbn <i>Kaley</i>) being built at New Yangzijiang. The vessels are being constructed pursuant to four shipbuilding contracts entered into between four pairings of affiliates of New Yangzijiang. Each pair has one shipyard party (each, a &#147;New YJ Builder&#148;) and one ship-owning entity (each a &#147;New YJ Owner&#148;). Delivery of each vessel to the Company is deemed to occur upon delivery of the vessel to the New YJ Owner from the corresponding New YJ Builder. Pursuant to the terms of the bareboat charter, the Company is required to pay upfront fees, corresponding to the pre-delivery installments to the shipyard. An amount of $20,680 for the construction cost of each vessel, corresponding to the delivery installment to the shipyard, will be financed by the relevant New YJ Owner, to whom the Company will pay a pre-agreed daily bareboat charter hire rate on a 30-days advance basis. &#160;In addition, the Company will pay for the four newbuilding vessels an aggregate amount of $3,248 for agreed extra costs. After each vessel's delivery, the Company has monthly purchase options to acquire the vessel at pre-determined, amortizing-during-the-charter-period prices. On the eighth anniversary of the delivery of each vessel, the Company has the obligation to purchase the vessel at a purchase price of $6,000. 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The vessels are being constructed pursuant to shipbuilding contracts entered into between five pairings of affiliates of SWS. Each pair has one shipyard party (each, an &#147;SWS Builder&#148;) and one ship-owning entity (each an &#147;SWS Owner&#148;). Delivery of each vessel to the Company is deemed to occur upon delivery of the vessel to the SWS Owner from the corresponding SWS Builder. Pursuant to the terms of the bareboat charter, the Company is required to pay upfront fees, corresponding to the pre-delivery installments to the shipyard. An amount of $46,400 for the construction cost of each vessel, corresponding to the delivery installment to the shipyard, will be financed by the relevant SWS Owner, to whom the Company will pay a daily bareboat charter hire rate payable monthly plus a variable amount corresponding to the LIBOR payable every six months and a one-time handling fee of $464. In addition, the Company will pay for the five newbuilding vessels an aggregate amount of $1,680 for agreed extra costs. After each vessel's delivery, the Company has monthly purchase options to acquire the vessel at pre-determined, amortizing-during-the-charter-period prices. At the end of the ten-year charter period for each vessel, the Company has the obligation to purchase the vessel at a purchase price of $13,919. Upon the earlier of the exercise of the purchase options or the expiration of the bareboat charters, the Company will own the five vessels.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Based on ASC 840, the Company determined that all bareboat charters discussed above should be classified as capital leases. In addition, based on the lease agreement provisions, the Company is deemed to have substantially all of the construction period risk and therefore is considered the owner of the vessels during the construction period. Therefore the amount of $31,467 paid during the year ended December 31, 2014, representing upfront hire and handling fees, has been capitalized and is included under &#147;Advances for vessels under construction and acquisition of vessels&#148; in the accompanying consolidated balance sheet for the relevant period. In addition, an amount of $27,100 of fair value adjustment related to these capital leases of Oceanbulk pursuant to the purchase price allocation of the Merger, has also been capitalized and is included under &#147;Advances for vessels under construction and acquisition of vessels&#148; in the accompanying consolidated balance sheet as of December 31, 2014. Each of the above bareboat charters is considered a sales type lease and will be accounted for as a sale and leaseback transaction upon the delivery of each newbuilding to the Company, when the lease term is deemed to begin. At that time the financial liability and the financial asset will be recognized in accordance with the applicable capital lease accounting guidance.</font></div> <div style="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>5.&#160;&#160;&#160;&#160;&#160;&#160;Vessels and other fixed assets, net:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</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:236px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:72px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:44px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:236px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; 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border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:236px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Cost</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></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:solid #000000 0.0px;width:72px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:44px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></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:solid #000000 0.0px;width:74px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:236px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; 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">&#160;</font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:30px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; 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border-bottom:double #000000 3.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>1,726</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-align:right;text-indent:0.0px;">&#160;</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:30px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></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:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>14,368</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; 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"><b>Balance Sheet</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>&#160;</b></font></div></td> <td valign="bottom" 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:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>2013</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:Calibri;font-size:13.3px;color:#000000; "><b>&#160;</b></font></div></td> <td valign="bottom" 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:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Assets</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; 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"><b>Liabilities</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Interchart Shipping Inc. (a)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">58</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">6</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Management and Directors Fees (b)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">111</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;">&#160;</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:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">462</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Managed Vessels of Oceanbulk Shipping LLC (e )</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid 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valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Oceanbulk Sellers (Note 17.2) </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">390</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:54px;"><div 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style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Excel Vessel Bridge Facility outstanding balance</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>2013</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:Calibri;font-size:13.3px;color:#000000; "><b>&#160;</b></font></div></td> <td valign="bottom" 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:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Excel Vessel Bridge Facility -&#160;current portion (i) </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">$</font></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:solid #000000 0.0px;width:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">8,168</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Excel Vessel Bridge Facility -&#160;non current portion (i) </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">47,993</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Total Excel Vessel Bridge Facility </b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>-</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" 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:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>56,161</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" 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style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td 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style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td 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The common shares were issued on April 1, 2014, and the fair value per share of $14.51 was determined by reference to the per share closing price of the Company's common shares on the issuance date. The ownership interest was purchased from an entity affiliated with family members of Company's Chief Executive Officer, including the Company's former director Mrs. Milena-Maria Pappas. 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The minimum guaranteed incentive award of 28,000 shares of the Company's stock was also renewed as part of the renewal of the consultancy agreement incurred between the Company and the company controlled by the former Chief Executive Officer with the new shares vesting in three equal annual installments, the first installment of 9,333 shares vested on May 3, 2014, the second installment of 9,333 shares vests on May 3, 2015 and the last installment of 9,334 shares vests on May 3, 2016.</font></div> <div style="text-align:justify;margin-left: 9.5px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">In connection with the July 2014 Transactions, the Company's former Chief Executive Officer resigned as Chief Executive Officer and remains with the Company as Non-Executive Chairman. 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The related expenses of non-executive directors for the years ended December 31, 2012, 2013 and 2014 were $124, $114 and $191, respectively, and are included under &#147;General and administrative expenses&#148; in the accompanying consolidated statements of operations. 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Oceanbulk Maritime has provided performance guarantees under the bareboat charter agreements relating to the newbuilding vessels with hull numbers HN 1061 (tbn <i>Roberta</i>), HN 1062 (tbn <i>Laura</i>), HN 1063 (tbn <i>Idee Fixe</i>) and HN 1064 (tbn <i>Kaley</i>) discussed in Note 6. In addition, Oceanbulk Maritime has also provided performance guarantees under the shipbuilding contracts for the newbuilding vessels with hull numbers, HN 5017-JMU (tbn <i>Deep Blue</i>), HN 5055-JMU (tbn <i>Bahemoth</i>), HN 5056-JMU (tbn <i>Megalodon</i>), HN NE164-NACKS (tbn <i>Honey Badger</i>), HN NE165-NACKS (tbn <i>Wolverine</i>), HN NE166-NACKS (tbn <i>Gargantua</i>), HN NE167-NACKS (tbn <i>Goliath</i>) and HN NE184-NACKS (tbn <i>Maharaj</i>), discussed in Note 6. Prior to the Merger, all of the performance guarantees were counter-guaranteed by Oceanbulk Shipping. 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In October, 2013 the Company decided to gradually cease providing the above mentioned services to the vessels managed by Product Shipping &amp; Trading S.A., except for arranging insurance services, and as a result, the management fee decreased to $0.02 per day, per vessel, and effective July 1, 2014, the agreement was terminated. The related income for the years ended December 31, 2013 and 2014 was $242 and $62, respectively, and is included under &#147;Management fee income&#148; in the accompanying consolidated statement of operations. 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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. 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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;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;<i><b>e) &#160;&#160;&#160;&#160;&#160;&#160;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. 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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. 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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 were impaired. In developing its estimates of future undiscounted 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 and historical trends as well as future expectations. 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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. 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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 19).</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>v)&#160;&#160;&#160;&#160;&#160;&#160;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 during the period. Diluted earnings per share reflect the potential dilution 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;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>w)&#160;&#160;&#160;&#160;&#160;&#160;Segment reporting:</b></i> The Company has determined that it operates under one reportable segment relating to its operations of dry bulk vessels. 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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;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>x)&#160;&#160;&#160;&#160;&#160;&#160;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. Leases that meet the criteria for capital lease classification under ASC 840 &#147;Leases&#148; are classified as capital leases. As of December 31, 2014 the Company was the lessee under certain capital lease arrangements as further disclosed in Note 6. As of December 31, 2014, the Company held no operating lease arrangements acting as lessee other than its office leases. </font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="text-align:justify;margin-left: 18.9px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>&#160;y)&#160;&#160;&#160;&#160;&#160;&#160;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. &#160;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. 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ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principles-based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. ASU 2014-09 will also require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016. Early application is not permitted. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Presently, the Company is assessing what effect the adoption of ASU 2014-09 will have on its financial statements and accompanying notes.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>Presentation of Financial Statements -&#160;Going Concern:</b></i> In August 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-15, Presentation of Financial Statements -&#160;Going Concern. ASU 2014-15 provides U.S. GAAP guidance on management's responsibility in evaluating whether there is substantial doubt about a company's ability to continue as a going concern and on related required footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company's ability to continue as a going concern within one year from the date the financial statements are issued. ASU 2014-15 is applicable to all entities and is effective for annual reporting periods ending after December 15, 2016 and for annual and interim reporting periods thereafter. Early application is permitted. 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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:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>The July 2014 Transactions</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;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 (&#147;Oceanbulk Shipping&#148;) and Oceanbulk Carriers LLC (&#147;Oceanbulk Carriers&#148;, and, together with Oceanbulk Shipping, &#147;Oceanbulk&#148;) from Oaktree Dry Bulk Holdings LLC (including affiliated funds, &#147;Oaktree&#148;) and Millennia Holdings LLC (&#147;Millennia Holdings&#148;, and together with Oaktree, the &#147;Oceanbulk Sellers&#148; or &#147;Sellers&#148;) through the merger of the Company's wholly-owned subsidiaries, Star Synergy LLC and Star Omas LLC, into Oceanbulk's holding companies (the &#147;Merger&#148;). 