0001386716 2018-12-31 0001386716 2019-12-31 0001386716 2019-01-01 2019-12-31 0001386716 2018-01-01 2018-12-31 0001386716 2017-01-01 2017-12-31 0001386716 us-gaap:RetainedEarningsMember 2017-01-01 2017-12-31 0001386716 us-gaap:RetainedEarningsMember 2018-01-01 2018-12-31 0001386716 us-gaap:RetainedEarningsMember 2019-01-01 2019-12-31 0001386716 sblk:AlmaPropertiesMember 2019-01-01 2019-12-31 0001386716 sblk:CombineMarineLtdAndAlmaPropertiesMember 2018-01-01 2018-12-31 0001386716 sblk:CombineMarineLtdAndAlmaPropertiesMember 2019-01-01 2019-12-31 0001386716 sblk:CombineMarineLtdAndAlmaPropertiesMember 2017-01-01 2017-12-31 0001386716 sblk:CombineMarineLtdMember 2019-01-01 2019-12-31 0001386716 sblk:CombineMarineLtdMember 2018-01-01 2018-12-31 0001386716 sblk:CombineMarineLtdMember 2017-01-01 2017-12-31 0001386716 sblk:AlmaPropertiesMember 2018-01-01 2018-12-31 0001386716 sblk:InterchartShippingMember 2019-01-01 2019-12-31 0001386716 sblk:InterchartShippingMember 2018-01-01 2018-12-31 0001386716 sblk:InterchartShippingMember 2017-01-01 2017-12-31 0001386716 sblk:SydelleMember us-gaap:DeferredProfitSharingMember 2019-01-01 2019-12-31 0001386716 sblk:SydelleMember us-gaap:DeferredProfitSharingMember 2018-01-01 2018-12-31 0001386716 sblk:TimeCharterMember 2019-01-01 2019-12-31 0001386716 sblk:VoyageContractsMember 2019-01-01 2019-12-31 0001386716 sblk:PoolingArrangementsMember 2019-01-01 2019-12-31 0001386716 sblk:SydelleMember us-gaap:DeferredProfitSharingMember 2017-01-01 2017-12-31 0001386716 sblk:TimeCharterMember 2018-01-01 2018-12-31 0001386716 sblk:TimeCharterMember 2017-01-01 2017-12-31 0001386716 sblk:VoyageContractsMember 2018-01-01 2018-12-31 0001386716 sblk:VoyageContractsMember 2017-01-01 2017-12-31 0001386716 sblk:PoolingArrangementsMember 2018-01-01 2018-12-31 0001386716 sblk:PoolingArrangementsMember 2017-01-01 2017-12-31 0001386716 sblk:AddressCommissionsMember 2017-01-01 2017-12-31 0001386716 sblk:SydelleMember 2019-12-31 0001386716 sblk:SydelleMember 2018-12-31 0001386716 sblk:OceanbulkMaritimeMember 2018-12-31 0001386716 sblk:StarOceanManningPhilipinesIncMember 2018-12-31 0001386716 sblk:StarOceanManningPhilipinesIncMember 2019-12-31 0001386716 sblk:OceanbulkMaritimeMember 2019-12-31 0001386716 sblk:SellersOfTheAugusteaVesselsMember 2019-12-31 0001386716 sblk:SellersOfTheAugusteaVesselsMember 2018-12-31 0001386716 sblk:SongaShipmanagementLtdMember 2019-12-31 0001386716 sblk:SongaShipmanagementLtdMember 2018-12-31 0001386716 srt:ManagementMember 2018-12-31 0001386716 srt:ManagementMember 2019-12-31 0001386716 sblk:AugusteaTechnoservicesLtdMember 2018-12-31 0001386716 sblk:AugusteaTechnoservicesLtdMember 2019-12-31 0001386716 2017-12-31 0001386716 us-gaap:CommonStockMember 2017-12-31 0001386716 2016-12-31 0001386716 us-gaap:CommonStockMember 2019-12-31 0001386716 us-gaap:CommonStockMember 2016-12-31 0001386716 us-gaap:RetainedEarningsMember 2017-12-31 0001386716 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001386716 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001386716 us-gaap:RetainedEarningsMember 2016-12-31 0001386716 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-12-31 0001386716 us-gaap:AdditionalPaidInCapitalMember 2016-12-31 