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April 16, 2019
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July 15, 2019
September 30, 2019
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2019-03-06
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The first two tranches were used together with cash on hand to refinance the outstanding amounts under the lease agreements of the Star Laetitia and the Star Sienna.
The remaining two tranches will be used to finance the acquisition and installation of scrubber equipment for the vessels Star Laetitia and Star Sienna.
The E SUN Facility was used to refinance the outstanding amount under the lease agreement of the Star Ariadne.
The Atradius Facility will be used to finance the acquisition of scrubber equipment for 42 vessels.
The first two tranches were used to refinance the outstanding amounts under the lease agreements of the Star Magnanimus and the Star Alessia.
The remaining two tranches will be used to finance the acquisition and installation of scrubber equipment for the vessels Star Magnanimus and the Star Alessia.
The Citibank $62,600 Facility was used together with cash on hand to refinance the outstanding amounts under the lease agreements of the Star Virgo and the Star Marisa.
The CTBC Facility was used to refinance the outstanding amount under the lease agreement of the ABOY Karlie.
The NTT Facility was used to refinance the outstanding loan amount of $11,161 of the Star Aquarius under the "NIBC $32,000 Facility".
The CEXIM $106,470 Facility will be used to finance the outstanding amounts under the lease agreements of the Katie K, the Debbie H and the Star Ayesha.
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The E SUN Facility is secured by a first priority mortgage on the Star Ariadne.
The Atradius Facility is secured by second-priority mortgage on certain of the 42 vessels.
The ING $100,600 Facility is also secured by a first priority mortgage on the vessels Star Magnanimus and Star Alessia.
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The CTBC Facility is secured by a first priority mortgage on the vessel ABOY Karlie.
The NTT Facility is secured by a first priority mortgage on the Star Aquarius.
The CEXIM $106,470 Facility will be secured by first priority mortgages on the vessels Katie K, Debbie H and Star Ayesha.
10 years after its drawndown date
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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">2.       Significant
accounting policies and recent accounting pronouncements:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">A summary of the Company’s significant
accounting policies and recent accounting pronouncements is included in Note 2 to the Company’s consolidated financial statements
included in the 2018 Annual Report. There have been no changes to the Company’s significant accounting policies and recent
accounting pronouncements in the six-month period ended June 30, 2019, except for the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leases:</b> On January 1, 2019, the Company
adopted ASC 842 Leases (“ASC 842”). ASC 842 revises the accounting for leases. According to the new Accounting Standard,
lessees are required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases
with term of more than 12 months. For lessees, leases are classified as either capital or operating, with classification affecting
the pattern of expense recognition on the income statement. ASC 842 requires lessors to classify leases as a sales-type, direct
financing, or operating lease. A lease is a sales-type lease if any one of five criteria included in ASC 842 are met, each of which
indicates that the lease, in effect, transfers control of the underlying asset to the lessee. If none of those five criteria are
met, and two other criteria included also in ASC 842 are both met, indicating that the lessor has transferred substantially all
of the risks and benefits of the underlying asset to the lessee, the lease is classified as a direct financing lease. All leases
that are not sales-type leases or direct financing leases are operating leases.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company elected to use the optional new transition method for adoption that results in initial recognition
of a cumulative effect adjustment to retained earnings in the year of adoption. As a result, prior periods as reported by the Company,
have not been impacted by the adoption. The Company
also elected to use the practical expedient for lessors to combine the lease and non-lease components of revenues for recognition,
measurement and presentation purposes, as also described below.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, in connection with its adoption
of ASC 842, the Company elected to use the "package of 3" practical expedients permitted under the transition guidance,
which exempts the Company from reassessing:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">• whether any expired or existing contracts are or contain
leases;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">• any expired or existing lease classifications; and</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">• initial direct costs for any existing
leases.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Lastly, the Company elected not to use the
practical expedient of hindsight in determining the lease term and in assessing the impairment of the Company's operating lease
right-of-use assets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s adoption did not have a material effect on the consolidated financial statements for the
reasons discussed below:</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify"><b><i>Company acting as Lessor:</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">As also described in Note 2t) to
the Company’s consolidated financial statements included in the 2018 Annual Report, the Company generates its revenues from
charterers for the charter hire of its vessels under time charter agreements, in which a contract is entered into for the use of
a vessel for a specific period of time and a specified daily charter hire rate, or voyage charter agreements, where a contract
is made in the spot market for the use of a vessel for a specific voyage at a specified freight rate per ton. The Company considered
the provisions of ASC 842 and determined that its voyage charter agreements do not contain a lease because the charterer under
such contracts does not have the right to control the use of the vessel since the Company, as the ship-owner, retains control over
the operations of the vessel, provided also that the terms are pre-determined and any change requires the Company’s consent..
On the other hand, the Company determined that its time charter agreements are leases that are governed by ASC 842 because, pursuant
to the time charter agreements, (a) the vessel is an identifiable asset, (b) the Company does not have substitution rights and
(c) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits
from such use. In addition, provided that none of the criteria for classification as sales-type leases or direct financing leases
are met, the Company’s time charter agreements are classified as operating leases.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">Upon adoption of ASC 842, the timing and recognition of earnings from time charter contracts to which the
Company is party did not change from previous practice, with the exception of ballast bonuses which were recognized during the
ballast leg while they are now deferred and recognized over time during the charter period as well as the deferral of certain direct costs incurred during the ballast leg that meet the
required criteria for capitalization and amortize during the charter period. Included in the charter hire rate is
also compensation for running the vessel, such as crewing expenses, repairs and maintenance and insurance. The Company, making
use of the practical expedient for lessors, has elected not to separate the lease and non-lease components included in the time
charter revenue but rather to recognize lease revenue as a combined single lease component for all time charter contracts (operating
leases) as the related lease component and non-lease component have the same timing and pattern of transfer (both the lease and
non-lease components are earned by passage of time) and the predominant component is the lease. The performance obligations in
a time charter contract are satisfied over the term of the contract on a straight-line basis, beginning when the vessel is delivered
to the charterer and ending when it is redelivered back to the Company. As a result, the adoption of this standard with respect
to charter agreements for which the Company acts as lessor did not have an effect on the Company’s consolidated opening retained
earnings, balance sheets and consolidated statements of operations, except for the additional disclosure requirements of ASC 842.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><b><i>Company acting
as Lessee:</i></b></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt">a)</td><td style="text-align: justify">All charter-in operating leases that the Company had entered into and were effective as of December
31, 2018 and during the six month period ended June 30, 2019 are short-term leases (<i>i.e</i>., less than 12 months). The Company
elected to use the practical expedient of ASC 842 that allows for time charter-in contracts with an initial term of less than 12
months to be excluded from the operating lease right-of use assets and the corresponding lease liabilities recognition on the consolidated
balance sheet. The Company continues to recognize the lease payments for all charter-in operating leases as charter-in hire expenses
on the consolidated statements of operations on a straight-line basis over the lease term. Revenues generated from those charter-in
vessels during the six month periods ended June 30, 2018 and 2019 amounted to $56,093 and $78,449 and are included in Voyage revenues
in the consolidated statement of operations, out of which $7,402 and $11,399 constitute sublease income deriving from time charter
agreements.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt">b)</td><td style="text-align: justify">The adoption of ASC 842 did not change the accounting for the leases already recognized on the
balance sheet as capital leases under the previous leasing guidance given the transition provisions of ASC 842 and the practical
expedients elected by the Company as discussed above. As such, those leases existing as of January 1, 2019, including all bareboat
charter agreements that the Company had entered into that were in place as of that date, are classified as finance leases under
the new leasing guidance of ASC 842, with the Company having reclassified the existing capital lease assets as of December 31,
2018 of $1,047,780 as right-of-use assets being reflected within Fixed Assets and the existing lease obligations as of December
31, 2018 of $609,737 as lease liabilities being reflected within Lease commitments.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt">c)</td><td style="text-align: justify">Each sale and lease back transaction that the Company had entered into as of December 31, 2018
or entered into during the six month period ended June 30, 2019, involved a purchase obligation and was therefore treated as failed
sale or merely a financing arrangement both before and after adoption of ASC 842, and therefore was not within the scope of sale
and leaseback accounting.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt">d)</td><td style="text-align: justify">The Company has determined its office rental arrangements are operating leases. The assets and
liabilities recognized in respect of these agreements that correspond to the underlying rights and obligations were $1,198 as of
January 1, 2019 and $1,140 as of June 30, 2019 and are presented within “Leased buildings, right-of-use assets” and
“Leased buildings, operating lease liabilities” in the consolidated balance sheet. The lease expenses attributable
to these leases are recognized on a straight line basis over the lease term and are recorded as part of General and Administrative
expenses. These lease expenses were $192 and $121 for the six months ended June 30, 2018 and 2019, respectively. The weighted average
remaining lease term of the Company’s office rent arrangements is 4.4 years. Future minimum rental payments as of June 30,
2019 for these contracts are presented in Note 13 below.</td></tr></table>
<p style="margin: 0pt"></p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">3.       Transactions
with Related Parties:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Details of the Company’s transactions
with related parties did not change in the six-month period ended June 30, 2019 and are discussed in Note 3 of the Company’s
consolidated financial statements for the year ended December 31, 2018, included in the 2018 Annual Report.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Transactions and balances with related
parties are analyzed as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><b>Balance Sheets</b></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
<td style="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="width: 3%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 19%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>December 31, 2018</b></td>
<td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 3%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 11%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>June 30, 2019</b></td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Due from related parties</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Oceanbulk Maritime S.A. and its affiliates</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">85</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">          264 </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Interchart Shipping Inc.</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                          -   </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               1 </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Starocean Manning Philippines Inc.</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">65</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">            52 </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Sellers of the Augustea Vessels</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                       867 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">             -   </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Songa Shipmanagement Ltd.</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                       305 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">             -   </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Due from related parties</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>1,322</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>317</b></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Due to related parties</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Management and Directors Fees</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">236</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">131</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Sydelle Marine Limited</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                       302 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">             -   </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Augustea Technoservices Ltd.</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                    1,111 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">366</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Due to related parties</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>1,649</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>497</b></td></tr>