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 (two of which,<i> Peloreus</i> and <i>Leviathan</i> were delivered on July 22, 2014 and September 19, 2014, respectively) 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:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">The agreement governing the Merger, the &#147;Merger Agreement&#148;, also provided for the acquisition (the &#147;Heron Transaction&#148;) by the Company of two Kamsarmax vessels (the &#147;Heron Vessels&#148;), from Heron Ventures Ltd. &#160;(&#147;Heron&#148;), a limited liability company incorporated in Malta. Oceanbulk Shipping at the time had an outstanding loan receivable of $23,680 from Heron that was convertible into 50% of the equity interests of Heron (the &#147;Heron Convertible Loan&#148;). The Heron Convertible Loan was converted into 50% of the equity of Heron on November 5, 2014. The Company issued 2,115,706 of its common shares 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 (Note 20), following the transfer of the Heron Vessels to the Company on December 5, 2014 (Note 5). 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 9p), which the Company had entered in November 2014. &#160;</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">In addition, concurrently with the Merger, the Company completed a transaction (the &#147;Pappas Transaction&#148;), in which it acquired all of the issued and outstanding shares of Dioriga Shipping Co. and Positive Shipping Company (collectively, the &#147;Pappas Companies&#148;), 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, HN 5016 (<i>Indomitable</i>), which was delivered on January 8, 2015 (Note 20). The Merger, the Heron Transaction and the Pappas Transaction are referred to, together, as the &#147;July 2014 Transactions&#148;.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">A total of 54,104,200 of the Company's common shares were issued to the various selling parties in the July 2014 Transactions, consisting of 48,395,766 common shares consideration for the Merger with Oceanbulk, 3,592,728 common shares consideration for the acquisition of Pappas Companies and 2,115,706 common shares partial consideration for the acquisition of the Heron Vessels.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;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 (&#147;ASC&#148;) 805, &#147;<i>Business Combinations</i>&#148;, and the results of operations of Oceanbulk and the Pappas Companies have been included in the accompanying consolidated statement of operations for the year ended December 31, 2014 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:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</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:486px;height:15px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>July 11, 2014</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Assets</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Cash and cash equivalents</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">89,887</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Restricted cash</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">6,381</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Other current assets</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">13,906</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Advances for vessel acquisition and vessels under construction</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">316,786</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Vessels</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">426,000</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Fair value of above market acquired charters</font></div></td> <td valign="bottom" 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:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">1,967</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Total Assets acquired</b></font></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:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">$</font></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:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>854,927</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Liabilities</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Current liabilities, excluding current portion of long term bank debt and derivative financial liabilities</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">12,372</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Long-term debt, including current portion</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">208,237</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Derivative financial liabilities</font></div></td> <td valign="bottom" 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-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">5,728</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Total Liabilities assumed</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; 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border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Net assets acquired</b></font></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:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">$</font></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:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>628,590</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Consideration paid in common shares for Oceanbulk and Pappas Companies (51,988,494 shares issued)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">616,272</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Gain from Bargain Purchase</b></font></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:solid #000000 1.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" 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:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>12,318</b></font></div></td> </tr> </table> <div align="justify"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;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: 28.4px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;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 &#160;materially different from the values on July 11, 2014;</font></div> <div style="text-align:justify;margin-left: 28.4px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;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 &#160;materially different from the values on July 11, 2014;</font></div> <div style="text-align:justify;margin-left: 28.4px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;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 is 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 2,115,706 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 17.2;</font></div> <div style="text-align:justify;margin-left: 28.4px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;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, are not expected to provide any ongoing benefit to the business;</font></div> <div style="text-align:justify;margin-left: 28.4px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;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. &#160;The respective intangible asset will be amortized on a straight-line basis over the remaining period of the time charters which are scheduled to end during the first and second quarter of 2016 (please refer to Note 7).</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">The fair value of the share consideration issued in the July 2014 Transactions was based on the average closing market price of $11.854 per share of the Company's common shares, as determined over a period of two trading days before and two trading days after, and inclusive, of July 11, 2014.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;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 have decreased by a greater amount than their net assets values.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">The following unaudited financial information reflects the results of operations of Oceanbulk and Pappas Companies since the acquisition date included in the Company's consolidated statement of operations for the year ended December 31, 2014:</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; 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"><b>Pappas</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:181px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:125px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Oceanbulk</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; 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valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">9</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Olympia Shiptrade LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 1312 (tbn <i>Bruno Marks</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Capesize</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">180,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">May&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">10</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Ultra Shipping LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 1064 (tbn <i>Kaley</i>) (5)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Ultramax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">64,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">May&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">11</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Star Asia&#160;I LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 5040 (tbn <i>Star Aquarius</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Ultramax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">60,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">May&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">12</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Sea Diamond Shipping LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN NE 167 (tbn <i>Goliath</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Newcastlemax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">209,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; 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style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Newcastlemax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">209,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">July&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; 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style="font-family:Calibri;font-size:13.3px;color:#000000; ">July&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">15</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Blooming Navigation LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 1080 (tbn <i>Kennadi</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Ultramax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">64,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">July&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">16</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Star Asia&#160;II LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 5043 (tbn<i> Star Pisces</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Ultramax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">60,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">July&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">17</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Star Seeker LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 1372 (tbn<i> Star 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style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">18</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Jasmine Shipping LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 1081 (tbn <i>Mackenzie</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Ultramax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">64,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">August&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">19</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Cape Confidence Shipping LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font 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style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:85px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Hamon Shipping Inc</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:108px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><i>Marto (11)</i></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 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ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principles-based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. ASU 2014-09 will also require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016. Early application is not permitted. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Presently, the Company is assessing what effect the adoption of ASU 2014-09 will have on its financial statements and accompanying notes.</font></div> <div style="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>Presentation of Financial Statements -&#160;Going Concern:</b></i> In August 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-15, Presentation of Financial Statements -&#160;Going Concern. ASU 2014-15 provides U.S. GAAP guidance on management's responsibility in evaluating whether there is substantial doubt about a company's ability to continue as a going concern and on related required footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company's ability to continue as a going concern within one year from the date the financial statements are issued. ASU 2014-15 is applicable to all entities and is effective for annual reporting periods ending after December 15, 2016 and for annual and interim reporting periods thereafter. Early application is permitted. Presently, the Company is assessing what effect the adoption of ASU 2014-15 will have on its financial statements and accompanying notes.</font></div> <div style="text-align:justify;margin-left: 18.9px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>&#160;y)&#160;&#160;&#160;&#160;&#160;&#160;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. &#160;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. 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Diluted earnings per share reflect the potential dilution 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="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>&#160;&#160;u)&#160;&#160;&#160;&#160;&#160;&#160;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. 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These 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="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>&#160;&#160;q)&#160;&#160;&#160;&#160;&#160;&#160;Pension indemnities:</b></i> Administrative employees are covered by state-sponsored pension funds of Greece. Both employees and the Company are required to contribute a portion of the employees' gross salary to the fund. &#160;The related expense is recorded under "General and administrative expenses" in the accompanying consolidated statements of operations and the corresponding liability at each period end is reflected within &#147;Accounts payable&#148; in the accompanying consolidated balance sheets. Upon retirement, the state-sponsored pension funds are responsible for paying the employees retirement benefits without recourse to the Company.</font></div> <div style="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>&#160;p)&#160;&#160;&#160;&#160;&#160;&#160;Financing costs:</b></i> 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 existing loans, are recorded as deferred charges. Deferred charges 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 loans 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 related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced is deferred and amortized over the term of the relevant credit facility in the period in which the refinancing occurs.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;<i><b>o)&#160;&#160;&#160;&#160;&#160;&#160;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 &#147;Property, Plant, and Equipment&#148;, 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="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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 "Vessel 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, 2013 and 2014, there were no vessels held for sale.