0001386716 us-gaap:CommonStockMember 2018-12-31 0001386716 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001386716 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001386716 us-gaap:RetainedEarningsMember 2018-12-31 0001386716 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001386716 us-gaap:RetainedEarningsMember 2019-12-31 0001386716 us-gaap:TreasuryStockMember 2016-12-31 0001386716 us-gaap:TreasuryStockMember 2017-12-31 0001386716 us-gaap:TreasuryStockMember 2018-12-31 0001386716 us-gaap:TreasuryStockMember 2019-12-31 0001386716 us-gaap:CapitalLeaseObligationsMember 2019-12-31 0001386716 us-gaap:LongTermDebtMember 2019-12-31 0001386716 us-gaap:FairValueInputsLevel1Member sblk:ForwardFreightAgreementsMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001386716 us-gaap:FairValueInputsLevel1Member sblk:ForwardFreightAgreementsMember us-gaap:NondesignatedMember 2019-12-31 0001386716 us-gaap:FairValueInputsLevel1Member sblk:BunkerSwapsMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001386716 us-gaap:FairValueInputsLevel1Member sblk:BunkerSwapsMember us-gaap:NondesignatedMember 2019-12-31 0001386716 us-gaap:FairValueInputsLevel1Member sblk:ForwardFreightAgreementsMember us-gaap:NondesignatedMember 2018-12-31 0001386716 us-gaap:FairValueInputsLevel1Member sblk:BunkerSwapsMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001386716 us-gaap:FairValueInputsLevel1Member sblk:BunkerSwapsMember us-gaap:NondesignatedMember 2018-12-31 0001386716 us-gaap:FairValueInputsLevel1Member sblk:ForwardFreightAgreementsMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001386716 sblk:EquityIncentivePlan2018Member 2018-02-27 0001386716 sblk:EquityIncentivePlan2017Member 2017-02-22 0001386716 sblk:EquityIncentivePlan2018Member 2018-01-01 2018-02-27 0001386716 sblk:EmployeesMember 2018-01-01 2018-04-09 0001386716 sblk:EquityIncentivePlan2017Member 2017-01-01 2017-02-22 0001386716 sblk:EquityIncentivePlan2018Member sblk:ShareBasedCompensationAward1Member 2019-01-01 2019-12-31 0001386716 us-gaap:RestrictedStockUnitsRSUMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2019-01-01 2019-12-31 0001386716 us-gaap:RestrictedStockUnitsRSUMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2019-01-01 2019-12-31 0001386716 sblk:OperatingVesselsMember sblk:CMBLMember 2019-12-31 0001386716 sblk:StarEleniAndLeoMember sblk:CMBLMember 2018-09-27 0001386716 sblk:NewbuildingVesselsMember sblk:FinancedByCSSCMember sblk:FirstOCCMember 2018-12-31 0001386716 sblk:NewbuildingVesselsMember sblk:FinancedByCSSCMember sblk:SecondOCCMember 2018-12-31 0001386716 sblk:Notes2022Member 2019-01-01 2019-12-31 0001386716 sblk:NBGFacility1Member 2019-01-01 2019-12-31 0001386716 sblk:Citi130000FacilityMember sblk:Tranche1Member 2019-01-01 2019-12-31 0001386716 sblk:Citi130000FacilityMember sblk:Tranche2Member 2019-01-01 2019-12-31 0001386716 sblk:EquityIncentivePlan2018Member 2018-01-01 2018-08-27 0001386716 sblk:EmployeesMember 2018-01-01 2018-08-27 0001386716 sblk:EquityIncentivePlan2017Member 2017-01-01 2017-08-22 0001386716 sblk:EquityIncentivePlan2017Member 2018-01-01 2018-08-22 0001386716 sblk:EquityIncentivePlan2018Member 2019-01-01 2019-02-27 0001386716 sblk:DNB310000FacilityMember