</table>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Statements of Operations</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td colspan="3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Six months ended June 30,</b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 3%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 21%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2018</b></td>
<td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 18%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2019</b></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Voyage expenses-Interchart </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(1,650)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(1,950)</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Consultancy fees </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(262)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(328)</td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Directors compensation </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(72)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(87)</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Office rent - Combine Marine Ltd. &  Alma Properties </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(19)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(9)</td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Voyage revenues - profit sharing agreement-Sydelle Marine Limited </td>
<td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                  (4)</td>
<td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                -   </td></tr>
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Management fees- Augustea Technoservices Ltd. </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                  -   </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">       (3,254)</td></tr>
<tr>
<td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt">Management fees- Songa Shipmanagement Ltd. </td>
<td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                  -   </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">             (32)</td></tr>
<tr style="background-color: #CCEEFF">
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">General and administrative expenses - Oceanbulk Maritime S.A. and its affiliates</td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                  -   </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">             (78)</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="margin: 0pt"></p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">4.       Inventories:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The amounts shown in the consolidated
balance sheets are analyzed as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
<td style="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">  </td>
<td style="width: 5%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b> </b></td>
<td style="width: 29%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>December 31, 2018</b></td>
<td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 5%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b> </b></td>
<td style="width: 23%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>June 30, 2019</b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Lubricants</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12,071</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12,613</td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Bunkers</td>
<td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15,365</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">34,078</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Total</b></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>27,436</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>46,691</b></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">5.       Vessels
and other fixed assets, net:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Changes in the six months ended June
30, 2019 are summarized as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
<td style="white-space: nowrap; width: 54%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>Vessel cost</b></td>
<td style="white-space: nowrap; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>Accumulated depreciation</b></td>
<td style="white-space: nowrap; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>Net Book Value</b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><b>Balance, December 31, 2018</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>3,149,274</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>(493,166)</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2,656,108</b></td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">- Transfer from advances for vessels under construction and acquisition of vessels</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">104,528</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">104,528</td></tr>
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">- Acquisitions, improvements and other vessel costs</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">108,411</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">108,411</td></tr>
<tr style="background-color: white">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">- Vessel disposal</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(58,904)</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">44,206</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(14,698)</td></tr>
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">- Impairment loss</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(24,551)</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21,140</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(3,411)</td></tr>
<tr>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">- Depreciation for the period</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(59,781)</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(59,781)</td></tr>
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><b>Balance, June 30, 2019</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>3,278,758</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>(487,601)</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2,791,157</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2019, 81 of the Company’s
108 owned vessels, having a net carrying value of $2,041,280, were subject to first-priority mortgages as collateral to the Company’s
loan facilities (Note 9) and all 26 of the Company’s bareboat chartered vessels, having a net carrying value of $732,153
were pledged as collateral under the Company’s bareboat charter agreements. In addition, the seven vessels financed under
the ABN $115,000 Facility also secure the Atradius Facility on a second priority basis.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Vessels acquired / delivered / disposed
of during the six-month period ended June 30, 2018</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><i>Delivery of newbuilding vessels:</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">On
January 3, 2018, March 26, 2018 and May 14, 2018, the Company took delivery of the Newcastlemax vessels <i>Star Eleni</i>
(ex HN 1342), <i>Star Magnanimus</i> (ex HN 1361) and <i>Star Leo </i>(ex HN 1343) which,
were financed under bareboat leases with CSSC (Hong Kong) Shipping Company Limited, or CSSC. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><b><i>Vessels acquired / delivered /
disposed of during the six-month period ended June 30, 2019</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><i>Delivery of secondhand vessels:</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">On
January 7 and 14, 2019, the Company took delivery of the Capesize vessels <i>Star Janni </i>and <i>Star Marianne</i> as part of
the Step 1 Acquisition of the E.R. Vessels. The vessels were delivered to the Company
in exchange for an aggregate of 999,336 of its common shares and cash consideration of $31,772, with the total acquisition cost
being $41,837. The cash consideration was partially financed through the third and fourth tranche of the ABN $115,000 Facility.
The cost of the shares issued in connection with this acquisition was determined by reference to the Company’s closing
share market prices of $10.41 and $9.66 on the delivery dates of the <i>Star Janni</i> and the <i>Star Marianne,</i> respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><i>Delivery of newbuilding vessels:</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">On
April 16, 2019 and May 28, 2019, the Company took delivery of the Newcastlemax vessels <i>Katie K</i> (ex-HN 1388) and <i>Debbie
H</i> (ex-HN 1389), two of the OCC Vessels acquired through the OCC Vessel Purchase Transaction, which
were financed under bareboat leases with CSSC. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><i>Sale of vessels:</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">On
November 20, 2018, the Company entered into an agreement with a third party to sell the vessel Star Delta. The vessel was
delivered to its new owner on January 8, 2019.  As of December 31, 2018, the vessel met the criteria for classification
as held for sale and was therefore separately presented within “Vessel held for sale” in the consolidated balance sheet,
at the agreed selling price less cost to sell. In addition in February 2019, the Company entered into two separate agreements with
third parties to sell the vessels Star Aurora and Star Kappa, which were delivered to their new owners on March 6 and 8, 2019,
respectively. In connection with the above mentioned sales, the Company recognized an aggregate net loss on sale of vessels of
$700.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">On
June 21, 2019 and July 8, 2019, the Company entered into two separate agreements with third parties to sell the vessels Star
Anna and Star Gamma, which were delivered to their new owners on September 23 and 5, 2019, respectively. The Company decided to
sell the respective vessels as part of its strategic goal to dispose the older vessels in its fleet. In connection with the aforementioned
sales, the Company recognized an aggregate impairment loss of $3,411. None of these two vessels met the criteria to be classified
as held for sale as of June 30, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">No other impairment charge was deemed
necessary for the six-month period ended June 30, 2019.</p>
<p style="margin: 0pt"></p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">6.       Advances
for vessels under construction and acquisition of vessels:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify">Movements in the six months ended June
30, 2019 are summarized as follows:</p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; width: 81%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><b>Balance, December 31, 2018</b></td>
<td style="width: 4%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>$</b></td>
<td style="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>59,900</b></td></tr>
<tr>
<td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt">- Additions</td>
<td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">65,202</td></tr>
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">- Capitalized interest</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">629</td></tr>
<tr>
<td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt">- Transfers to Vessel cost</td>
<td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(104,528)</td></tr>
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><b>Balance, June 30, 2019</b></td>
<td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>21,203</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: justify">As of June 30, 2019, the Company had
one Newcastlemax dry bulk carrier vessel on order, the <i>Star Ayesha</i> (ex-HN 1390), which was acquired through the OCC Vessel
Purchase Transaction. The <i>Star Ayesha</i> was constructed at Shanghai Waigaoqiao Shipbuilding
Co., Ltd. (“SWS”) and delivered to the Company on July 15, 2019. The remaining contracted price plus agreed
extra for the <i>Star Ayesha</i>, as of June 30, 2019 was $30,312 and financed via a ten-year bareboat charter with CSSC.</p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">7.       Lease
Commitments:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Details of the Company’s lease
commitments are discussed in Note 5 and Note 6 of the Company’s consolidated financial statements for the year ended December
31, 2018, included in the 2018 Annual Report and are supplemented by the below new activities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">During the six-month period ended June
30, 2019, the Company recognized new lease liabilities of $65,250 in connection with the OCC Vessels, as discussed in Note 5 and
Note 6.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">On March 29, 2019, the Company entered
into an agreement to sell the <i>Star Pisces</i> and simultaneously entered into a bareboat charter party contract with SK Shipholding
S.A. to bareboat charter the vessel for seven years. Pursuant to the terms of the bareboat charter, the Company pays a daily bareboat
charter hire rate monthly plus interest, and the Company has an option to purchase the vessel
starting on the third anniversary of the vessel’s delivery to the Company at a pre-determined, amortizing purchase price.
The Company also has an obligation to purchase the vessel at the expiration of the bareboat term at a purchase price of $7,628.
The amount of $19,125 provided under the respective agreement which was concluded in April 2019, was used to pay the remaining
amount of $11,671 under the NIBC $32,000 Facility.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">On May 22, 2019, the Company entered
into an agreement to sell the <i>Star Libra</i> and simultaneously entered into a bareboat charter party contract with Ocean Trust
Co. Ltd. to bareboat charter the vessel for seven years. Pursuant to the terms of the bareboat charter, the Company pays a daily
bareboat charter hire rate quarterly plus interest, and the Company has an option to purchase
the vessel at any time after the vessel’s delivery to the Company at a pre-determined, amortizing purchase price. The Company
also has an obligation to purchase the vessel at the expiration of the bareboat term at a purchase price of $18,107. The
amount of $33,950 provided under the respective agreement which was concluded in July 2019, was used to pay the remaining amount
under the previous lease agreement of the <i>Star Libra.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">On July 10, 2019, the Company entered
into an agreement to sell the <i>Star Challenger </i>and simultaneously entered into a bareboat charter party contract with Kyowa
Sansho Co. Ltd. to bareboat charter the vessel for eleven years. Pursuant to the terms of the bareboat charter, the Company pays
a daily bareboat charter hire rate monthly plus a variable amount and the Company has an
option to purchase the vessel starting on the third anniversary of vessel’s delivery to the Company at a pre-determined,
amortizing purchase price. The Company also has an obligation to purchase the vessel at the expiration of the bareboat term.