</font></div> <div style="text-align:justify;margin-left: 18.9px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>n)&#160;&#160;&#160;&#160;&#160;&#160;Impairment of long-lived assets:</b></i> The Company follows guidance related to 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 of the asset is less than its carrying amount, the Company should evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value. In this respect, management regularly reviews the carrying amount of the vessels on a vessel-by-vessel basis, when events and circumstances indicate that the carrying amount of the vessels 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 were impaired. In developing its estimates of future undiscounted 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 and historical trends as well as future expectations. The projected net operating cash flows are being determined by considering the charter revenues from existing time charters for the fixed vessel days and an estimated daily time charter equivalent for the unfixed days over the estimated remaining economic life of each vessel, net of brokerage and address commission, expected outflows for scheduled vessel maintenance (dry-docking and special surveys) and vessel's operating expenses assuming an average annual inflation rate of 3% and fleet utilization of 98%. The salvage value used in the impairment test is estimated to be $200 per light weight ton (LWT), in accordance with the Company's vessel depreciation policy. Estimates of revenue are based on the current Forward Freight Agreements, or &#147;FFAs&#148;, rates for as long as they are available and historical average rates of similar size vessels for the period thereafter. 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For the impairment review of the Star Aurora and Star Polaris the Company used the same framework for estimating projected undiscounted cash flow as described above. As a result of the improved market conditions, this analysis indicated that the carrying amount of the respective vessels was recoverable, and no asset impairment was necessary for the year ended December 31, 2013.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Due to continued global economic downturn and the prevailing conditions in the shipping industry, as of December 31, 2014, the Company performed an impairment analysis for 51 out of the Company's 62 vessels, whose carrying values were below their respective market values. Based on the analysis conducted under the same framework for estimating projected undiscounted cash flow as described above, the future undiscounted projected cash flows expected to be earned by each of these vessels over its operating life were in excess compared to each vessel's carrying value. No asset impairment was, therefore, necessary for the year ended December 31, 2014.</font></div> <div style="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Although the Company believes that the assumptions used to evaluate potential impairment loss are based on historical trends and are reasonable and appropriate, such assumptions are highly subjective. In this respect the Company's analysis for the year ended December 31, 2014 also involved sensitivity tests to the model inputs that it considered as more important and likely to change. In particular, the Company modified the utilization ratio, reducing it from approximately 98% to approximately 92% under a worst case scenario, in order to illustrate the increased idle time of vessels under a weak market environment. The Company did not sensitize its model with regards to freight rate assumption for the unfixed vessels, as it considers the FFA rates as of December 31, 2014 to approximate historical low levels, hence fully reflect the conceivable downside scenario. It also deflated the budgeted operating expenses for the year 2015 so as to simulate the expected management's reaction under a low revenue environment.</font></div> <div style="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>m)&#160;&#160;&#160;&#160;&#160;&#160;Fair value of above/below market acquired time charter:</b></i> &#160;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. &#160;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="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>l)&#160;&#160;&#160;&#160;&#160;&#160;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. 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;margin-left: 18.9px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>&#160;&#160;k)&#160;&#160;&#160;&#160;&#160;&#160;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 her 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="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;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). &#160;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="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>&#160;&#160;j)&#160;&#160;&#160;&#160;&#160;&#160;Inventories:</b></i> Inventories consist of consumable lubricants and bunkers, which are stated at the lower of cost or market value. 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As of December 31, 2013 and 2014, provision for doubtful receivables was nil. </font></div> <div style="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>h)&#160;&#160;&#160;&#160;&#160;&#160;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, 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="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>g)&#160;&#160;&#160;&#160;&#160;&#160;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 to be cash equivalents.</font></div> <div style="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>&#160;&#160;f)&#160;&#160;&#160;&#160;&#160;&#160;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. 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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="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>d)&#160;&#160;&#160;&#160;&#160;&#160;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="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;<i><b>c)&#160;&#160;&#160;&#160;&#160;&#160;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="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>b)&#160;&#160;&#160;&#160;&#160;&#160;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. 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All intercompany balances and transactions have been eliminated in the consolidation.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;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. 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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. 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0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:59px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:251px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Port charges &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:59px;"><div 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">1,902</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:251px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Commissions -&#160;related parties (Note 3)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:59px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,134</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">773</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:59px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,997</font></div></td> <td valign="bottom" style=" 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</tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:251px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Miscellaneous</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:59px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">195</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">116</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:59px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">164</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:251px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total voyage expenses &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</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:21px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:59px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">19,598</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></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:56px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">7,549</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; 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style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:60px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;height:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:60px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; 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style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:17px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" colspan="9" 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:259px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>Twelve month periods ending December&#160;31,</b></font></div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:17px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:60px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;height:23px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><i>plus inflows/minus outflows</i></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:56px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>Total</b></font></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:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:20px;"><div style="text-align:right;text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>2015</b></font></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:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:20px;"><div style="text-align:right;text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>2016</b></font></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:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:20px;"><div style="text-align:right;text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>2017</b></font></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:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:20px;"><div style="text-align:right;text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>2018</b></font></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:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:20px;"><div style="text-align:right;text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>2019</b></font></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:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:20px;"><div style="text-align:right;text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>2020 and thereafter</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">Future, minimum, non-cancellable charter revenue (1) </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">73,892</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">65,327</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">8,565</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">Office rent</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(948</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(108</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(108</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(108</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(105</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(97</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(422</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">Bareboat capital leases - upfront hire &amp; handling fees </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(38,966</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(36,986</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(1,980</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">Bareboat commitments charter hire (2) </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:56px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(535,791</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" 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:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:Calibri;font-size:10.7px;color:#000000; ">(9,563</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" 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:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:Calibri;font-size:10.7px;color:#000000; ">(32,953</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" 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:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:Calibri;font-size:10.7px;color:#000000; ">(40,004</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" 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:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:Calibri;font-size:10.7px;color:#000000; ">(40,004</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" 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:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:Calibri;font-size:10.7px;color:#000000; ">(43,231</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" 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:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:60px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(370,036</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">)&#160;</font></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>Total </b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</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:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>$</b></font></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:56px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>(501,813)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</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:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>18,670</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>$</b></font></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:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>(26,476)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</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:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>(40,112)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>$</b></font></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:51px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; "><b>(40,109)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 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style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:60px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" colspan="18" style=" border:solid #000000 0.0px;width:534px;height:35px;"><div style="text-align:justify;margin-left: 21.1px;text-indent:-18.7px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(1) &#160;&#160;The amounts represent the minimum contractual charter revenues to be generated from the existing, as of December 31, 2014, 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></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:60px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" colspan="18" style=" border:solid #000000 0.0px;width:534px;height:39px;"><div style="text-align:justify;margin-left: 21.1px;text-indent:-18.7px;"><font style="font-family:Calibri;font-size:10.7px;color:#000000; ">(2) &#160;&#160;The amounts represent the Company's commitments under the bareboat lease arrangements representing the upfront hire fee and the charter hire. &#160;The bareboat charter hire is comprised of fixed and variable portion, the variable portion is calculated based on the 6-month LIBOR of 0.3628%, as of December 31, 2014 (please refer to Note 6).