sblk:Tranche1Member 2019-01-01 2019-12-31 0001386716 sblk:DNB310000FacilityMember sblk:Tranche2Member 2019-01-01 2019-12-31 0001386716 sblk:CreditAgricoleFacilityMember sblk:Tranche1Member 2019-01-01 2019-12-31 0001386716 sblk:CreditAgricoleFacilityMember sblk:Tranche2Member 2019-01-01 2019-12-31 0001386716 sblk:HSBC80000FacilityMember 2019-01-01 2019-12-31 0001386716 sblk:ING47800FacilityMember sblk:Tranche1Member 2019-01-01 2019-12-31 0001386716 sblk:ING47800FacilityMember sblk:Tranche2Member 2019-01-01 2019-12-31 0001386716 sblk:ABN115000FacilityMember sblk:Tranche1Member 2019-01-01 2019-12-31 0001386716 sblk:BNPFacilityMember sblk:Tranche1First15InstallmentsMember 2019-01-01 2019-12-31 0001386716 sblk:BNPFacilityMember sblk:Tranche16InstallmentMember 2019-01-01 2019-12-31 0001386716 sblk:BNPFacilityMember sblk:Tranche2First16InstallmentsMember 2019-01-01 2019-12-31 0001386716 sblk:BNPFacilityMember sblk:Tranche17InstallmentMember 2019-01-01 2019-12-31 0001386716 sblk:BankTokyoMember sblk:Tranche1First16InstallmentsMember 2019-01-01 2019-12-31 0001386716 sblk:BankTokyoMember sblk:TrancheA17InstallmentMember 2019-01-01 2019-12-31 0001386716 sblk:ING47800FacilityMember sblk:Tranche3Member 2019-01-01 2019-12-31 0001386716 sblk:ING47800FacilityMember sblk:Tranche4Member 2019-01-01 2019-12-31 0001386716 sblk:ABN115000FacilityMember sblk:Tranche2Member 2019-01-01 2019-12-31 0001386716 sblk:DVBFacilityMember sblk:FirstFourInstallmentsMember 2019-01-01 2019-12-31 0001386716 sblk:DVBFacilityMember sblk:LastTwentyInstallmentsMember 2019-01-01 2019-12-31 0001386716 sblk:CreditAgricoleFacilityMember 2019-01-01 2019-12-31 0001386716 sblk:Citi130000FacilityMember 2019-01-01 2019-12-31 0001386716 sblk:DNB310000FacilityMember 2019-01-01 2019-12-31 0001386716 sblk:ABN115000FacilityMember 2019-01-01 2019-12-31 0001386716 sblk:BankTokyoMember 2019-01-01 2019-12-31 0001386716 sblk:BNPFacilityMember 2019-01-01 2019-12-31 0001386716 sblk:HshNordbankAgMember 2019-01-01 2019-07-10 0001386716 sblk:NIBCFacilityMember 2019-01-01 2019-12-31 0001386716 sblk:DVBFacilityMember 2019-01-01 2019-12-31 0001386716 sblk:SinosureFacilityMember 2019-01-01 2019-12-31 0001386716 sblk:ForwardFreightAndBunkerSwapsMember 2019-01-01 2019-12-31 0001386716 sblk:ForwardFreightAndBunkerSwapsMember 2018-01-01 2018-12-31 0001386716 sblk:ForwardFreightAndBunkerSwapsMember 2017-01-01 2017-12-31 0001386716 sblk:FinancedByChinaMerchantsBankLeasingMember sblk:OperatingVesselsMember 2018-01-01 2018-07-06 0001386716 sblk:Step1VesselsMember sblk:StarBrightMember 2018-01-01 2018-10-10 0001386716 sblk:Step1VesselsMember sblk:StarMarianneAndStarJanniMember 2019-01-01 2019-01-14 0001386716 sblk:NBGFacility1Member 2019-12-31 0001386716 sblk:CreditAgricoleFacilityMember 2019-12-31 0001386716 sblk:ING47800FacilityMember 2019-12-31 0001386716 sblk:Citi130000FacilityMember 2019-12-31 0001386716 sblk:HSBC80000FacilityMember 2019-12-31 0001386716 sblk:DNB310000FacilityMember 2019-12-31 0001386716 sblk:ABN115000FacilityMember 2019-12-31 0001386716 sblk:ABN115000FacilityMember sblk:Tranche1Member 2019-12-31 0001386716 sblk:ING47800FacilityMember sblk:Tranche3Member 2019-12-31 0001386716 sblk:ING47800FacilityMember sblk:Tranche4Member 