The amount of $15,000 provided under the respective agreement was used to pay the remaining amount of approximately $10,874 under
the HSH Nordbank AG $35,000 Facility.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">During the six-month period ended June
30, 2019, the Company repaid the outstanding amounts under the lease agreements of the <i>Star Magnanimus</i>, the <i>Star Ariadne</i>,
the <i>Star Laetitia</i>, the <i>Star Sienna, </i>the <i>Star Virgo, </i>the <i>Star Marisa </i>and the <i>ABOY Karlie</i> with
CSSC. The lease agreements were refinanced with the proceeds from the following loan facilities: (i) ING $100,600 Facility, (ii)
E.SUN Facility, (iii) SEB Facility, (iv) Citibank $62,600 Facility and (v) CTBC Facility, which are described in Note 9. In addition
the Company repaid the outstanding amount under the lease agreement of the <i>Star Alessia</i> (ex-<i>ABY Asia) </i>using the amount
drawn under the ING $100,600 Facility (Note 9).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As of June 30, 2019, the Company was
party to 27 bareboat leases, including the bareboat lease for the <i>Star Ayesha</i> as described
above. The respective leases, among others, require the Company to acquire each underlying vessel at a specified price upon the
completion of its bareboat term or grant the option to purchase the underlying vessel that the Company is reasonably certain that
will exercise and as a result, vessels subject to these bareboat leases were recognized as fixed assets in the Company’s
balance sheet.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The interest expense on the financial
liability related to these leases for the six-month periods ended June 30, 2018 and 2019 was $8,905 and $14,652, respectively,
and is included within “Interest and finance costs” in the unaudited interim condensed consolidated statements of operations.
As of June 30, 2019, the gross amount recognized for the vessels under bareboat leases was $783,634, with accumulated depreciation
of $51,481. Depreciation expense for the bareboat leased vessels for the six month periods ended June 30, 2018 and 2019 amounted
to $7,319 and $12,688, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In connection with the refinancing of
the aforementioned lease agreements, we incurred expenses of $1,399 and $25 of unamortized debt issuance costs were written off,
which are both included under “Loss on debt extinguishment,” in the consolidated statement of operations for the six
months ended June 30, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The principal payments required to be
made after June 30, 2019 for the outstanding lease obligations are as follows:</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
<td style="width: 79%; padding-right: 5.4pt; padding-left: 5.4pt"><b>Twelve month periods ending</b></td>
<td style="width: 5%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>Amount</b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2020</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">60,245</td></tr>
<tr>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2021</td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">58,150</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2022</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">56,770</td></tr>
<tr>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2023</td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">74,736</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2024</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">119,562</td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2025 and thereafter</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">89,059</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Total bareboat lease minimum payments</b></td>
<td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>458,522</b></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">Unamortized debt issuance costs</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">        3,404 </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Total bareboat lease minimum payments, net</b></td>
<td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>455,118</b></td></tr>
<tr>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">Excluding bareboat lease interest </td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">53,945</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">Lease commitments – short term</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">44,333</td></tr>
<tr>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">Lease commitments – long term</td>
<td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">356,840</td></tr>
</table>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">8.       Fair
value of Above / Below Market Acquired Time Charters:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Details of the Company’s fair
value of above/below market acquired time charters are discussed in Note 7 of the Company’s consolidated financial statements
for the year ended December 31, 2018, included in the 2018 Annual Report and are supplemented by the below new activities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As
part of the Step 1 Acquisition of the E.R. Vessels, the Company took delivery of the vessels <i>Star Marianne</i> and <i>Star
Janni </i>(Note 5) with time charter agreements attached. The Company recognized a liability of $1,269 and an asset of $336, since
it determined that the charter rate of the <i>Star Marianne</i> was below market rates and Star <i>Janni</i> was above market rates
on the date of each vessel’s delivery (Level 2).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">For the six-month period ended June
30, 2019, the amortization of fair value of the below market acquired time charters was $1,353 and of the above market acquired
time charters was $167 and are included under “Voyage revenues” in the consolidated statement of operations. The accumulated
amortization of the below market time charters as of June 30, 2019 was $3,173 and of the above market acquired time charters was
$167.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The unamortized balance of the intangible
asset as of June 30, 2019 of $169 will be amortized in the third quarter of 2019 while the unamortized balance of the intangible
liability as of June 30, 2019 of $3,469 is expected to be amortized over the weighted average period of 2.41 years as follows:</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
<td style="width: 73%; padding-right: 5.4pt; padding-left: 5.4pt"><b>Twelve month periods ending</b></td>
<td style="width: 4%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 23%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>Amount</b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2020</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                    1,714 </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2021</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                        924 </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2022</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                        831 </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Total</b></td>
<td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>3,469</b></td></tr>
</table>
2857000
5011000
5011000
2857000
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">9.       Long-term
Debt:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Details of the Company’s credit
facilities and debt securities are discussed in Note 8 of the Company’s consolidated financial statements for the year ended
December 31, 2018, included in the 2018 Annual Report and are supplemented by the below new activities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><b>New Financing Activities</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>i) SEB Facility:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 28, 2019, the Company entered into
a loan agreement with Skandinaviska Enskilda Banken AB (SEB), the “SEB Facility,” for the financing of an amount up
to $71,420. The facility is available in four tranches. The first two tranches of $32,825 each were drawn on January 30, 2019 and
used together with cash on hand to refinance the outstanding amounts under the lease agreements of the <i>Star Laetitia</i> and
the <i>Star Sienna</i> (Note 7). Each tranche matures six years after the drawdown date and is repayable in 24 consecutive, quarterly
principal payments of $677 for each of the first 10 quarters and of $524 for each of the remaining 14 quarters, and a balloon payment
of $18,723 payable simultaneously with the last quarterly installment, which is due in January 2025. The remaining two tranches
of approximately $1,260 each, which will be used to finance the acquisition and installation of scrubber equipment for the respective
vessels, are expected to be drawn in 2019 and are repayable in 12 equal quarterly installments. The SEB Facility is secured by
a first priority mortgage on the two vessels.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ii) E SUN Facility:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 31, 2019, the Company entered into
a loan agreement with E. SUN Commercial Bank, Hong Kong branch, (the “E.SUN Facility”), for the financing of an amount
of $37,100 which was used to refinance the outstanding amount under the lease agreement of the <i>Star Ariadne</i> (Note 7). On
March 1, 2019, the Company drew the amount of $37,100 which is repayable in 20 consecutive, quarterly principal payments of $618,
plus a balloon payment of $24,733 payable simultaneously with the last quarterly installment, which is due in March 2024.