</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:60px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid 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style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:60px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:57px;height:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-indent:0.0px;">&#160;</div></td> <td 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style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:284px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:24px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</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:349px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 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style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:349px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Unvested as at January 1, 2012</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:72px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">28,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">36.75</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:349px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Granted</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:72px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">90,667</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">13.50</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:349px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Vested</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:72px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">(100,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">15.67</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 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">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">36.75</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:349px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:72px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:349px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:72px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:349px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Unvested as at January 1, 2013</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:72px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">18,667</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">36.75</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:349px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Granted</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:72px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">279,333</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">6.43</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:349px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Vested</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:72px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">(21,333</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">19.71</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:349px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Unvested as at December 31, 2013</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></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:72px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">276,667</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">7.46</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:349px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:72px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:349px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:72px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:349px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Unvested as at January 1, 2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:72px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">276,667</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">7.46</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:349px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Granted</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:72px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">586,009</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">10.85</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:349px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Vested</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:72px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">(449,842</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; 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<td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:72px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:111px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:349px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid 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style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:257px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td> <td valign="bottom" 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:74px;"><div style="text-align:right;text-indent:0.0px;"><font 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valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; "><b>2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:257px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>(Loss) / Income:</b></font></div></td> <td valign="bottom" style=" 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style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></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:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></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:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td 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style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td 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">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:257px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Basic (loss) / earnings per share:</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid 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#000000 0.0px; border-bottom:solid #000000 1.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">5,393,131</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:26px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; ">14,051,344</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; ">58,441,193</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:257px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Basic (loss) / earnings per share</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 1.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></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:solid #000000 1.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>(58.32)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 1.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>0.13</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></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:solid #000000 1.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>(0.20)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:257px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:257px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Effect of dilutive securities:</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:257px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Dilutive effect of non vested shares</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">65,045</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:257px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Weighted average common shares outstanding, diluted</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">5,393,131</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">14,116,389</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">58,441,193</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:257px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:26px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:257px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Diluted (loss) / earnings per share</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 1.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>(58.32)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></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:solid #000000 1.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>0.13</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 1.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></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:solid #000000 1.0px;width:82px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>(0.20)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:257px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:74px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:82px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:82px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:257px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:82px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:82px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:257px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:82px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:82px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> </table> <div></div> <div style="text-indent:4.0px;"></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:309px;height:13px;"><div style="text-indent:4.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:27px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:58px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:65px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:65px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:24px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:309px;height:13px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:27px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:58px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:65px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:65px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:24px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:309px;height:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:27px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:58px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2012</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td> <td valign="bottom" 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:65px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2013</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:23px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td> <td valign="bottom" 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:65px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:24px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:309px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Interest on long term debt </font></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:solid #000000 0.0px;width:27px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></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:solid #000000 0.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">7,167</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:65px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">6,786</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></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:solid #000000 0.0px;width:65px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">15,362</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:24px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:309px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Less: Interest capitalized </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:27px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#151;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:65px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(633</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:65px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(7,838</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:24px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:309px;height:41px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Reclassification adjustments of interest rate swap loss transferred to Interest and finance costs from Other comprehensive loss </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:27px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#151;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:65px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#151;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:65px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,055</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:24px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:309px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Amortization of deferred finance charges </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:27px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">502</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:65px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">522</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:65px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">681</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:24px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:309px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Other bank and finance charges </font></div></td> <td valign="bottom" 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:27px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">169</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:65px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">139</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:23px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:65px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">315</font></div></td> <td valign="bottom" style=" border:solid 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style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></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:65px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>9,575</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:24px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:309px;height:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:27px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; 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style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:35px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">283,366</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:458px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 31, 2020 and thereafter</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; 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style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:35px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:458px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:35px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:458px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:35px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-indent:0.0px;">&#160;</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:387px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" 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valign="bottom" style=" border:solid #000000 0.0px;width:24px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:24px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:387px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">BNP $32,480 Facility</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td 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border="0" cellspacing="0" cellpadding="0" style=" margin-left: 38.7px;pt;border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:191px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:191px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Years</b></font></div></td> <td valign="bottom" style=" border:solid #000000 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2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">11,654</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:191px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 31, 2016</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:26px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; ">254</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:191px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td> <td valign="bottom" style=" border:solid #000000 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border:solid #000000 0.0px;width:61px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:24px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:61px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:302px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:61px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2013</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:24px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; 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border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:61px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:24px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></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:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:61px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:302px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Pre-delivery yard installments </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:61px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">66,780</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:24px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" 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valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:24px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">137,923</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:61px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:302px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Bareboat capital leases -&#160;upfront hire &amp; handling fees</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:61px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:24px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">31,467</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:61px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:302px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Capitalized