2019-12-31 0001386716 sblk:ABN115000FacilityMember sblk:Tranche2Member 2019-12-31 0001386716 sblk:SinosureFacilityMember 2019-12-31 0001386716 sblk:CommerzbankAg120000FacilitiyMember 2018-01-01 2018-05-03 0001386716 sblk:ABNFacilityDNBFacilityDNBFacilityDeutscheBankAGFacilityABNAMROBankNVFacilityMember 2018-01-01 2018-09-28 0001386716 sblk:CitiFacilityMember 2018-01-01 2018-11-05 0001386716 sblk:ForwardFreightAgreementsMember 2018-01-01 2018-12-31 0001386716 sblk:ForwardFreightAgreementsMember 2019-01-01 2019-12-31 0001386716 sblk:ForwardFreightAgreementsMember 2017-01-01 2017-12-31 0001386716 sblk:FutureMinimumNonCancellableCharterHirePaymentMember 2019-12-31 0001386716 sblk:OfficeRentMember 2019-12-31 0001386716 sblk:Notes2022Member 2019-12-31 0001386716 us-gaap:LongTermDebtMember 2018-12-31 0001386716 sblk:Notes2022Member 2018-12-31 0001386716 us-gaap:CapitalLeaseObligationsMember 2018-12-31 0001386716 sblk:DNB310000FacilityMember sblk:Tranche1Member 2019-12-31 0001386716 sblk:DNB310000FacilityMember sblk:Tranche2Member 2019-12-31 0001386716 sblk:CreditAgricoleFacilityMember sblk:Tranche2Member 2019-12-31 0001386716 sblk:CreditAgricoleFacilityMember sblk:Tranche1Member 2019-12-31 0001386716 sblk:ING47800FacilityMember sblk:Tranche1Member 2019-12-31 0001386716 sblk:ING47800FacilityMember sblk:Tranche2Member 2019-12-31 0001386716 sblk:Citi130000FacilityMember sblk:Tranche1Member 2019-12-31 0001386716 sblk:Citi130000FacilityMember sblk:Tranche2Member 2019-12-31 0001386716 sblk:BankTokyoMember 2019-12-31 0001386716 sblk:DVBFacilityMember 2019-12-31 0001386716 sblk:BNPFacilityMember sblk:Tranche1Member 2019-01-01 2019-12-31 0001386716 sblk:BNPFacilityMember sblk:Tranche2Member 2019-01-01 2019-12-31 0001386716 us-gaap:PrivatePlacementMember sblk:OaktreeAndItsAffiliatesMember 2017-01-01 2017-02-02 0001386716 us-gaap:PrivatePlacementMember 2017-01-01 2017-02-02 0001386716 us-gaap:IPOMember sblk:OaktreeCapitalManagementMember 2018-01-01 2018-06-29 0001386716 us-gaap:CommonStockMember 2017-01-01 2017-12-31 0001386716 us-gaap:CommonStockMember 2018-01-01 2018-12-31 0001386716 us-gaap:PrivatePlacementMember 2017-02-02 0001386716 us-gaap:IPOMember sblk:OaktreeCapitalManagementMember 2018-06-29 0001386716 sblk:OperatingVesselsMember 2018-07-06 0001386716 sblk:OperatingVessels2Member 2018-08-03 0001386716 sblk:Step1VesselsMember sblk:StarBrightMember 2018-10-10 0001386716 sblk:IdeeRobertaLauraKaleyVesselsMember sblk:NewYangzijiangMember 2019-01-01 2019-12-31 0001386716 sblk:OperatingVesselsMember sblk:CMBLMember srt:MinimumMember 2019-01-01 2019-12-31 0001386716 sblk:OperatingVesselsMember sblk:CMBLMember srt:MaximumMember 2019-01-01 2019-12-31 0001386716 sblk:StarEleni1Member sblk:CMBLMember 2019-01-01 2019-12-31 0001386716 sblk:StarLeo1Member sblk:CMBLMember 2019-01-01 2019-12-31 0001386716 sblk:StarFighterMember sblk:KyowaSanshoMember 2019-01-01 2019-12-31 0001386716 sblk:CrossCollateralBareboatVesselsMember 2019-12-31 0001386716 sblk:IdeeRobertaLauraKaleyVesselsMember sblk:NewYangzijiangMember 2019-12-31 0001386716 us-gaap:EmployeeStockOptionMember 2015-01-01 2015-04-13 0001386716 srt:MinimumMember 2019-12-31 0001386716 srt:MaximumMember 2019-12-31 0001386716 