The E.SUN Facility is secured by a first priority mortgage on the vessel.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>iii) Atradius Facility:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 28, 2019, the Company entered into
a loan agreement with ABN AMRO Bank N.V. (the “Atradius Facility”) for the financing of an amount up to $36,645 that
will be used to finance the acquisition and installation of scrubber equipment for 42 vessels. The financing is credit insured
(85%) by Atradius Dutch State Business N.V. of the Netherlands (the “Atradius”). The first tranche of $11,659 was drawn
in April 2019. The remaining available amount is expected to be drawn during 2019. The facility is repayable in 10 consecutive
semi-annual installments of $3,664 and is secured by a second-priority mortgage on certain of the 42 vessels.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>iv) ING $100,600 Facility:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 28, 2019, the Company entered into
an amended and restated facility agreement with ING Bank N.V., London Branch, the “ING $100,600 Facility”, in order
to increase the financing by $52,800 and to include additional borrowers under the existing ING $47,800 Facility. The additional
financing amount of $52,800 is available in four tranches. The first two tranches of $32,100 and $17,400, were drawn in March 2019
and April 2019, respectively and used to refinance the outstanding amounts under the lease agreements of the <i>Star Magnanimus</i>
and the <i>Star Alessia </i>(Note 7). Each tranche is repayable in 28 consecutive, quarterly principal payments of $535 and $311,
plus a balloon payment of $17,120 and $8,700, for each of the two vessels, both due seven years after the drawdown date. The remaining
two tranches of $1,400 each will be used to finance the acquisition and installation of scrubber equipment for the aforementioned
vessels. The first was drawn in May 2019, and the second is expected to be drawn during the remainder of 2019. Both tranches are
repayable in 16 equal quarterly installments. The ING $100,600 Facility is also secured by a first priority mortgage on the two
aforementioned vessels.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>v) Citibank $62,600 Facility:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 8, 2019, the Company entered into a
loan agreement with Citibank N.A., London Branch (the “Citibank $62,600 Facility”). In May 2019, the Company drew the
aggregate amount of $62,563, which was used, together with cash on hand, to refinance the outstanding amounts under the lease agreements
of the <i>Star Virgo</i> and the <i>Star Marisa </i>(Note 7). The facility is repayable in 20 quarterly principal payments of $1,298
and a balloon payment of $36,611 payable simultaneously with the last quarterly installment, which is due in May 2024. The
Citibank $62,600 Facility is secured by a first priority mortgage on the aforementioned vessels.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>vi) CTBC Facility:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 24, 2019, the Company entered into a
loan agreement with CTBC Bank Co., Ltd, the “CTBC Facility,” for an amount of $35,000, which was used to refinance
the outstanding amount under the lease agreement of the <i>ABOY Karlie </i>(Note 7). The facility is repayable in 20 quarterly
principal payments of $730 and a balloon payment of $20,400 payable simultaneously with the last quarterly installment, which is
due in May 2024. The CTBC Facility is secured by first priority mortgage on the aforementioned vessel.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>vii) NTT Facility:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">On July 31, 2019, the Company entered
into a loan agreement with a wholly owned subsidiary of NTT Finance Corporation, the “NTT Facility,” for an amount
of $17,500. The amount was drawn in August and was used to refinance the outstanding loan amount of $11,161 of the <i>Star Aquarius</i>
under the “NIBC $32,000 Facility.” The facility is repayable in 27 quarterly principal payments of $313 and a balloon
payment of $9,063 which is due in August 2026. The NTT Facility is secured by first priority mortgage on the <i>Star Aquarius</i>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>viii) CEXIM $106,470 Facility:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In July 2019, the Company entered into a committed
term sheet with China Export-Import Bank for the financing of up to $106,470 (the “CEXIM $106,470 Facility”). The facility
will be available in three tranches of $35,490 each and will be used to finance the outstanding amounts under the lease agreements
of the <i>Katie K</i>, the <i>Debbie H</i> and the <i>Star Ayesha</i>. The three tranches are expected to be drawn by November
2019 and will each mature 10 years after its drawdown date. The CEXIM $106,470 Facility will be secured by first priority mortgages
on the three aforementioned vessels. The loan documentation was finalized and the agreement was signed on September 23, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><b>Scrubber Financing:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">During the six months ended June 30, 2019, the Company drew down
an amount of (i) $11,659 under the Atradius Facility, (ii) $9,385 under the DNB $310,000 Facility and (iii) $1,400 under the ING
$100,600 Facility to finance the acquisition and installation of scrubber equipment for several of its vessels. As of June 30,
2019, the undrawn portion of scrubber-related financing under all facilities following these drawdowns stands at $112,321.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Company’s credit facilities
contain financial covenants and undertakings requiring the Company to maintain various financial ratios, including:</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt">·</td><td style="text-align: justify">a minimum percentage of aggregate vessel value to secured
loans (the security cover ratio or “SCR”);</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt">·</td><td style="text-align: justify">a maximum ratio of total liabilities to market value adjusted total assets;</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt">·</td><td style="text-align: justify">a minimum EBITDA to interest coverage ratio;</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt">·</td><td style="text-align: justify">a minimum liquidity; and</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt">·</td><td style="text-align: justify">a minimum market value adjusted net worth.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -18pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As of December 31, 2018 and June 30,
2019, the Company was required to maintain minimum liquidity, not legally restricted, of $53,500 and $54,000, respectively, which
is included within “Cash and cash equivalents” in the consolidated balance sheets. In addition, as of December 31,
2018 and June 30, 2019, the Company was required to maintain a minimum liquidity, legally restricted, of $8,956 and $13,292, which
is included within “Restricted cash, current and non-current” in the consolidated balance sheets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As of June 30, 2019, the Company
was in compliance with the applicable financial and other covenants contained in its debt agreements, including the 2022 Notes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0cm">The principal payments
required to be made after June 30, 2019 for all of the then-outstanding bank debt, are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
<td style="width: 73%; padding-right: 5.4pt; padding-left: 5.4pt"><b>Twelve month periods ending</b></td>
<td style="width: 4%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 23%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>Amount</b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2020</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                122,919 </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2021</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                135,789 </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2022</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                130,259 </td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2023</td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                141,977 </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2024</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                365,608 </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2025 and thereafter</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                132,703 </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Total Long term debt</b></td>
<td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>1,029,255</b></td></tr>
<tr>
<td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">Unamortized debt issuance costs</td>
<td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12,676</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Total Long term debt, net</b></td>
<td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>1,016,579</b></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Current portion of long term debt</b></td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>122,919</b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Long term debt, net</b></td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>893,660</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The 2022 Notes mature in November 2022
and are presented in the consolidated balance sheets as of June 30, 2019 net of unamortized debt issuance costs of $1,386.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">For the six-month periods ended June
30, 2018 and 2019, the Company’s existing financing agreements (including lease agreements) bore interest at a weighted-average
rate of approximately 5.40% and 5.65%, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">All of the Company’s financing
agreements (including lease agreements) bear interest at LIBOR plus a margin. The amounts of “Interest and finance costs”
included in the unaudited interim condensed consolidated statements of operations are analyzed as follows:</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="width: 66%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 6%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2018</b></td>
<td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 6%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2019</b></td></tr>
<tr style="background-color: #CCECFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">Interest on long term debt and bareboat leases</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28,691</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">41,034</td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Less: Interest capitalized </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(468)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(629)</td></tr>
<tr style="background-color: #CCECFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 18)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">73</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">        -   </td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">Amortization of debt issuance costs</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,367</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,575</td></tr>
<tr style="background-color: #CCECFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">Other bank and finance charges </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">675</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">846</td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Interest and finance costs</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>30,338</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>43,826</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">During the six-month periods ended June
30, 2018 and 2019, $21 and $80 of unamortized debt issuance costs were written off and included under “Loss on debt extinguishment”
in the consolidated unaudited interim condensed consolidated statements of operations. In addition, in connection with the refinancing
of the credit facilities as described above, we incurred expenses of $115, which are also included under “Loss on debt extinguishment”
in the unaudited interim condensed consolidated statements of operations for the six-month period ended June 30, 2019.</p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">10.       Preferred
and Common Shares and Additional Paid-in Capital:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Details of the Company’s Preferred
and Common Shares are discussed in Note 9 of the Company’s consolidated financial statements for the year ended December
31, 2018, included in the 2018 Annual Report.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In January 2019, the Company issued
999,336 common shares in connection with the acquisition of the Star Janni and the Star Marianne (Note 5).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Pursuant to the Company’s share
repurchase program, during the six month period ended June 30, 2019, the Company repurchased 1,535,322 of its common shares in
open market transactions at an average price of $7.45 for an aggregate consideration of $11,467. The respective repurchased shares
along with the 341,363 shares repurchased in 2018 were cancelled and removed from the Company’s share capital as of June
30, 2019.</p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">11.       Earnings
/ (Loss) per Share:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The computation of basic earnings/(loss)
per share is based on the weighted average number of common shares outstanding for the six-months ended June 30, 2018 and
2019. The calculation of basic earnings per share does not consider the non-vested shares as outstanding until the time-based vesting
restriction has lapsed. Diluted earnings/(loss) per share gives effect to stock awards, stock options and restricted stock units
using the treasury stock method, unless the impact is anti-dilutive. Diluted earnings per share for the six-months ended June 30,
2018 does not include the effect of 104,250 non-vested share options outstanding as of that date, as that effect was anti-dilutive.