interest and finance costs</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:61px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">633</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:24px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 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style="font-family:Calibri;font-size:14.7px;color:#000000; ">519</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:24px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">4,580</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:61px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:302px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Advances for secondhand vessels</font></div></td> <td valign="bottom" style=" border:solid 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border:solid #000000 0.0px;width:302px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vessels delivered (Note 5)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:61px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:24px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; ">(30,262</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:61px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:302px;height:16px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Total</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;">&#160;</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:25px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></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:61px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>67,932</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 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border:solid #000000 0.0px;width:61px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:302px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:61px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:24px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:61px;"><div style="text-indent:0.0px;">&#160;</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:236px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:72px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:44px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:236px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:72px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2013</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:44px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:29px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td> <td valign="bottom" 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:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:236px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Cost</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></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:solid #000000 0.0px;width:72px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:44px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></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:solid #000000 0.0px;width:74px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:236px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vessels</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 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valign="bottom" style=" border:solid #000000 0.0px;width:236px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Fair value adjustment</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:72px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:44px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">100,065</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:236px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Other fixed assets</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; 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">482,169</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:44px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 1.0px;width:29px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></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:solid #000000 1.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,643,286</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:236px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Accumulated depreciation</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:72px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(155,495</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:44px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" 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:29px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(201,435</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:236px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Vessels and other fixed assets, net</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" 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:72px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>326,674</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:44px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:29px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" 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:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>1,441,851</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:236px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:72px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:44px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:236px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:72px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:44px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</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:94px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:32px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;&#160;</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:32px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; "><b>2013</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:30px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;</b></font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; "><b>2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Lubricants</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:32px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></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:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,726</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-align:right;text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:30px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></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:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">6,853</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Bunkers</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:32px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:30px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:Calibri;font-size:14.7px;color:#000000; ">7,515</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</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:32px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></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:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>1,726</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-align:right;text-indent:0.0px;">&#160;</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:30px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></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:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>14,368</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:32px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:30px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:32px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:30px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</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:393px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div 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style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">9</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Oceanbulk Sellers (Note 17.2) </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">390</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">1,689</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Total Liabilities</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 1.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>$</b></font></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:solid #000000 1.0px;width:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>559</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;">&#160;</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:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>$</b></font></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:solid #000000 1.0px;width:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>2,166</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Excel Vessel Bridge Facility outstanding balance</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>2013</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:Calibri;font-size:13.3px;color:#000000; "><b>&#160;</b></font></div></td> <td valign="bottom" 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:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Excel Vessel Bridge Facility -&#160;current portion (i) </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">$</font></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:solid #000000 0.0px;width:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</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:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">$</font></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:solid #000000 0.0px;width:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">8,168</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Excel Vessel Bridge Facility -&#160;non current portion (i) </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">-</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">47,993</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Total Excel Vessel Bridge Facility </b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" 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:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>-</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" 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:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>56,161</b></font></div></td> <td valign="bottom" style=" border:solid #000000 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style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:393px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div 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">1</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Positive Shipping Company</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 5016 (tbn <i>Indomitable</i>) (<i>Note 20</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Capesize</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">182,160</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">January&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">2</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Aurelia Shipping LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN NE 164 (tbn <i>Honey Badger) (Note 20)</i></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Ultramax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">61,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">February&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">3</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Rainbow Maritime LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN NE 165 (tbn <i>Wolverine) (Note 20)</i></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Ultramax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">61,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">February&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">4</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Spring Shipping LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 1061 (tbn <i>Roberta) (5) (Note 20)</i></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Ultramax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">64,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">March&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">5</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Orion Maritime LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 1063 (tbn <i>Idee Fixe</i>) (5) (Note 20)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Ultramax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">64,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">March&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">6</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Pearl Shiptrade LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN NE 166 (tbn <i>Gargantua</i>) (Note 20)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Newcastlemax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">209,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">April&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">7</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Success Maritime LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 1062 (tbn <i>Laura</i>) (5)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Ultramax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">64,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">April&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">8</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">L.A. Cape Shipping LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 5017 (tbn <i>Deep Blue</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Capesize</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">182,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">April&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">9</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Olympia Shiptrade LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 1312 (tbn <i>Bruno Marks</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Capesize</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">180,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">May&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">10</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Ultra Shipping LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 1064 (tbn <i>Kaley</i>) (5)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Ultramax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">64,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">May&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">11</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Star Asia&#160;I LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 5040 (tbn <i>Star Aquarius</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Ultramax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">60,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">May&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">12</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Sea Diamond Shipping LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN NE 167 (tbn <i>Goliath</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Newcastlemax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">209,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">June&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">13</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Coral Cape Shipping LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN NE 184 (tbn <i>Maharaj</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Newcastlemax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">209,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">July&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">14</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Victory Shipping LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 1313 (tbn<i> </i>Jenmark<i>)</i></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Capesize</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">180,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">July&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">15</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Blooming Navigation LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 1080 (tbn <i>Kennadi</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Ultramax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">64,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">July&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">16</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Star