sblk:FleetMember 2019-12-31 0001386716 sblk:StarPoseidonMember 2019-12-31 0001386716 sblk:GoliathMember 2019-12-31 0001386716 sblk:GargantuaMember 2019-12-31 0001386716 sblk:MaharajMember 2019-12-31 0001386716 sblk:StarAriadneMember 2019-12-31 0001386716 sblk:StarVirgoMember 2019-12-31 0001386716 sblk:StarLibraMember 2019-12-31 0001386716 sblk:StarMarisaMember 2019-12-31 0001386716 sblk:LeviathanMember 2019-12-31 0001386716 sblk:PeloreusMember 2019-12-31 0001386716 sblk:StarPaulineMember 2019-12-31 0001386716 sblk:StarMarthaMember 2019-12-31 0001386716 sblk:PantagrueIMember 2019-12-31 0001386716 sblk:StarBorealisMember 2019-12-31 0001386716 sblk:StarPolarisMember 2019-12-31 0001386716 sblk:StarAngieMember 2019-12-31 0001386716 sblk:BigFishMember 2019-12-31 0001386716 sblk:KymopoliaMember 2019-12-31 0001386716 sblk:StarTriumphMember 2019-12-31 0001386716 sblk:BigBangMember 2019-12-31 0001386716 sblk:AmamiIMember 2019-12-31 0001386716 sblk:MadredeusIMember 2019-12-31 0001386716 sblk:StarSirius2Member 2019-12-31 0001386716 sblk:StarVega2Member 2019-12-31 0001386716 sblk:StarAngelinaMember 2019-12-31 0001386716 sblk:StarGwynethMember 2019-12-31 0001386716 sblk:StarKamilaMember 2019-12-31 0001386716 sblk:PendulumIMember 2019-12-31 0001386716 sblk:StarMariaMember 2019-12-31 0001386716 sblk:StarMarkelaMember 2019-12-31 0001386716 sblk:StarDanaiMember 2019-12-31 0001386716 sblk:StarGeorgiaMember 2019-12-31 0001386716 sblk:StarSophiaMember 2019-12-31 0001386716 sblk:StarMariellaMember 2019-12-31 0001386716 sblk:StarMoiraMember 2019-12-31 0001386716 sblk:StarNinaMember 2019-12-31 0001386716 sblk:StarReneeMember 2019-12-31 0001386716 sblk:StarNasiaMember 2019-12-31 0001386716 sblk:StarLauraMember 2019-12-31 0001386716 sblk:StarJenniferMember 2019-12-31 0001386716 sblk:StarHelenaMember 2019-12-31 0001386716 sblk:StarCharisMember 2019-12-31 0001386716 sblk:StarSuzannaMember 2019-12-31 0001386716 sblk:MercurialVirgoIMember 2019-12-31 0001386716 sblk:StarIrisMember 2019-12-31 0001386716 sblk:StarEmilyMember 2019-12-31 0001386716 sblk:IdeeFixeMember 2019-12-31 0001386716 sblk:RobertaMember 2019-12-31 0001386716 sblk:LauraMember 2019-12-31 0001386716 sblk:KaleyMember 2019-12-31 0001386716 sblk:KennadiMember 2019-12-31 0001386716 sblk:MackenzieMember 2019-12-31 0001386716 sblk:StarChallengerMember 2019-12-31 0001386716 sblk:StarFighterMember 2019-12-31 0001386716 sblk:StarLutasMember 2019-12-31 0001386716 sblk:HoneyBadgerMember 2019-12-31 0001386716 sblk:WolverineMember 2019-12-31 0001386716 sblk:StarAntaresMember 2019-12-31 0001386716 sblk:StarAquariusMember 2019-12-31 0001386716 sblk:StarPiscesMember 2019-12-31 0001386716 sblk:DivaMember 2019-12-31 0001386716 sblk:StrangeAttractorIMember 2019-12-31 0001386716 sblk:StarOmicronMember 2019-12-31 0001386716 sblk:StarZetaMember 2019-12-31 0001386716 sblk:StarThetaMember 2019-12-31 0001386716 sblk:VesselsInOperationIIMember 2019-12-31 0001386716 sblk:StarLeo1Member 2019-12-31 0001386716 sblk:StarLaetitia1Member 2019-12-31 0001386716 sblk:StarSienna1Member 2019-12-31 0001386716 sblk:StarKarlie1Member 2019-12-31 0001386716 sblk:StarEleni1Member 2019-12-31 0001386716 sblk:StarMagnanimus1Member 2019-12-31 0001386716 sblk:StarClaudine1Member 