Diluted net loss per share for the six months ended June 30, 2019 does not include the effect of the 956,500 non-vested shares
and of the 104,250 non-vested share options outstanding as that date, as their effect was anti-dilutive.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Company calculates basic and diluted
earnings / (loss) per share as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td colspan="4" style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Six months ended June 30,</b></td></tr>
<tr style="background-color: white">
<td style="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 2%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 21%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2018</b></td>
<td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 3%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 20%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2019</b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><b>Income / (Loss) :</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Net income / (loss)</td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,628</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(45,515)</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">  </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><b>Basic earnings / (loss) per share:</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Weighted average common shares outstanding, basic</td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">64,170,654</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">92,457,415</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><b>                               Basic earnings / (loss) per share</b></td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>0.32</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>-0.49</b></td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><b>Effect of dilutive securities:</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Dillutive effect of non vested shares</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">             298,206 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                        -   </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Weighted average common shares outstanding, diluted</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">64,468,860</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">92,457,415</td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><b>                               Diluted earnings / (loss) per share</b></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>0.32</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>(0.49)</b></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">12.       Equity
Incentive Plans:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Details of the Company’s Equity
Incentive Plans and share awards granted up to December 31, 2018 are discussed in Note 12 of the Company’s consolidated financial
statements for the year ended December 31, 2018, included in the 2018 Annual Report.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">On January 7, 2019, the Company’s
Board of Directors and Compensation Committee established an incentive program for key employees, pursuant to which an aggregate
of 4,000,000 restricted share units (each, a “RSU”) will be issued. Each RSU represents, upon vesting, a right for
the relevant beneficiary to receive one common share of the Company. The RSUs are subject to the satisfaction of certain performance
conditions, which apply if the Company’s fleet performs better than relevant dry bulk charter rate indices as reported by
the Baltic Exchange (the “Indices”) during 2020 and 2021. The RSUs start to vest if the Company’s fleet performs
better than the Indices by at least $120,000, and vest in increasing amounts if and to the extent the performance of the Company’s
fleet exceeds the performance that would have been derived based on the Indices by up to an aggregate of $300,000. As of June 30,
2019, the Company takes the view that the likelihood of vesting of these RSUs does not meet a “more likely than not”
standard under US GAAP, and as a result no charge is amortized through the Company’s statement of operations, until vesting
becomes probable. Subject to the vesting conditions being met on April 30, 2021 and April 30, 2022 (each, a “Vesting Date”)
two million RSUs will vest on each Vesting Date, and the relevant common shares of the Company will be issued and distributed to
the relevant beneficiaries as per the allocation of the Board of Directors. Any non-vested RSUs at the applicable Vesting Date
will be cancelled.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">On
May 22, 2019, the Company’s Board of Directors adopted the 2019 Equity Incentive Plan (the “2019 Plan”) and
reserved for issuance 900,000 common shares thereunder. The terms and conditions of the 2019 Plan are substantially similar to
the terms and conditions of the Company’s previous equity incentive plans. On the same date, 885,000 restricted common shares
were granted to certain of the Company’s directors, officers and employees of which 685,462 restricted common shares vest
in August 2019, 99,769 restricted common shares vest in August 2020 and the remaining 99,769 restricted common shares vest in August
2022.  The fair value of each share was $8.13, based on the closing price of our common shares on May 22, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">All non-vested shares and options vest
according to the terms and conditions of the applicable award agreements. The grantee does not have the right to vote the non-vested
shares or exercise any right as a shareholder of the non-vested shares, although the issued and non-vested shares pay dividends
as declared. The dividends with respect to these shares are forfeitable if the service conditions are not fulfilled. Share options
have no voting or other shareholder rights. For the six-months ended June 30, 2018 and 2019, the Company paid no dividends on non-vested
shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Company currently expects that there
will be no forfeitures of non-vested shares or options. The shares which are issued in accordance with the terms of the Company’s
equity incentive plans or awards remain restricted until they vest. For the six-month periods ended June 30, 2018 and 2019, the
total share-based compensation cost was $5,011 and $2,857, respectively, included under “General and administrative expenses”
in the unaudited interim condensed consolidated statements of operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">A summary of the status of the Company’s
non-vested share options and restricted shares as of June 30, 2019 and the movement during the six-month period ended June 30,
2019 is presented below.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><b>Options</b></td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Number of options</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Weighted average exercise price</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Weighted Average Grant Date Fair Value</b></td></tr>
<tr style="background-color: white">
<td style="white-space: nowrap; width: 27%; padding-right: 5.4pt; padding-left: 5.4pt">Outstanding at beginning of period</td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">      104,250 </td>
<td style="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                       27.5 </td>
<td style="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                         7.0605 </td></tr>
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Granted</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                 -   </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                           -   </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                                  -   </td></tr>
<tr style="background-color: white">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Vested</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                 -   </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                           -   </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                                  -   </td></tr>
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><b>Outstanding at end of period</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>      104,250 </b></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>                       27.5 </b></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>                         7.0605 </b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: #CCEEFF">
<td style="width: 63%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 10pt"><b>Unvested Shares</b></td>
<td style="width: 12%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>Number of shares</b></td>
<td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 3%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 19%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>Weighted Average Grant Date Fair Value</b></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Unvested as at January 1, 2019</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">143,000</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12.49</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">Granted</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">      885,000 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                           8.13 </td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">Vested</td>
<td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(71,500)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                         12.49 </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Unvested as at June 30, 2019</b></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>956,500</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>8.46</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The estimated compensation cost relating
to non-vested restricted share awards and share options not yet recognized was $5,195 and $116, respectively, as of June 30, 2019
and is expected to be recognized over the weighted average period of 0.89 years and 0.79 years, respectively.</p>
<p style="margin: 0pt"></p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">16.       Subsequent
Events:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0cm">a) On May 27, 2019,
the Company entered into an en bloc definitive agreement with entities controlled by Delphin Shipping, LLC (“Delphin”),
an entity affiliated with Kelso & Company, pursuant to which it agreed to acquire 11 operating dry bulk vessels (the “Delphin
Vessels”) for an aggregate purchase price of $139.5 million (“Delphin Purchase Price”), which was paid in (a)
$80.0 million of cash and (b) 4.503 million common shares of Star Bulk (the “Delphin Consideration Shares”) (collectively,
the “Delphin Vessel Acquisition”). The Company has secured exhaust gas cleaning systems (the “Delphin Scrubbers”)
for all of the Delphin Vessels. The cash portion of the Purchase Price will be financed through proceeds of a new seven-year finance
lease of up to $91.4 million with China Merchants Bank Leasing, and an additional tranche of $15.0 million for financing of the
Delphin Scrubbers. Delphin has agreed not to sell, contract to sell, or otherwise dispose more than 2,251,685 of the Consideration
Shares prior to November 23, 2019. All 11 Delphin Vessels had been delivered to the Company as of September 30, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0cm">b) In July 2019, the
Company entered into an agreement to sell the <i>Star Challenger</i> and simultaneously entered into a bareboat charter party contract
with Kyowa Sansho Co. Ltd. (see Note 7).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0cm">c) Subsequent to June
30, 2019, the Company entered into the NTT Facility and the CEXIM $106,470 Facility (see Note 9).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0cm">d) Subsequent to June 30, 2019, the Company drew down an amount of (i) $2.8 million under the ING $100.6 million
Facility, (ii) $24.75 million under the DNB $310.0 million Facility, (iii) $3.3 million under the Atradius Facility and (iv) $1.26
million under the SEB Facility (see Note 9). In addition the Company recognized additional lease liabilities of $7.56 million under
the lease agreements with CMBL. All the above mentioned amounts were used to finance our scrubber installation program. Following
these drawdowns as of the date of this report, the undrawn portion of scrubber-related financing under all of our debt and lease
agreements is $ 87.62 million.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0cm">e) As part of the Company’s share repurchase program discussed in Note 10 of
the Company’s consolidated financial statements for the year ended December 31, 2018, included in the 2018 Annual Report,
subsequent to June 30, 2019 the Company repurchased 1,020,000 shares from a non-related party shareholder in a private transaction
at a price of $8.40 per share, for an aggregate consideration of $8.6 million and 43,873 shares in open market transactions at
an average price of $8.98 for an aggregate consideration of $394. The repurchased shares were cancelled and removed from the Company’s
share capital as of the date of this report.</p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">1.       Basis
of Presentation and General Information:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Star Bulk Carriers Corp. (“Star
Bulk”) is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk
was incorporated in the Marshall Islands on December 13, 2006 and maintains offices in Athens, Oslo, New York, Limassol and
Geneva. Star Bulk shares trade on the NASDAQ Global Select Market under the ticker symbol “SBLK” (primary listing).
Following, and in connection with, the Songa Vessel Purchase Transaction, as defined in the Company’s Annual Report on Form
20-F for the year ended December 31, 2018 (the “2018 Annual Report”) Star Bulk’s common shares also trade on
the Oslo Stock Exchange (secondary listing) under the same ticker.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The unaudited interim condensed consolidated
financial statements include the accounts of Star Bulk and its wholly owned subsidiaries, as set forth below (collectively, the
“Company”) and have been prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”)
for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for annual
financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">These unaudited interim condensed consolidated
financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of
management, reflect all normal recurring adjustments considered necessary for a fair presentation of the Company’s financial
position, results of operations and cash flows for the periods presented. Operating results for the six-month period ended June
30, 2019 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The unaudited interim condensed consolidated
financial statements presented in this report should be read in conjunction with the 2018 Annual Report. The balance sheet as of
December 31, 2018 has been derived from the audited consolidated financial statements as of that date, but, pursuant to the requirements
for interim financial information, does not include all of the information and footnotes required by U.S. GAAP for complete financial
statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Unless otherwise defined herein, capitalized
words and expressions used herein shall have the same meanings ascribed to them in the 2018 Annual Report.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As of June 30, 2019, the Company owned
a modern fleet of 108 dry bulk vessels consisting primarily of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax
and Supramax vessels with a carrying capacity between 52,000 deadweight tonnage (“dwt”) and 209,000 dwt, and a combined
carrying capacity of 12,244,681 dwt. Additionally, through its subsidiary Star Logistics, during the six-month period ended June
30, 2019, the Company chartered-in a number of third-party vessels on a short to medium term basis (not exceeding one year) to
increase its operating capacity in satisfying its clients’ needs.</p>
<p style="margin: 0pt"></p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">13.       Commitments
and Contingencies:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">a)        Commitments:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The following table sets forth inflows
and outflows related to the Company’s charter party arrangements and other commitments, as at June 30, 2019.</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td colspan="19" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Twelve month periods ending June 30,</b></td></tr>
<tr style="background-color: #CCECFF">
<td style="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><i>+ inflows/ - outflows</i></td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>Total</b></td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2020</b></td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2021</b></td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2022</b></td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2023</b></td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2024</b></td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2025 and thereafter</b></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Future, minimum, non-cancellable charter revenue (1) </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">34,928</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">32,363</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">        2,565 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               -   </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               -   </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               -   </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                      -   </td></tr>
<tr>
<td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Future, minimum, charter-in hire payments (2)</td>
<td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(12,811)</td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(12,811)</td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               -   </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               -   </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               -   </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               -   </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                      -   </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Vessel upgrades (3)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(106,246)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(106,246)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               -   </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               -   </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               -   </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               -   </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                      -   </td></tr>
<tr style="background-color: #CCECFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Bareboat commitments charter hire (4) </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(44,387)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(3,740)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(3,697)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(3,653)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(3,608)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(3,561)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(26,128)</td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Office rent (5)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(1,436)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(345)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(321)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(297)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(288)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(137)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(48)</td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> </p>
<!--><div style="margin: 1pt 396pt 1pt 0cm; width: 100%"><div style="font-size: 1pt; border-top: Black 0.75pt solid"> </div></div><!-->
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt">(1)</td><td style="text-align: justify">The amounts represent the minimum contractual charter revenues to be generated from the existing,
as of June 30, 2019, non-cancellable time charter agreements, 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.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt">(2)</td><td style="text-align: justify">The amounts represent the Company’s commitments under the existing, as of June 30, 2019,
time charter-in arrangements for third party vessels.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt">(3)</td><td style="text-align: justify">The amounts represent the Company’s commitments for the vessel upgrades that the Company
entered into in 2018 and the six-month period ended June 30, 2019. The commitments include an amount of $18,944 for vessel upgrades
with respect to the Delphin Vessels (Note 16). For the respective payments the Company has secured total financing of $127,321,
of which $112,321 was committed under loan and bareboat lease agreements signed as of June 30, 2019 and $15,000 was committed under
finance lease agreements signed subsequently.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt">(4)</td><td style="text-align: justify">The amounts represent the Company’s commitment under the bareboat lease arrangement representing
the charter hire for the one of the three vessels acquired as part of the OCC Vessel Purchase Transaction discussed in Note 6 above,
which, as of June 30, 2019, was under construction. The bareboat charter hire is comprised of fixed and variable portion, the variable
portion is calculated based on the 3-month LIBOR of 2.3199 % as of June 30, 2019.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt">(5)</td><td style="text-align: justify">The office rent includes an amount of 188,000 NOK (or approximately $22, using the exchange rate
as of June 30, 2019, which was $0.1174 per NOK) up to the twelve month period ended June 30, 2025, concerning a rental agreement
with indefinite term.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><b>b)        Legal
proceedings</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><b></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Various claims, suits, and complaints,
including those involving government regulations and product liability, arise in the ordinary course of the shipping business.