Asia&#160;II LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 5043 (tbn<i> Star Pisces</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Ultramax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">60,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">July&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">17</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Star Seeker LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 1372 (tbn<i> Star Libra</i>) (5)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Newcastlemax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">208,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">August&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">18</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Jasmine Shipping LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 1081 (tbn <i>Mackenzie</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Ultramax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">64,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">August&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">19</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Cape Confidence Shipping LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 5055 (tbn <i>Behemoth</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Capesize</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">182,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">September&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">20</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Star Cape&#160;I LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 1338 (tbn<i> Star Aries</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Capesize</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">180,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">September&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">21</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Star Axe&#160;I LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN NE 196 (tbn <i>Star Antares</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Ultramax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">61,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">September&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">22</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Oday Marine LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 1082 (tbn <i>Night Owl</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Ultramax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">64,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">October&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">23</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Clearwater Shipping LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 1359 (tbn <i>Star Marisa</i>) (5)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Newcastlemax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">208,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">November&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">24</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Cape Runner Shipping LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 5056 (tbn <i>Megalodon</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Capesize</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">182,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">November&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">25</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Searay Maritime LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 1083 (tbn<i> Early Bird</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Ultramax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">64,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">November&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">26</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Star Axe&#160;II LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN NE 197 (tbn<i> Star Lutas</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Ultramax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">61,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">November&#160;2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">27</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Star Castle&#160;I LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 1342 (tbn <i>Star Gemini</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Newcastlemax</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">208,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">January&#160;2016</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">28</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Star Cape&#160;II LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">HN 1339 (tbn<i> Star Taurus</i>)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Capesize</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">180,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">January&#160;2016</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:76px;height:15px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">29</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Domus Shipping LLC</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:238px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; 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">Pro forma operating income / (loss) </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(1,172</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:90px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(10,296</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; 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">(24,075</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:300px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Pro forma loss per share, basic and diluted </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(0.15</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; 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border: none"> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:181px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:125px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:123px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Pappas</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:181px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:125px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Oceanbulk</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:26px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:123px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>&#160;&#160;Companies</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:181px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Voyage revenues</font></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:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:125px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">39,585</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:123px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2,249</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:181px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Operating income/(loss)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:125px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; 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">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:125px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(4,822</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:123px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(213</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)&#160;</font></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:181px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:125px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:123px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> </table> <div></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:486px;height:15px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> <td valign="bottom" 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:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> <td valign="bottom" 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:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>July 11, 2014</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Assets</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Cash and cash equivalents</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">89,887</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; 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">Advances for vessel acquisition and vessels under construction</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">316,786</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Vessels</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">426,000</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; 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border-bottom:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Liabilities</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Current liabilities, excluding current portion of long term bank debt and derivative financial liabilities</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">12,372</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Long-term debt, including current portion</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">208,237</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Derivative financial liabilities</font></div></td> <td valign="bottom" 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-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; 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"><b>226,337</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">&#160;</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Net assets acquired</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; 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border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;">&#160;</div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:486px;height:15px;"><div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Consideration paid in common shares for Oceanbulk and Pappas Companies (51,988,494 shares issued)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;">&#160;</div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; 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"><b>12,318</b></font></div></td> </tr> </table> <div></div> 25000000 168842 30286000 3264726 25080000 -1997000 -773000 -1134000 2018-04-30 5 -2343000 46400000 46400000 46400000 46400000 46400000 20680000 20680000 20680000 20680000 47200000 46400000 669000 652000 37460000 720000 5734000 2115706 2115706 2115706 25659425 29917312 248751000 288391000 25659425 29917312 2014-07-22 0.675 3404 1206 920 Under the supplemental agreement, the Company agreed to (i) prepay Commerzbank AG $3,000 ,(ii) amend some of the financial covenants and iii) change the repayment date for the Commerzbank $26,000 Facility from September 7, 2016 to July 31, 2015. 0 0 32400000 37682000 1125000 94000 48425000 50000000 24750 -87000 1361000 9337000 8016000 73200 60000 -1854000 91000 41000 18181000 The HSH Nordbank $35,000 Facility is secured by a first priority mortgage over the financed vessels. The borrowers under the HSH Nordbank $35,000 Facility are the two vessel-owning subsidiaries that own the two vessels and Star Bulk Carriers Corp. is the guarantor. This facility matures in February 2021 and is repayable in 28 equal, consecutive, quarterly installments, commencing in May 2014, of $312.5 and $291.7 for the Star Challenger and Star Fighter, respectively, and a final balloon payment of $8,750 and $9,332.4, payable together with the last installments, for Star Challenger and Star Fighter, respectively. 9333 3592728 48395766 54104200 0 91000 227500000 39500000 31000000 7732000 0 0 91000 186307000 71562000 190334000 50000000 0 88275000 0 24567000 0 51478000 0 0 0 30000000 0 24750000 0 56161000 0 32480000 0 0 0 19300000 0 0 0 83490000 0 82708000 0 76689000 0 36660000 0 33187000 0 29600000 30496000 12800000 18400000 54968000 58908000 74680000 82530000 1680000 3248000 In particular, the Company modified the utilization ratio, reducing it from approximately 98% to approximately 92% under a worst case scenario, in order to illustrate the increased idle time of vessels under a weak market environment. 0 0 200 0.98 0.03 0 0 -0.27 -0.15 -378000 1055000 0 0 -1433000 0 0 6.2 15 24 -30262000 0 173986000 33780000 42026000 637207000 0 0 7732000 0 123500000 9000000 15250000 15000000 17750000 13500000 14000000 13000000 12000000 14000000 260000 317000 415000 340000 340000 -370458000 -43328000 -40109000 -40112000 -26476000 18670000 -501813000 -370036000 -43231000 -40004000 -40004000 -32953000 -9563000 -535791000 0 0 0 0 -1980000 -36986000 -38966000 -422000 -97000 -105000 -108000 -108000 -108000 -948000 0 0 0 0 8565000 65327000 73892000 157000 498000 Obelix, Maiden Voyage, Big Bang, Strange Attractor, Big Fish and Pantagruel Magnum Opus, Peloreus and Leviathan Kymopolia, Mercurial Virgo, Pendulum, Amami and Madredeus. Bruno Mars and Jenmark Tsu Ebisu Star Martha 11 of the older Excel Vessels 8000 As of December 31, 2013 and 2014, the Company was in compliance with the applicable financial and other covenants contained in its debt agreements, including the Excel Vessel Bridge Facility and the 2019 Notes. The Company's outstanding credit facilities generally contain customary affirmative and negative covenants, on a subsidiary level, including limitations to: - incur additional indebtedness, including the issuance of guarantees; - create liens on its assets; - change the flag, class or management of its vessels or terminate or materially amend the management agreement relating to each vessel; - sell its vessels; - merge or consolidate with, or transfer all or substantially all its assets to, another person; or - enter into a new line of business. In addition, under certain of its loan agreements, the Company is not allowed to pay dividends or distributions until the later of i) March 31, 2015 and ii) the repayment of the deferred amounts under Commerzbank $120,000 and $26,000 facilities. In any event, 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. 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 loans secured; - 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 equity ratio As of December 31, 2014, the Company was required to maintain minimum liquidity, not legally restricted, of $35,400, which is included within 'Cash and cash equivalents' in the accompanying 2014 balance sheet. In addition, as of December 31, 2013 and 2014, the Company was required to maintain minimum liquidity, legally restricted, of $2,482 and $13,972, respectively, which is included within 'Restricted cash' in the accompanying balance sheets. An amount of $9,250 representing minimum liquidity, not legally restricted, as of December 31, 2013, was initially classified as 'Restricted cash' in the prior year financial statements. The Company has reclassified this amount from 'Restricted cash' to 'Cash and cash equivalents' in the accompanying 2013 balance sheet. 231000000 315000 139000 169000 9333 8000 394167 18667 12000 239333 22598 8050000 15338861 18667 394167 141080000 617986000 759066000 27100000 79000 0 137923000 0 1100000 519000 0.613 492000 -1659000 0 0 1038000 0.5 23680000 208237000 -3631000 0 0 0 -378000 4856000 0 0 860000 1545000 50000000 0 1100000 0 -11723000 -414127000 1567713000 1094000 252784000 252527000 257000 25079000 25058000 21000 616272000 615752000 520000 5834000 5829000 5000 328000 328000 -378000 -402404000 668219000 291000 1488000 1485000 3000 146022000 145788000 234000 1850000 116746000 -404254000 520946000 54000 861000 1000 -3631000 1546000 1000 -314521000 434213000 -86102000 520261000 54000 25659425 2115706 51988494 580342 22598 270000 23388861 5400810 61730 105316 5357224 On March 16, 2012, the Company and ABN AMRO amended the ABN AMRO $31,000 Facility under a first supplemental agreement (the 'ABN $31,000 First Supplemental'). On April 2, 2013, the Company and ABN AMRO signed a second supplemental agreement (the 'ABN $31,000 Second Supplemental' and, together with the ABN First Supplemental, the 'ABN $31,000 Supplementals'). Under the ABN $31,000 Supplementals, the Company agreed to (i) revise the financial covenants until December 31, 2014, (ii) not pay dividends until December 31, 2014, and (iii) increase the margin by 50 bps, beginning on March 31, 2013, until the time the Company was able to raise at least $30,000 of additional equity. The Company paid the increased margin of 50 bps from March 31, 2013 until July 26, 2013, upon the completion of the Company's rights offering which resulted in net proceeds of $77,898 after deducting offering expenses of $2,167 (Note 10). 