2019-12-31 0001386716 sblk:StarOphelia1Member 2019-12-31 0001386716 sblk:StarLyra1Member 2019-12-31 0001386716 sblk:StarAudreyMember 2019-12-31 0001386716 sblk:StarScarlettMember 2019-12-31 0001386716 sblk:StarPaolaMember 2019-12-31 0001386716 sblk:StarEvaMember 2019-12-31 0001386716 sblk:StarAphroditeMember 2019-12-31 0001386716 sblk:StarPieraMember 2019-12-31 0001386716 sblk:StarDespoinaMember 2019-12-31 0001386716 sblk:StarElectra1Member 2019-12-31 0001386716 sblk:StarLuna1Member 2019-12-31 0001386716 sblk:StarJeanetteMember 2019-12-31 0001386716 sblk:StarBianca1Member 2019-12-31 0001386716 sblk:StarMonaMember 2019-12-31 0001386716 sblk:StarAstridMember 2019-12-31 0001386716 sblk:StarCalypsoMember 2019-12-31 0001386716 sblk:StarAlessiaMember 2019-12-31 0001386716 sblk:StardustMember 2019-12-31 0001386716 sblk:StarSkyMember 2019-12-31 0001386716 sblk:StarLydiaMember 2019-12-31 0001386716 sblk:StarNicoleMember 2019-12-31 0001386716 sblk:StarGenesisMember 2019-12-31 0001386716 sblk:StarFlameMember 2019-12-31 0001386716 sblk:StarVirginiaMember 2019-12-31 0001386716 sblk:StarWaveMember 2019-12-31 0001386716 sblk:StarMonicaMember 2019-12-31 0001386716 sblk:StarGloryMember 2019-12-31 0001386716 sblk:StarBrightMember 2019-12-31 0001386716 sblk:StarJanniMember 2019-12-31 0001386716 sblk:StarMarianneMember 2019-12-31 0001386716 us-gaap:EmployeeStockOptionMember 2018-01-01 2018-12-31 0001386716 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-12-31 0001386716 us-gaap:EmployeeStockOptionMember 2017-01-01 2017-12-31 0001386716 us-gaap:PreferredStockMember 2019-12-31 0001386716 us-gaap:PreferredStockMember 2018-12-31 0001386716 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0001386716 us-gaap:NondesignatedMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0001386716 us-gaap:FairValueInputsLevel1Member us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001386716 us-gaap:FairValueInputsLevel1Member us-gaap:NondesignatedMember 2018-12-31 0001386716 us-gaap:AdditionalPaidInCapitalMember 2017-01-01 2017-12-31 0001386716 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-12-31 0001386716 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-01-01 2017-12-31 0001386716 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-12-31 0001386716 sblk:BNPFacilityMember sblk:Tranche1Member 2018-08-03 0001386716 sblk:BNPFacilityMember sblk:Tranche2Member 2018-08-03 0001386716 sblk:BankTokyoMember 2018-08-03 0001386716 sblk:FutureMinimumNonCancellableCharterRevenueMember 2019-12-31 0001386716 sblk:VesselScrubbersMember 2019-12-31 0001386716 sblk:BNPFacilityMember 2019-12-31 0001386716 sblk:DirectorsMember 2019-01-01 2019-12-31 0001386716 sblk:DirectorsMember 2018-01-01 2018-12-31 0001386716 sblk:DirectorsMember 2017-01-01 2017-12-31 0001386716 us-gaap:FairValueInputsLevel1Member 2019-12-31 0001386716 us-gaap:FairValueInputsLevel1Member 2018-12-31 0001386716 srt:ScenarioPreviouslyReportedMember us-gaap:AccountingStandardsUpdate201618Member 2017-01-01 2017-12-31 0001386716 srt:RestatementAdjustmentMember us-gaap:AccountingStandardsUpdate201618Member 2017-01-01 2017-12-31 0001386716 sblk:OceanbulkMaritimeMember 2019-01-01 2019-12-31 0001386716 sblk:OceanbulkMaritimeMember 