In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the
operations of the Company’s vessels. The Company accrues for the cost of environmental liabilities when management becomes
aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware
of, and has not accrued for, any such claims or contingent liabilities requiring disclosure in the unaudited interim condensed
consolidated financial statements.</p>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">14.       Fair
value measurements and Hedging:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Fair value measurements</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Company recognizes all derivative
instruments as either assets or liabilities at fair value on its consolidated balance sheets in accordance with ASC Topic 815,
“<i>Derivatives and Hedging</i>”.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><u>I.        Fair
value on a recurring basis:</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><b>Interest rate swaps</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">During the year ended December 31, 2018,
all of the Company’s previous interest rates swaps matured or were repaid prior to their maturity through the refinancing
of the corresponding debt. Therefore as of December 31, 2018 and June 30, 2019 the Company has not had any open positions on interest
rate swaps.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Forward Freight Agreements (“FFAs”) and
Bunker Swaps</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">During the year ended December 31,
2018 and the six-month period ended June 30, 2019, the Company entered into a certain number of FFAs on the Capesize, Panamax and
Supramax indexes. The results of the Company’s FFAs for the six-month periods ended June 30, 2018 and 2019 and the valuation
of the Company’s open positions as at December 31, 2018 and June 30, 2019 are presented in the tables below.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">During the year ended December 31,
2018 and the six-month period ended June 30, 2019, the Company also entered into a certain number of bunker swaps. The results
of the Company’s bunker swaps for the six-month periods ended June 30, 2018 and 2019 and the valuation of the Company’s
open positions as at December 31, 2018 and June 30, 2019 are presented in the tables below.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The amounts of Gain / (Loss) on derivative
financial instruments, forward freight agreements and bunker swaps recognized in the unaudited interim condensed consolidated statements
of operations, are analyzed as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td colspan="4" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Six months ended June 30,</b></td></tr>
<tr>
<td style="white-space: nowrap; vertical-align: bottom; width: 47%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; vertical-align: bottom; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>2018</b></td>
<td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>2019</b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><b>Consolidated Statement of Operations</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b><i>Gain/(loss) on derivative financial instruments, net</i></b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt">Unrealized gain/(loss) from the Goldman Sachs Swaps after de-designation of accounting hedging relationship (April 1, 2015) </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">140</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $ </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                        -   </td></tr>
<tr>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt">Realized gain/(loss) from the Goldman Sachs Swaps after de-designation of accounting hedging relationship (April 1, 2015) </td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(141)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                        -   </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Total Gain/(loss) on derivative financial instruments, net</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 10pt"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>(1)</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b> $ </b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>                        -   </b></td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 10pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 10pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b><i>Interest and finance costs</i></b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 10pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 10pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 30pt">Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 30pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(73)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 30pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                        -   </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Total Gain/(loss) recognized</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 10pt"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>(73)</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 10pt"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>                        -   </b></td></tr>
<tr style="background-color: white">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Gain/(loss) on forward freight agreements and bunker swaps</b></td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Realized gain/(loss) on forward freight agreements</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,580</td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8,337</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Realized gain/(loss) on bunker swaps</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                   71 </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">33</td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Unrealized gain/(loss) on forward freight agreements</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(1,097)</td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(2,290)</td></tr>
<tr>
<td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Unrealized gain/(loss) on bunker swaps</td>
<td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,446</td>
<td style="white-space: nowrap; vertical-align: bottom; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,303</td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Total Gain/(loss) recognized</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,000</td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,383</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">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. The statement requires that assets and liabilities carried
at fair value be classified and disclosed in one of the following three categories:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 90pt; text-align: justify; text-indent: -54pt">Level 1:	Quoted
market prices in active markets for identical assets or liabilities</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 90pt; text-align: justify; text-indent: -54pt">Level 2:	Observable
market-based inputs or unobservable inputs that are corroborated by market data</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 90pt; text-align: justify; text-indent: -54pt">Level 3:	Unobservable
inputs that are not corroborated by market data</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The following table summarizes the valuation
of the Company’s financial instruments as of December 31, 2018 and June 30, 2019 based on Level 2 observable inputs of the
fair value hierarchy such as interest rate curves.</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: #CCECFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td colspan="4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Significant Other Observable Inputs (Level 2)</b></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>December 31, 2018</b></td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>June 30, 2019</b></td></tr>
<tr style="background-color: #CCECFF">
<td style="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>(not designated as cash flow hedges)</b></td>
<td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>(designated as cash flow hedges)</b></td>
<td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>(not designated as cash flow hedges)</b></td>
<td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>(designated as cash flow hedges)</b></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>ASSETS</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr>
<tr>
<td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt">Forward freight agreements - asset position </td>
<td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                 537 </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">             -   </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                  -   </td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Total</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b> $                 537 </b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>                  -   </b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b> $                  -   </b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>                  -   </b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>LIABILITIES</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Forward freight agreements - liability position</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                     -   </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                  -   </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                 1,902 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                  -   </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Bunker swaps - liability position </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                 1,799 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                  -   </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                     496 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                  -   </td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Total</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b> $              1,799 </b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>                  -   </b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>                 2,398 </b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>                 -   </b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify">The carrying values of temporary cash investments, restricted cash, accounts receivable, other current assets,
accrued liabilities, due from/to related parties, due from/to managers and accounts payable approximate their fair value due to
the short-term nature of these financial instruments. Temporary
cash investments and restricted cash are considered Level 1 items as they represent liquid assets with short-term maturities. The
fair value of long-term bank loans and bareboat leases (Level 2), bearing interest at variable interest rates, approximates their
recorded values as of June 30, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The 2022 Notes have a fixed rate, and
their estimated fair value, determined through Level 1 inputs of the fair value hierarchy (quoted price on NASDAQ under the ticker
symbol SBLKZ), is approximately $51,100 as of June 30, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><u>II.        <b>Fair
value on a non-recurring basis:</b></u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As further disclosed in Note 5, during
the six months period ended June 30, 2019 the Company recognized an impairment loss
of $3,411 related to the sale of the vessels <i>Star Anna</i> and <i>Star Gamma</i>
which were delivered to their new owners during the third quarter of 2019. The carrying value of the sold vessels was written down
to their fair value as determined by reference to their agreed sale prices (Level 2) as per their sale agreements dated June
21, 2019 and July 8, 2019, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table summarizes the valuation of these assets measured
at fair value on a non-recurring basis as of June 30, 2019:</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: #CCEEFF">
<td rowspan="2" style="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt"><b>Long-lived assets held and used</b></td>
<td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Quoted Prices in Active Markets for Identical Assets</b></td>
<td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Significant Other Observable Inputs</b></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Significant Unobservable Inputs</b></td>
<td rowspan="2" style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Impairment loss</b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>(Level 1)</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>(Level 2)</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>(Level 3) </b></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><i>Vessels, net </i></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                       - </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">           24,475 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                       - </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">            3,411 </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>TOTAL</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>                       -</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>          24,475 </b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>                       - </b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>           3,411 </b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> The Company’s impairment
analysis as of June 30, 2019, indicated that the carrying amount of the Company’s vessels, was recoverable, and therefore,
the Company concluded that no impairment charge, was necessary.</p>
<p style="margin: 0pt"></p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">15.       Voyage
revenues:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">The following table shows the voyage revenues earned from
time charters, voyage charters and pool agreements for the six month periods ended June 30, 2018 and 2019, as presented in the
consolidated statement of operation:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; width: 39%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; width: 22%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; width: 18%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; width: 3%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; width: 18%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td colspan="4" style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Six months period ended</b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2018</b></td>
<td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2019</b></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Time charters</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">152,079</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">176,709</td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Voyage charters</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">99,029</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">145,443</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Pool revenues</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                   2,553 </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                   2,130 </td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>               253,661 </b></td>
<td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>               324,282 </b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of
June 30, 2019, trade accounts receivable, net increased by $3,392, and deferred revenue increased by $4,916 compared to December
31, 2018. These changes were mainly attributable to the timing of collections.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Further,
as of June 30, 2019, deferred assets related to revenue contracts (included within “Other current assets”) increased
by $492 compared to December 31, 2018, from $2,054 to $2,546. This change was mainly attributable to the increase in the number
of the voyage contracts in progress as of June 30, 2019 and the timing of commencement of revenue recognition.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under ASC 606, unearned voyage charter revenue represents the consideration received for undelivered performance
obligations. The Company recorded $10,855 as unearned revenue related to voyages in progress as of December 31, 2018, which were
recognized in earnings in the six month period ended June 30, 2019 as the performance obligations were satisfied in that period. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify"><b><i>Company acting as Lessor:</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">As also described in Note 2t) to
the Company’s consolidated financial statements included in the 2018 Annual Report, the Company generates its revenues from
charterers for the charter hire of its vessels under time charter agreements, in which a contract is entered into for the use of
a vessel for a specific period of time and a specified daily charter hire rate, or voyage charter agreements, where a contract
is made in the spot market for the use of a vessel for a specific voyage at a specified freight rate per ton. The Company considered
the provisions of ASC 842 and determined that its voyage charter agreements do not contain a lease because the charterer under
such contracts does not have the right to control the use of the vessel since the Company, as the ship-owner, retains control over
the operations of the vessel, provided also that the terms are pre-determined and any change requires the Company’s consent..