2015-02-27 9364000 461264000 186307000 0.0207 0.0179 19422000 19422000 38162000 32480000 34942000 295 242211000 5 49000418 January 8, 2015 86600000 0.0172 0.01705 1689000 25311000 142 177000 6839000 2500000 2514000 5000000 In 2010, the Company commenced arbitration proceedings against Ishhar Overseas FZE of Dubai ('Ishhar') for repudiatory breach of the charter parties due to the nonpayment of charter hires related to Star Epsilon and Star Kappa. The Company sought damages for repudiations of the charter parties due to early redelivery of the vessels as well as unpaid hire of $1,949. The Company pursued an interim award for such nonpayment of charter hire and an award for the loss of charter hire for the remaining period under the charter. Claim submissions were filed. As of December 31, 2011, the Company determined that the above amount was not recoverable and recognized a provision for doubtful receivables of $1,949. Subsequently, a conditional settlement agreement was signed on September 5, 2012, under which the Company agreed to receive a cash payment of $5,000 in seventeen monthly installments. The first installment of $500 was received upon the execution of the settlement agreement and the next sixteen monthly installments, varying between $250 and $500, were received on the last day of each month beginning from September 30, 2012 and ending on December 31, 2013. During the years ended December 31, 2012 and 2013, the Company received $2,514 and $2,500, respectively, under the settlement agreement, which is included under "Other operational gain" in the accompanying consolidated statements of operations for the years ended December 31, 2012 and 2013 (Note 11). In February 2011, Korea Line Corporation ('KLC'), charterer at the time of the vessels Star Gamma and Star Cosmo, commenced rehabilitation proceedings in Seoul, Korea. Under the rehabilitation plan approved by KLC's creditors on October 14, 2011, the Company was entitled to receive $6,839, of which 37% is to be paid in cash over a period of ten years and the remaining 63% shall be converted into KLC's shares at a rate of one common share of KLC with par value of KRW 5,000 (approx. $0.0045 using the exchange rate as of December 31, 2014, KRW/usd 0.00091) for each KRW 100,000 (approx. $0.09 using the exchange rate as of December 31, 2014, KRW/usd 0.00091) of claim. Based on the terms of the rehabilitation plan, the shares of KLC will be restricted from trading for six months. The Company does not expect that it will have either control or significant influence over KLC as a result of the shares that it is entitled to receive under the terms of the rehabilitation plan. In addition, the Company entered into a direct agreement with KLC and received $172 in October 2011 and $172 in January 2013, as part of the due hire for Star Gamma. Finally, the Company entered into two tripartite agreements with KLC and the sub-charterers of the vessels Star Gamma and Star Cosmo, under which the Company received $86 from the Star Gamma sub-charter in December 2011 and $121 in March 2012 from the Star Cosmo sub-charterer. As of December 31, 2011, the Company determined that $498 of receivables were not recoverable due to the long term time period of KLC's rehabilitation plan and the uncertainty surrounding the continuation of KLC's operations and recognized a corresponding provision. On November 19, 2012, the Company received 11,502 shares (46,007 shares before split)of KLC as part of the rehabilitation plan described above for the vessel Star Gamma, which shares were sold the same date. The cash proceeds from the sale of the respective shares were $144. In December 2012, the Company also received $12 and $1 in cash, for Star Gamma and Star Cosmo, respectively, pursuant to the terms of the rehabilitation plan. The total amount of $157 is included under 'Other operational gain' in the consolidated statements of operations for the year ended December 31, 2012 (Note 11). In October 2013 the Company received $167 and $10 for Star Gamma and Star Cosmo, respectively, pursuant to the terms of the rehabilitation plan, and the total amount of $177 is included under 'Other operational gain' in the consolidated statements of operations for the year ended December 31, 2013 (Note 11). These amounts have been received as early payment of the cash component of the rehabilitation plan. The next tranche of 718 shares for the vessel Star Cosmo was released from lock up on June 4, 2013 and as of December 31, 2014, the shares had not been sold. In addition, in November, 2013, 24,196 and 983 shares were issued pursuant to the terms of the rehabilitation plan for Star Gamma and Star Cosmo, respectively, all of which had not been sold up to December 31, 2014. 1260000 668000 177000 157000 2500000 2514000 -0.2 0.13 -58.32 -0.2 0.13 -58.32 57967000 1441086000 156453000 30000000 24750000 0.08 Star Nasia, Star Monisha, Star Eleonora, Star Danai, Star Renee, Star Markella, Star Laura, Star Moira, Star Jennifer, Star Mariella, Star Helena and Star Maria Star Gwyneth and Star Angelina Star Pauline, Star Despoina, Star Angie, Star Sophia, Star Georgia, Star Kamila and Star Nina Honey Badger, Wolverine, Star Antares, Star Lutas, Kennadi, Mackenzie, Night Owl and Early Bird Indomitable Star Aquarius and Star Pisces 120000000 25311000 100000000 32500000 32000000 20000000 57360000 85000000 34458000 1027 2011-12-31 38000 21200000 15087000 8076000 1967000 23065000 464000 13919000 464000 13919000 464000 13919000 464000 13919000 464000 13919000 6000000 6000000 6000000 6000000 13919000 14160000 501535000 426000000 13 20600000 2125000 2125000 32500000 32500000 34625000 34625000 2014-09-19 182000 182000 -3190000 667 426000000 248000 1808000 11.854 -652000 0 0 3205000 29811000 36784000 39841000 39115000 36033000 36756000 35836000 45838000 188000 0 0 2010000 0 0.03 0.03 0.15 0.12 0.13 0.14 0.01 0.06 0.12 0.34 0.28 The indenture governing the 2019 Notes contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the trustee or the holders of not less than 25% in aggregate principal amount of the 2019 Notes then outstanding may declare the entire principal amount of all the 2019 Notes plus accrued interest, if any, to be immediately due and payable. 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. The 2019 Notes mature in November 2019 and are senior, unsecured obligations of Star Bulk Carriers Corp. The 2019 Notes are not guaranteed by any of the Company's subsidiaries. The 2019 Notes bear interest at a rate of 8.00% per year, payable quarterly in arrears on each February 15, May 15, August 15 and November 15, commencing on February 15, 2015. 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. 12372000 316786000 15-for-1 2005 2005 1949000 24750 -18667 15000 9334 9333 5773000 136000 1386000 12.03 10.71 168842 7.46 276667 2140000 3000000 30000000 Under the Oaktree Shareholders Agreement, Oaktree has the right to nominate four of the Company's nine directors so long as it beneficially owns 40% or more of the Company's outstanding voting securities. The number of directors able to be designated by Oaktree is reduced to three directors if Oaktree beneficially owns 25% or more but less than 40% of the Company's outstanding voting securities, to two directors if Oaktree beneficially owns 15% or more but less than 25%, and to one director if Oaktree beneficially owns 5% or more but less than 15%. Oaktree's designation rights terminate if it beneficially owns less than 5% of the Company's outstanding voting securities. 0.33 168842 810100 664000 9334 9333 275000 -0.2 0.13 -58.32 0 0 0 -799000 91000 0 0 0 41000 -378000 0 0 On July 4, 2014, an amendment to the Deutsche Bank $85,000 Facility was executed in order to add ITF International Transport Finance Suisse AG as a lender and replace Oceanbulk Shipping with Star Bulk Carriers Corp. as guarantor of this facility. On December 18, 2013, the ABN AMRO $87,458 Facility was amended to add an additional loan of $53,000 to partially finance the acquisition cost of the vessels Big Bang, Strange Attractor, Big Fish and Pantagruel. The Company drew $88,275 on December 30, 2014, $9,515 in January, 2015, and $9,507 in February 2015 (Note 20). The Company used amounts drawn under the DNB $120,000 Facility to repay portion of the amounts drawn under the Excel Vessel Bridge Facility relating to the DNB Financed Excel Vessels. The DNB $120,000 Facility matures in December 2019 and is repayable in 20 equal, consecutive, quarterly principal payments of $4,374, with the first installment due in March 2015, and a balloon installment of $29,160 payable simultaneously with the 20th installment. The DNB $120,000 Facility is secured by a first priority mortgage over the DNB Financed Excel Vessels and general and specific assignments and is guaranteed by Star Bulk Carriers Corp. The facility matures on June 30, 2019, and is repayable in 19 equal consecutive, quarterly principal payments of $744.4 (with the first becoming due and payable on December 31, 2014), with a balloon installment payable at maturity equal to the then outstanding amount of the loan. The facility is secured by a first priority mortgage over the financed vessels and general and specific assignments and is guaranteed by Star Bulk Carrier Corp. The first tranche of $51,477.5 was drawn on December 23, 2014, and the second tranche of $42,627.5 was drawn on January 21, 2015. The Company used amounts drawn under the Citi Facility to repay portion of the Excel Vessel Bridge Facility in respect of those Citi Financed Excel Vessels. The Citi Facility matures on December 30, 2019. The Citi Facility will be repaid in 20 equal, consecutive, quarterly principal payments of $3,388, with the first installment due on March 30, 2015, with a balloon installment of $26,349 payable simultaneously with the 20th quarterly installment. The Citi Facility is secured by a first priority mortgage over the Citi Financed Excel Vessels and general and specific assignments and is guaranteed by Star Bulk Carriers Corp. The financing will be available in eight separate tranches, one for each Sinosure Financed Vessel, and will be credit insured (95%) by China Export & Credit Insurance Corporation. The final loan documentation was signed on February 11, 2015 (Note 20). Each tranche, which will be documented by a separate credit agreement, will mature twelve years after each drawdown and will be repaid in 48 equal and consecutive quarterly installments. The Sinosure Facility will be secured by a first priority cross collateralized mortgage over the Sinosure Financed Vessels and general and specific assignments and will be guaranteed by Star Bulk Carriers Corp. The Excel Vessel CiT Facility is secured on a first-priority basis by these 11 vessels, which the Company has acquired or is acquiring under the Excel Vessel Purchase Agreement, consisting of nine Panamax and two Handymax vessels (the 'Excel Collateral Vessels'). Pursuant to an intercreditor agreement executed among the lenders under the Excel Vessel Bridge Facility and Excel Vessel CiT Facility, the Excel Collateral Vessels will also secure the Excel Vessel Bridge Facility on a second-priority basis. The Company drew $30,000 under the Excel Vessel CiT Facility on December 10, 2014. The borrowers under the Excel Vessel CiT Facility are the various vessel-owning subsidiaries that own the Excel Collateral Vessels and Star Bulk Carriers Corp. will be the guarantor. The Excel Vessel CiT Facility will mature in December 2016 and will be subject to quarterly amortization payments of $500, commencing on March 31, 2015, with a balloon payment equal to the outstanding amount under the Excel Vessel CiT Facility payable simultaneously with the last quarterly installment. The DVB $24,750 Facility will be repaid in 24 consecutive, quarterly principal payments of $900 for each of the first four quarters and of $450 for each of the remaining 20 quarters, with the first becoming due and payable three months from the drawdown date, and a balloon payment of $12,150 payable simultaneously with the last quarterly installment, which is due in October 2020. 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 and is guaranteed by Star Bulk Carriers Corp. The Excel Vessel Bridge Facility is secured (i) by a first priority mortgage on all the Excel Vessels, except those that have been refinanced by the DNB $120,000 Facility and the Citi Facility (see below o) and r)) and financed by the DVB $24,750 Facility (see below l)); and (ii) by a second priority mortgage on those vessels financed by the Excel Vessel CiT Facility (see below m). The Excel Vessel Bridge Facility matures in February 2016, with mandatory prepayments of $6,000, each due in March, June and September 2015. Unity, Star Bulk, and each individual vessel-owning subsidiary of Unity are guarantors under the Excel Vessel Bridge Facility. As of December 31, 2014, 28 of the Excel Vessels had been delivered to the Company, and an amount of $195,914 had been drawn under the Excel Vessel Bridge Facility, of which an amount of $139,753 was prepaid from proceeds from the Citi Facility and the DNB $120,000 Facility (discussed below), with such prepayment being applied in direct order of maturity according to the provisions of the Excel Vessel Bridge Facility (Note 20f). Definitive agreement relating to this facility was executed on December 3, 2014 and the amount of $32,480 was drawn in December 2014, in anticipation of the delivery of the Indomitable to the Company on January 8, 2015 (Note 20). The facility will be repaid in 20 equal, consecutive, quarterly principal payments of $537.2 each, with the first becoming due and payable three months from the drawdown date and a balloon installment of $21,737 payable simultaneously with the 20th installment, which is due in December 2019. The BNP $32,480 Facility is secured by a first priority mortgage over the financed vessel and general and specific assignments and is guaranteed by Star Bulk Carriers Corp. The amount will be available in two tranches of $16,000, to partially finance the construction cost of two Ultramax bulk carriers currently under construction by Japan Marine United Corporation (Hulls HN 5040 (tbn Star Acquarius) and HN 5043 (tbn Star Pisces)), with expected delivery in May and July 2015, respectively. The facility will mature in November, 2020. Each tranche is expected to be drawn concurrently with the delivery of the relevant vessel and will be repayable in consecutive quarterly installments of $267.5, commencing three months after the drawdown, plus a balloon payment of $10,382.5, for each of HN 5040 ( tbn Star Acquarius) and HN 5043 (tbn Star Pisces), both due in November 2020. The NIBC $32,000 Facility is secured by a first priority cross collateralized mortgage over the financed vessels and general and specific assignments and is guaranteed by Star Bulk Carriers Corp. The HSBC $20,000 Dioriga Facility will mature in March 2019 and will be repayable in 20 quarterly installments of $350 each, commencing three months after the drawdown, plus a balloon payment of $13,000 due together with the last installment. The HSBC $20,000 Dioriga Facility is secured by a first priority mortgage over the financed vessel and general and specific assignments. On October 3, 2014, a supplemental agreement to the HSBC $20,000 Dioriga Facility was executed in order for Star Bulk Carriers Corp. to become the guarantor of the HSBC $20,000 Dioriga Facility and to include covenants similar to those of the Company's other vessel financing facilities. The amount will be available in two tranches of $28,680 each, to partially finance the construction cost of two Capesize bulk carriers currently under construction at SWS (Hulls HN 1312 (tbn Bruno Mars) and HN 1313 (tbn Jenmark)), with expected delivery in April and May 2015, respectively. Each tranche will mature ten years from the delivery date of the last delivered financed vessel and will be repayable in 20 semi-annual installments of $1,147 plus a balloon payment of $5,736, with the first installment being due on the first January 21 or July 21 six months after the delivery of each vessel. The CEXIM $57,360 Facility will be secured by first priority cross-collateralized ship mortgages on the financed vessels, charter assignments and insurance and earnings assignments, and is guaranteed by Oceanbulk Shipping. The loan, which was drawn in June 2014, matures in May 2019 and is repayable in 20 quarterly installments, commencing three months after the drawdown, of $1,555 plus a balloon payment of $55,500 due together with the last installment. The HSBC $86,600 Facility is secured by a first priority mortgage over the financed vessels and general and specific assignments and was originally guaranteed by Oceanbulk Shipping. On September 11, 2014, a supplemental agreement to the HSBC $86,600 Facility was executed in order to replace Oceanbulk Shipping with Star Bulk Carriers Corp. as guarantor of the HSBC $86,600 Facility. Each tranche matures five years after the drawdown date. The applicable tranches were drawn down concurrently with the deliveries of the financed vessels, in May, July and September 2014, respectively. Each loan is subject to 19 quarterly amortization payments equal to 1/60th of the loan amount, with the 20th payment equal to the remaining amount outstanding on the loan. The Deutsche Bank $85,000 Facility is secured by first priority cross-collateralized ship mortgages on the financed vessels, charter assignments and insurance and earnings assignments, and was originally guaranteed by Oceanbulk Shipping. The loans under the ABN AMRO $87,458 Facility were available in two tranches of $20,350 and $14,108. On August 6, 2013, Oceanbulk Shipping drew down the available tranches. On December 18, 2013, the ABN AMRO $87,458 Facility was amended to add an additional loan of $53,000 to partially finance the acquisition cost of the vessels Big Bang, Strange Attractor, Big Fish and Pantagruel. On December 20, 2013, Oceanbulk Shipping drew down the available tranches. The tranche under the ABN AMRO $87,458 Facility relating to vessel Obelix matures in September 2017, the one relating to vessel Maiden Voyage matures in August 2018 and those relating to vessels Big Bang, Strange Attractor, Big Fish and Pantagruel mature in December 2018. The tranches are repayable in quarterly consecutive installments ranging between $248 to $550 and a final balloon payment for each tranche at maturity, ranging between $2,500 and $12,813. The ABN AMRO $87,458 Facility is secured by a first-priority ship mortgage on the financed vessels, general assignments, charter assignments and, operating account assignments and was guaranteed by Oceanbulk Shipping LLC. Following the completion of the Merger, Star Bulk Carriers Corp. replaced Oceanbulk Shipping as guarantor of the ABN AMRO $87,458 Facility. 