On the other hand, the Company determined that its time charter agreements are leases that are governed by ASC 842 because, pursuant
to the time charter agreements, (a) the vessel is an identifiable asset, (b) the Company does not have substitution rights and
(c) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits
from such use. In addition, provided that none of the criteria for classification as sales-type leases or direct financing leases
are met, the Company’s time charter agreements are classified as operating leases.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Upon adoption of ASC 842, the timing and recognition of earnings from time charter contracts to which the
Company is party did not change from previous practice, with the exception of ballast bonuses which were recognized during the
ballast leg while they are now deferred and recognized over time during the charter period as well as the deferral of certain direct costs incurred during the ballast leg that meet the
required criteria for capitalization and amortize during the charter period. Included in the charter hire rate is
also compensation for running the vessel, such as crewing expenses, repairs and maintenance and insurance. The Company, making
use of the practical expedient for lessors, has elected not to separate the lease and non-lease components included in the time
charter revenue but rather to recognize lease revenue as a combined single lease component for all time charter contracts (operating
leases) as the related lease component and non-lease component have the same timing and pattern of transfer (both the lease and
non-lease components are earned by passage of time) and the predominant component is the lease. The performance obligations in
a time charter contract are satisfied over the term of the contract on a straight-line basis, beginning when the vessel is delivered
to the charterer and ending when it is redelivered back to the Company. As a result, the adoption of this standard with respect
to charter agreements for which the Company acts as lessor did not have an effect on the Company’s consolidated opening retained
earnings, balance sheets and consolidated statements of operations, except for the additional disclosure requirements of ASC 842.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><b><i>Company acting
as Lessee:</i></b></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt">a)</td><td style="text-align: justify">All charter-in operating leases that the Company had entered into and were effective as of December
31, 2018 and during the six month period ended June 30, 2019 are short-term leases (<i>i.e</i>., less than 12 months). The Company
elected to use the practical expedient of ASC 842 that allows for time charter-in contracts with an initial term of less than 12
months to be excluded from the operating lease right-of use assets and the corresponding lease liabilities recognition on the consolidated
balance sheet. The Company continues to recognize the lease payments for all charter-in operating leases as charter-in hire expenses
on the consolidated statements of operations on a straight-line basis over the lease term. Revenues generated from those charter-in
vessels during the six month periods ended June 30, 2018 and 2019 amounted to $56,093 and $78,449 and are included in Voyage revenues
in the consolidated statement of operations, out of which $7,402 and $11,399 constitute sublease income deriving from time charter
agreements.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt">b)</td><td style="text-align: justify">The adoption of ASC 842 did not change the accounting for the leases already recognized on the
balance sheet as capital leases under the previous leasing guidance given the transition provisions of ASC 842 and the practical
expedients elected by the Company as discussed above. As such, those leases existing as of January 1, 2019, including all bareboat
charter agreements that the Company had entered into that were in place as of that date, are classified as finance leases under
the new leasing guidance of ASC 842, with the Company having reclassified the existing capital lease assets as of December 31,
2018 of $1,047,780 as right-of-use assets being reflected within Fixed Assets and the existing lease obligations as of December
31, 2018 of $609,737 as lease liabilities being reflected within Lease commitments.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt">c)</td><td style="text-align: justify">Each sale and lease back transaction that the Company had entered into as of December 31, 2018
or entered into during the six month period ended June 30, 2019, involved a purchase obligation and was therefore treated as failed
sale or merely a financing arrangement both before and after adoption of ASC 842, and therefore was not within the scope of sale
and leaseback accounting.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt">d)</td><td style="text-align: justify">The Company has determined its office rental arrangements are operating leases. The assets and
liabilities recognized in respect of these agreements that correspond to the underlying rights and obligations were $1,198 as of
January 1, 2019 and $1,140 as of June 30, 2019 and are presented within “Leased buildings, right-of-use assets” and
“Leased buildings, operating lease liabilities” in the consolidated balance sheet. The lease expenses attributable
to these leases are recognized on a straight line basis over the lease term and are recorded as part of General and Administrative
expenses. These lease expenses were $192 and $121 for the six months ended June 30, 2018 and 2019, respectively. The weighted average
remaining lease term of the Company’s office rent arrangements is 4.4 years. Future minimum rental payments as of June 30,
2019 for these contracts are presented in Note 13 below.</td></tr></table>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><b>Balance Sheets</b></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
<td style="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="width: 3%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 19%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>December 31, 2018</b></td>
<td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 3%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 11%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>June 30, 2019</b></td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Due from related parties</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Oceanbulk Maritime S.A. and its affiliates</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">85</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">          264 </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Interchart Shipping Inc.</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                          -   </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               1 </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Starocean Manning Philippines Inc.</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">65</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">            52 </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Sellers of the Augustea Vessels</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                       867 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">             -   </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Songa Shipmanagement Ltd.</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                       305 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">             -   </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Due from related parties</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>1,322</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>317</b></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Due to related parties</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Management and Directors Fees</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">236</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">131</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Sydelle Marine Limited</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                       302 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">             -   </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Augustea Technoservices Ltd.</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                    1,111 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">366</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Due to related parties</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>1,649</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>497</b></td></tr>
</table>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Statements of Operations</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td colspan="3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Six months ended June 30,</b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 3%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 21%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2018</b></td>
<td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 18%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2019</b></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Voyage expenses-Interchart </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(1,650)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(1,950)</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Consultancy fees </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(262)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(328)</td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Directors compensation </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(72)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(87)</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Office rent - Combine Marine Ltd. &  Alma Properties </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(19)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(9)</td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Voyage revenues - profit sharing agreement-Sydelle Marine Limited </td>
<td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                  (4)</td>
<td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                -   </td></tr>
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Management fees- Augustea Technoservices Ltd. </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                  -   </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">       (3,254)</td></tr>
<tr>
<td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt">Management fees- Songa Shipmanagement Ltd. </td>
<td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                  -   </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">             (32)</td></tr>
<tr style="background-color: #CCEEFF">
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">General and administrative expenses - Oceanbulk Maritime S.A. and its affiliates</td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                  -   </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">             (78)</td></tr>
</table>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
<td style="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">  </td>
<td style="width: 5%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b> </b></td>
<td style="width: 29%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>December 31, 2018</b></td>
<td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 5%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b> </b></td>
<td style="width: 23%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>June 30, 2019</b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Lubricants</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12,071</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12,613</td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Bunkers</td>
<td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15,365</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">34,078</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Total</b></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>27,436</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>46,691</b></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
<td style="white-space: nowrap; width: 54%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>Vessel cost</b></td>
<td style="white-space: nowrap; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>Accumulated depreciation</b></td>
<td style="white-space: nowrap; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>Net Book Value</b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><b>Balance, December 31, 2018</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>3,149,274</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>(493,166)</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2,656,108</b></td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">- Transfer from advances for vessels under construction and acquisition of vessels</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">104,528</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">104,528</td></tr>
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">- Acquisitions, improvements and other vessel costs</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">108,411</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">108,411</td></tr>
<tr style="background-color: white">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">- Vessel disposal</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(58,904)</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">44,206</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(14,698)</td></tr>
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">- Impairment loss</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(24,551)</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21,140</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(3,411)</td></tr>
<tr>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">- Depreciation for the period</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(59,781)</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(59,781)</td></tr>
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><b>Balance, June 30, 2019</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>3,278,758</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>(487,601)</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2,791,157</b></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; width: 81%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><b>Balance, December 31, 2018</b></td>
<td style="width: 4%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>$</b></td>
<td style="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>59,900</b></td></tr>
<tr>
<td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt">- Additions</td>
<td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">65,202</td></tr>
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">- Capitalized interest</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">629</td></tr>
<tr>
<td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt">- Transfers to Vessel cost</td>
<td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(104,528)</td></tr>
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><b>Balance, June 30, 2019</b></td>
<td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>21,203</b></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
<td style="width: 79%; padding-right: 5.4pt; padding-left: 5.4pt"><b>Twelve month periods ending</b></td>
<td style="width: 5%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>Amount</b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2020</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">60,245</td></tr>
<tr>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2021</td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">58,150</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2022</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">56,770</td></tr>
<tr>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2023</td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">74,736</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2024</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">119,562</td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2025 and thereafter</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">89,059</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Total bareboat lease minimum payments</b></td>
<td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>458,522</b></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">Unamortized debt issuance costs</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">        3,404 </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Total bareboat lease minimum payments, net</b></td>
<td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>455,118</b></td></tr>
<tr>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">Excluding bareboat lease interest </td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">53,945</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">Lease commitments – short term</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">44,333</td></tr>
<tr>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">Lease commitments – long term</td>
<td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">356,840</td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
<td style="width: 73%; padding-right: 5.4pt; padding-left: 5.4pt"><b>Twelve month periods ending</b></td>
<td style="width: 4%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 23%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>Amount</b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2020</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                    1,714 </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2021</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                        924 </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2022</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                        831 </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Total</b></td>
<td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>3,469</b></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
<td style="width: 73%; padding-right: 5.4pt; padding-left: 5.4pt"><b>Twelve month periods ending</b></td>
<td style="width: 4%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 23%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>Amount</b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2020</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                122,919 </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2021</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                135,789 </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2022</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                130,259 </td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2023</td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                141,977 </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2024</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                365,608 </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">June 30, 2025 and thereafter</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                132,703 </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Total Long term debt</b></td>
<td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>1,029,255</b></td></tr>
<tr>
<td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">Unamortized debt issuance costs</td>
<td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12,676</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Total Long term debt, net</b></td>
<td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>1,016,579</b></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Current portion of long term debt</b></td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>122,919</b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Long term debt, net</b></td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>893,660</b></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="width: 66%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 6%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2018</b></td>
<td style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 6%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2019</b></td></tr>
<tr style="background-color: #CCECFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">Interest on long term debt and bareboat leases</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28,691</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">41,034</td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Less: Interest capitalized </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(468)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(629)</td></tr>
<tr style="background-color: #CCECFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 18)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">73</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">        -   </td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">Amortization of debt issuance costs</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,367</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,575</td></tr>
<tr style="background-color: #CCECFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">Other bank and finance charges </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">675</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">846</td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Interest and finance costs</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>30,338</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>43,826</b></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td colspan="4" style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Six months ended June 30,</b></td></tr>
<tr style="background-color: white">
<td style="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 2%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 21%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2018</b></td>
<td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 3%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 20%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2019</b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><b>Income / (Loss) :</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Net income / (loss)</td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,628</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(45,515)</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">  </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><b>Basic earnings / (loss) per share:</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Weighted average common shares outstanding, basic</td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">64,170,654</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">92,457,415</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><b>                               Basic earnings / (loss) per share</b></td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>0.32</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>(0.49)</b></td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><b>Effect of dilutive securities:</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Dillutive effect of non vested shares</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">             298,206 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                        -   </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Weighted average common shares outstanding, diluted</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">64,468,860</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">92,457,415</td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><b>                               Diluted earnings / (loss) per share</b></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>0.32</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>(0.49)</b></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><b>Options</b></td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Number of options</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Weighted average exercise price</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Weighted Average Grant Date Fair Value</b></td></tr>
<tr style="background-color: white">
<td style="white-space: nowrap; width: 27%; padding-right: 5.4pt; padding-left: 5.4pt">Outstanding at beginning of period</td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">      104,250 </td>
<td style="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                       27.5 </td>
<td style="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                         7.0605 </td></tr>
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Granted</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                 -   </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                           -   </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                                  -   </td></tr>
<tr style="background-color: white">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Vested</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                 -   </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                           -   </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                                  -   </td></tr>
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><b>Outstanding at end of period</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>      104,250 </b></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>                       27.5 </b></td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>                         7.0605 </b></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: #CCEEFF">
<td style="width: 63%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Unvested Shares</b> </td>
<td style="width: 12%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>Number of shares</b></td>
<td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 3%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 19%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>Weighted Average Grant Date Fair Value</b></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Unvested as at January 1, 2019</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">143,000</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12.49</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">Granted</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">      885,000 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                           8.13 </td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt">Vested</td>
<td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(71,500)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                         12.49 </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Unvested as at June 30, 2019</b></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>956,500</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>8.46</b></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td colspan="19" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Twelve month periods ending June 30,</b></td></tr>
<tr style="background-color: #CCECFF">
<td style="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><i>+ inflows/ - outflows</i></td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>Total</b></td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2020</b></td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2021</b></td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2022</b></td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2023</b></td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2024</b></td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2025 and thereafter</b></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Future, minimum, non-cancellable charter revenue (1) </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">34,928</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">32,363</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">        2,565 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               -   </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               -   </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               -   </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                      -   </td></tr>
<tr>
<td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Future, minimum, charter-in hire payments (2)</td>
<td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(12,811)</td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(12,811)</td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               -   </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               -   </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               -   </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               -   </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                      -   </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Vessel upgrades (3)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(106,246)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(106,246)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               -   </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               -   </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               -   </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">               -   </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                      -   </td></tr>
<tr style="background-color: #CCECFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Bareboat commitments charter hire (4) </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(44,387)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(3,740)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(3,697)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(3,653)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(3,608)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(3,561)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(26,128)</td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Office rent (5)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(1,436)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(345)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(321)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(297)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(288)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(137)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(48)</td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"></td></tr>
</table>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: #CCEEFF">
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td colspan="4" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Six months ended June 30,</b></td></tr>
<tr>
<td style="white-space: nowrap; vertical-align: bottom; width: 47%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; vertical-align: bottom; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>2018</b></td>
<td style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>2019</b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"><b>Consolidated Statement of Operations</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b><i>Gain/(loss) on derivative financial instruments, net</i></b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt">Unrealized gain/(loss) from the Goldman Sachs Swaps after de-designation of accounting hedging relationship (April 1, 2015) </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">140</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $ </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                        -   </td></tr>
<tr>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 20pt">Realized gain/(loss) from the Goldman Sachs Swaps after de-designation of accounting hedging relationship (April 1, 2015) </td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 20pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(141)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                        -   </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Total Gain/(loss) on derivative financial instruments, net</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 10pt"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>(1</b>)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b> $ </b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>                        -   </b></td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 10pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 10pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b><i>Interest and finance costs</i></b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 10pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 10pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 30pt">Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 30pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(73)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 30pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                        -   </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>Total Gain/(loss) recognized</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 10pt"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>(73</b>)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 10pt"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>                        -   </b></td></tr>
<tr style="background-color: white">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Gain/(loss) on forward freight agreements and bunker swaps</b></td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr style="background-color: white">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Realized gain/(loss) on forward freight agreements</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,580</td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8,337</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Realized gain/(loss) on bunker swaps</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                   71 </td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">33</td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Unrealized gain/(loss) on forward freight agreements</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(1,097)</td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(2,290)</td></tr>
<tr>
<td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Unrealized gain/(loss) on bunker swaps</td>
<td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,446</td>
<td style="white-space: nowrap; vertical-align: bottom; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,303</td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Total Gain/(loss) recognized</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,000</td>
<td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,383</td></tr>
</table>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: #CCECFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td colspan="4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Significant Other Observable Inputs (Level 2)</b></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>December 31, 2018</b></td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>June 30, 2019</b></td></tr>
<tr style="background-color: #CCECFF">
<td style="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>(not designated as cash flow hedges)</b></td>
<td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>(designated as cash flow hedges)</b></td>
<td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>(not designated as cash flow hedges)</b></td>
<td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>(designated as cash flow hedges)</b></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>ASSETS</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr>
<tr>
<td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt">Forward freight agreements - asset position </td>
<td style="background-color: #CCECFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                 537 </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">             -   </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="background-color: #CCEEFF; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                  -   </td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Total</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b> $                 537 </b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>                  -   </b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b> $                  -   </b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>                  -   </b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>LIABILITIES</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Forward freight agreements - liability position</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                     -   </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                  -   </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                 1,902 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                  -   </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Bunker swaps - liability position </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                 1,799 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                  -   </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                     496 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                  -   </td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Total</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b> $              1,799 </b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>                  -   </b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>                 2,398 </b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>                 -   </b></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: #CCEEFF">
<td rowspan="2" style="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt"><b>Long-lived assets held and used</b></td>
<td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Quoted Prices in Active Markets for Identical Assets</b></td>
<td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Significant Other Observable Inputs</b></td>
<td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Significant Unobservable Inputs</b></td>
<td rowspan="2" style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Impairment loss</b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>(Level 1)</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>(Level 2)</b></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>(Level 3) </b></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><i>Vessels, net </i></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                       - </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">           24,475 </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                       - </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">            3,411 </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 10pt"><b>TOTAL</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><b>$</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>                       -</b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>          24,475 </b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>                       - </b></td>
<td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>           3,411 </b></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; width: 39%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; width: 22%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; width: 18%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; width: 3%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; width: 18%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td colspan="4" style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Six months period ended</b></td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>2018</b></td>
<td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2019</b></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Time charters</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">152,079</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">176,709</td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Voyage charters</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">99,029</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">145,443</td></tr>
<tr style="background-color: #CCEEFF">
<td style="padding-right: 5.4pt; padding-left: 5.4pt">Pool revenues</td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                   2,553 </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td>
<td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                   2,130 </td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>               253,661 </b></td>
<td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td>
<td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>               324,282 </b></td></tr>
</table>
April 2019
July 2019
2000000
2000000
0
-1000
-44349000
-29966000
171000
41000
28702000
3269000
41034000
28691000
11467000
14593000
19000
-3145000
11467000
-1876685
1535322
1020000
43873
341363
127321000
91400000
15000000
112321000
15000000
87620000
21140000
5742000
780000
1399000
52800000
Delphin has agreed not to sell, contract to sell, or otherwise dispose more than 2,251,685 of the Consideration Shares prior to November 23, 2019.