1243000 651000 666000 3167000 205000 19000 1360000 797000 169000 3901000 2339000 3046000 9415000 5772000 6779000 4561000 2968000 2655000 29449000 14355000 14498000 164000 116000 195000 0 0 4050000 1997000 773000 1134000 1902000 867000 947000 33146000 4338000 10788000 5132000 1455000 2484000 3330000 1091000 8477000 1734000 350000 262000 1149000 159000 432000 255000 15.67 13.5 36.75 100000 90667 28000 1131000 1361000 170000 9377000 8016000 -7838000 -633000 0 755632000 19.5 32480000 34942000 2015-01-01 454612000 67932000 0 -31467000 0 4580000 519000 11696000 633000 299129000 66780000 100065000 0 -158000 0 0 1689000 390000 56161000 0 750 2006-12-13 3592728 231000000 28 2 12 14 6 34 82551 175125 82981 82790 1816000 1412000 12757000 1967000 3003000 79465000 158523000 48395766 54104200 -213000 -4822000 111000 -645000 2249000 39585000 -24075000 -10604000 -10296000 -1172000 177654000 82090000 2007 July 11, 2014 174109 -378000 0 96268000 0 0 47993000 0 8168000 0 1561000 1269000 12318000 616272000 628590000 226337000 5728000 854927000 1967000 13906000 6381000 89887000 1361000 0 0 -12101000 1850000 -314521000 12318000 0 0 53688 58722 55742 74470 74732 81545 82619 98681 98681 177662 174109 180181 181433 176990 2006 June 11, 2011 2012 September 28, 2012 2006 September 24, 2013 2001 August 2, 2013 1999 June 20, 2013 2011 February 17, 2014 2006 February 17, 2014 2011 February 4, 2014 2011 February 4, 2014 2004 October 18, 2013 2007 August 30, 2013 2004 October 24, 2013 2011 October 19, 2012 2006 January 30, 2014 208000 208000 208000 208000 208000 209000 208000 208000 64000 180000 61000 208000 61000 64000 182000 64000 209000 182000 64000 60000 208000 180000 180000 60000 209000 180000 64000 209000 61000 61000 182000 64000 64000 64000 182160 September 2016 June 2016 May 2016 March 2016 March 2016 February 2016 February 2016 January 2016 November 2015 November 2015 November 2015 January 2016 October 2015 September 2015 August 2015 November 2015 July 2015 July 2015 September 2015 July 2015 August 2015 June 2015 May 2015 July 2015 September 2015 April 2015 May 2015 May 2015 April 2015 February 2015 February 2015 March 2015 January 2015 March 2015 March 2015 38858 45588 55742 58722 69634 70083 71504 72493 73798 74577 76417 76429 76466 81001 81022 81545 82187 82209 82220 82221 82257 82266 82269 82298 82574 82594 82598 82619 82769 82790 82981 98681 98681 98681 98681 164218 170162 176990 177643 177931 180274 180181 180274 181433 182496 182511 1994 December 5, 2014 1998 October 14, 2014 2006 July 11, 2014 2012 July 11, 2014 1993 August 28, 2014 1994 December 22, 2014 1993 October 10, 2014 1999 November 7, 2014 1998 August 29, 2014 1998 October 6, 2014 2004 September 16, 2014 2004 September 4, 2014 2004 September 8, 2014 2014 July 11, 2014 2014 July 11, 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 1999 December 29, 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 2011 July 11, 2014 2014 July 22, 2014 2014 September 19, 2014 861793000 56113000 283366000 126895000 69894000 229040000 96485000 0 456000 860000 61730 5400810 81012403 15-for-1 Effective as of the opening of trading on October 15, 2012, the Company affected a one-for-fifteen reverse stock split of its common shares. The reverse stock split was approved by shareholders at the Company's 2012 Annual General Meeting of Shareholders held on September 7, 2012. The reverse stock split reduced the number of the Company's common shares from 81,012,403 to 5,400,810 and affected all issued and outstanding common shares. No fractional shares were issued in connection to the reverse split. Shareholders who would otherwise hold a fractional share of the Company's common stock received a cash payment in lieu of such fractional share. 2716000 68124000 8.8 8050000 2167000 77898000 15338861 0.01 0.01 300000000 100000000 0.0353 0.0334 0.0292 7167000 The Company and HSH Nordbank signed a supplemental agreement (the 'HSH Nordbank $64,500 Supplemental') on July 17, 2013. Under the HSH Nordbank $64,500 Supplemental, the Company agreed to (i) defer a minimum of approximately $3,500 payments from January 1, 2013 until December 31, 2014, (ii) prepay HSH Nordbank $6,590 with pledged cash already held by HSH Nordbank, of which $3,500 was applied against the balloon payment of Supramax Tranche and $3,090 was applied pro rata against the eight quarterly repayment installments of the Supramax Tranche, starting with the scheduled repayment date in January 2013, (iii) amend some of the financial covenants until December 31, 2014, (iv) raise $20,000 in equity (which condition was satisfied after the completion of the Company's rights offering in July 2013, which resulted in gross proceeds of $80,065 and its underwritten public offering in October, 2013, which resulted in gross proceeds of $70,840 (Note 10)), (v) increase the loan margins from January 1, 2013 until December 31, 2014, (vi) include a semi-annual cash sweep mechanism, under which all earnings of the mortgaged vessels after operating expenses, dry docking provision, general and administrative expenses and debt service, if any, are to be used as prepayment to the balloon payment of the Supramax Tranche, and (vii) not pay any dividends until December 31, 2014 or later in case of a covenant breach. When the Company sold the Star Sigma in April 2013, the HSH Nordbank $64,500 Supplement also required the Company to use the proceeds from the sale to fully prepay the balance of the Capesize Tranche and use the remaining vessel sale proceeds of $4,123 to prepay a portion of the Supramax Tranche. As a result, the next seven scheduled quarterly installments commencing in April 2013 were reduced pro rata according to the prepayment from $813 to $224. The borrowers under the HSH Nordbank $64,500 Facility are the vessel-owning subsidiaries that own the Star Cosmo, Star Kappa, Star Sigma, Star Omicron and Star Ypsilon, and Star Bulk Carriers Corp. is the guarantor. The borrowing under this new loan agreement together with $5,326 in cash was used to repay in full the Company's indebtedness under its old loan agreements with Piraeus Bank S.A.; a term loan of $150,000 dated April 14, 2008 and a term loan of $35,000 dated July 1, 2008, in 2011. This facility consists of two tranches. The first tranche of $48,500 (the 'Supramax Tranche') is repayable in 20 quarterly consecutive installments of $1,250 commencing in January 2012 and a final balloon payment of $23,500 payable at the maturity date of September 2016. The second tranche of $16,000 (the 'Capesize Tranche') was repayable in 12 consecutive, quarterly installments of $1,333, commencing in January 2012 and matured in September 2014. 16000000 48500000 64500000 The ABN AMRO $31,000 Facility is secured by a first priority mortgage over the financed vessels. The borrowers under the ABN AMRO $31,000 Facility are the two vessel-owning subsidiaries that own the two vessels and Star Bulk Carriers Corp. is the guarantor. The ABN AMRO $31,000 Facility is repayable in 18 consecutive, quarterly installments, commencing three months after the initial borrowings in October 2011. The first 14 installments amount to $1,400 each and the remaining four installments amount to $625 each, and a final balloon payment of $8,900 is payable together with the last installment at the maturity date of January 2016. Star Big and Star Mega 31000000 On May 20, 2013, the Company signed a waiver letter with Credit Agricole Corporate and Investment Bank in order to revise some of the financial covenants contained in the loan agreement for a period up to March 31, 2014, as well as to revise the dividend distribution related requirements so that Star Bulk Carriers Corp. shall not pay any dividends until March 31, 2014. The Credit Agricole $70,000 Facility is secured by a first priority mortgage over the financed vessels and is divided into two tranches. The Company drew down $67,275 under this facility. The Credit Agricole $70,000 Facility is repayable in twenty eight consecutive quarterly installments, commencing three months after the delivery of each vessel, of $485.4 and $499.7, respectively, and a final balloon payment payable at maturity, of $19,558.2 (due August 2018) and $20,134 (due November 18) for the Star Borealis and Star Polaris tranches, respectively. Star Borealis and Star Polaris 70000000 On December 17, 2012, the Company executed a commitment letter with Commerzbank to amend the Commerzbank $120,000 Facility and the Commerzbank $26,000 Facility. The definitive documentation for the supplemental agreement (the 'Commerzbank Supplemental') was signed on July 1, 2013. Pursuant to the Commerzbank Supplemental, the Company paid Commerzbank a flat fee of 0.40% of the combined outstanding loans under the two facilities and agreed to (i) prepay Commerzbank $2,000 pro rata against the balloon payments of each facility (which was completed on December 31, 2012), (ii) raise $30,000 in equity (which condition was satisfied after the completion of the Company's rights offering in July 2013, which resulted in gross proceeds of $80,065 and its underwritten public offering in October, 2013, which resulted in gross proceeds of $70,840, (Note 10)), (iii) increase the vessel management services to cover at least ten third-party vessels by December 31, 2013 (which was satisfied as of December 31, 2013), (iv) increase the loan margins, (v) amend some of the financial covenants under the two facilities, (vi) defer 60% and 50% of the quarterly installments for the years ended December 31, 2013 and 2014 (the 'Deferred Amounts'), to the balloon payments or to a payment in accordance with a cash sweep mechanism; (vi) include a semi-annual cash sweep mechanism, under which all earnings of the mortgaged vessels after operating expenses, dry docking provision, general and administrative expenses and debt service, if any, will be used as repayment of the Deferred Amounts; and (vii) not pay any dividends as long as Deferred Amounts are outstanding and/or until original terms are complied with. In the Commerzbank Supplemental, Commerzbank also agreed to waive an on-charter covenant for the Star Aurora in the Commerzbank $26,000 Facility until July 31, 2015. The loan is repayable over a six year period, in twenty-four consecutive quarterly installments of $950 each, commencing in December 2010, three months after the drawdown, and a final balloon payment of $3,200 payable together with the last installment. Star Aurora 26000000 Under the terms of this loan facility, the repayment of $120,000 is scheduled over a nine year term and is divided into two tranches. The first tranche of up to $50,000 is repayable in twenty-eight consecutive quarterly installments, commencing in January 2010, with: (i) the first four installments of $2,250 each, (ii) the next thirteen installments of $1,000 each, (iii) the remaining eleven installments of $1,300 each, and a final balloon payment of $13,700 payable together with the last installment. The second tranche of up to $70,000 is repayable in twenty-eight consecutive quarterly installments, commencing in January 2010, with: (i) the first four installments of $4,000 each, (ii) the remaining twenty-four installments of $1,750 each, and (iii) a final balloon payment of $12,000 payable together with the last installment. Star Gamma, Star Delta, Star Epsilon, Star Zeta and Star Theta 120000000 0 150905000 0 P9M18D 254000 2013-12-30 2013-12-12 11152000 0.03 9126000 61455 61462 28760000 28760000 0.01 0.01 0.02 2012-03-09 P25Y straight-line basis SBLK The Deutsche Bank $39,000 Facility is secured by a first priority mortgage over the financed vessels. The borrowers under the Deutsche Bank $39,000 Facility are the two vessel-owning subsidiaries that own the two vessels and Star Bulk Carriers Corp. is the guarantor. This facility consists of two tranches of $19,500 each and matures in March 2021. Each tranche is repayable in 28 equal, consecutive, quarterly installments of $390 each commencing in June 2014, and a final balloon payment of $8,580 payable at maturity. 11654000 -40000 -124000 -453000 0 204000 -91000 0.1 0 0 -153000 0 0 3631000 0 0 861000 0 4883000 0 0 0 -48000 7612000 21700000 32072000 -10372000 -46609000 0 91000 195000 2579000 6983000 7962000 18999000 -2807000 -719000 -174000 -237000 11000 147000 8581000 -254000 1207000 0 812000 -67000 82000 1546000 6369000 17238000 91000 0 0 -38000 -66000 502000 -314521000 -7551000 246000 7838000 -306970000 393132000 -3190000 3507000 1226000 6454000 303219000 9320000 0 33045000 5663000 27832000 19598000 86162000 478000 85684000 0 -314521000 5393131 5393131 0 0 0 0 41000 158000 0 9044000 28628000 26840000 0 5722000 0.45 6-month Libor rate of 0.3628% 1683000 1083000 300000 936000 14.51 9 2 20 January 4, 2008 2018-09-30 2018-11-30 2018-08-31 2 0.01765 91000 -1717000 6.46 0.0125 1390000 823000 750 9000 0 0 420000 9333 Star Sirius and Star Vega Star Challenger and Star Fighter 65045 2014-03-07 2014-02-13 60000000 15000 8354000 0 110 519000 -90000 10003000 3787000 200000 0 -87000 215000 0 1125000 500000 610000 200000 22598 0.33 462000 28000 9334 9333 3000 2500 18667 -799000 91000 1850000 -11829000 0 0 10.86 394167 430000 39000000 67932000 61462 December 12, 2013 2012 35000000 94000 0.01 0.03 2013-04-10 170 September 8, 2010 106000 0 634000 0 11908000 1.22 559000 279333 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 August 16, 2011 September 9, 2011 July 25, 2011 2013 2003 2003 2001 2002 2001 2000 2011 1994 2011 1996 2000 29059671 29059671 300000000 0.01 109426236 109426236 300000000 0.01 5000000 130 0 519000 0.005 9333 9334 9333 9333 12000 239333 6352000 6113000 1000 0 58441193 91000 240000 2077000 200000 28000 7664000 35000 0 62000 242000 9000 56000 241000 4000 61455 454612000 14116389 58441193 14051344 11525000 0 7978000 0.01 0.01 0 0 0 0 25000000 25000000 6156000 5803000 518447000 127814000 1000000000 15362000 6786000 681000 522000 394167 858000 5834000 1488000 P2M21D -287000 339000 449842 21333 201435000 155495000 6513000 271000 1441851000 326674000 1726000 6853000 0 7515000 481086000 1541538000 482169000 1643286000 10.86 8.94 19.71 10.85 6.43 36.75 586009 -11723000 1850000 6814000 9575000 0 -2766000 16057000 -1887000 5409000 131000 2328000 1030000 237000 -42000 -41000 -191000 -114000 -1516000 -528000 52246 53098 52402 179600 52055 52425 168404 179678 52994 171199 53489 52434 170631 109426236 0001386716 462000 111000 6000 58000 245000 486000 32452000 31848000 456708000 111971000 -437075000 -107618000 550000 4265000 1100000 8267000 12819000 27495000 1384000 -986000 6713000 350000 -449000 297000 1995000 -1626000 -10397000 -6493000 629000 230000 -1432000 8343000 148819000 61551000 32723000 9910000 37150000 16061000 5363000 3519000 53096000 27087000 42341000 7549000 147387000 69894000 2346000 1598000 145041000 68296000 14368000 81000 468088000 86000000 1862000 3352000 3203000 24765000 1726000 81000 1212000 4350000 63679000 134430000 394606000 1896463000 1114000 8029000 620000 10620000 2062084000 18286000 88317000 6638000 18487000 2166000 3501000 13738000 750000 2500000 29734000 140198000 172048000 667315000 200000 266000 201982000 907782000 291000 1094000 668219000 1567713000 -402404000 -414127000 266106000 1154302000 468088000 2062084000 53548000 2014-12-31 2014 FY No Accelerated Filer --12-31 No Yes Star Bulk Carriers Corp. false 20-F