2018-01-01 2018-12-31 0001386716 sblk:OceanbulkMaritimeMember 2017-01-01 2017-12-31 0001386716 sblk:FirstPriorityMortgageMember 2019-12-31 0001386716 sblk:StarPoseidonMember 2019-01-01 2019-12-31 0001386716 sblk:GoliathMember 2019-01-01 2019-12-31 0001386716 sblk:MaharajMember 2019-01-01 2019-12-31 0001386716 sblk:GargantuaMember 2019-01-01 2019-12-31 0001386716 sblk:StarAriadneMember 2019-01-01 2019-12-31 0001386716 sblk:StarVirgoMember 2019-01-01 2019-12-31 0001386716 sblk:StarLibraMember 2019-01-01 2019-12-31 0001386716 sblk:StarMarisaMember 2019-01-01 2019-12-31 0001386716 sblk:LeviathanMember 2019-01-01 2019-12-31 0001386716 sblk:PeloreusMember 2019-01-01 2019-12-31 0001386716 sblk:StarPaulineMember 2019-01-01 2019-12-31 0001386716 sblk:StarMarthaMember 2019-01-01 2019-12-31 0001386716 sblk:PantagrueIMember 2019-01-01 2019-12-31 0001386716 sblk:StarBorealisMember 2019-01-01 2019-12-31 0001386716 sblk:StarPolarisMember 2019-01-01 2019-12-31 0001386716 sblk:StarAngieMember 2019-01-01 2019-12-31 0001386716 sblk:BigFishMember 2019-01-01 2019-12-31 0001386716 sblk:KymopoliaMember 2019-01-01 2019-12-31 0001386716 sblk:StarTriumphMember 2019-01-01 2019-12-31 0001386716 sblk:BigBangMember 2019-01-01 2019-12-31 0001386716 sblk:StarAuroraMember 2019-01-01 2019-12-31 0001386716 sblk:AmamiIMember 2019-01-01 2019-12-31 0001386716 sblk:MadredeusIMember 2019-01-01 2019-12-31 0001386716 sblk:StarSirius2Member 2019-01-01 2019-12-31 0001386716 sblk:StarVega2Member 2019-01-01 2019-12-31 0001386716 sblk:StarAngelinaMember 2019-01-01 2019-12-31 0001386716 sblk:StarGwynethMember 2019-01-01 2019-12-31 0001386716 sblk:StarKamilaMember 2019-01-01 2019-12-31 0001386716 sblk:PendulumIMember 2019-01-01 2019-12-31 0001386716 sblk:StarMariaMember 2019-01-01 2019-12-31 0001386716 sblk:StarMarkelaMember 2019-01-01 2019-12-31 0001386716 sblk:StarDanaiMember 2019-01-01 2019-12-31 0001386716 sblk:StarGeorgiaMember 2019-01-01 2019-12-31 0001386716 sblk:StarSophiaMember 2019-01-01 2019-12-31 0001386716 sblk:StarMariellaMember 2019-01-01 2019-12-31 0001386716 sblk:StarMoiraMember 2019-01-01 2019-12-31 0001386716 sblk:StarNinaMember 2019-01-01 2019-12-31 0001386716 sblk:StarReneeMember 2019-01-01 2019-12-31 0001386716 sblk:StarNasiaMember 2019-01-01 2019-12-31 0001386716 sblk:StarLauraMember 2019-01-01 2019-12-31 0001386716 sblk:StarJenniferMember 2019-01-01 2019-12-31 0001386716 sblk:StarHelenaMember 2019-01-01 2019-12-31 0001386716 sblk:StarCharisMember 2019-01-01 2019-12-31 0001386716 sblk:StarSuzannaMember 2019-01-01 2019-12-31 0001386716 sblk:MercurialVirgoIMember 2019-01-01 2019-12-31 0001386716 sblk:StarIrisMember 2019-01-01 2019-12-31 0001386716 sblk:StarEmilyMember 2019-01-01 2019-12-31 0001386716 sblk:IdeeFixeMember 2019-01-01 2019-12-31 0001386716 sblk:RobertaMember 2019-01-01 2019-12-31 0001386716 sblk:LauraMember 2019-01-01 2019-12-31 0001386716 sblk:KaleyMember 2019-01-01 2019-12-31 0001386716 sblk:KennadiMember 2019-01-01 2019-12-31 0001386716 sblk:MackenzieMember 2019-01-01 2019-12-31 0001386716 sblk:StarChallengerMember 2019-01-01 2019-12-31 0001386716 sblk:StarFighterMember 2019-01-01 2019-12-31 0001386716 sblk:StarLutasMember 2019-01-01 2019-12-31 0001386716 sblk:HoneyBadgerMember 2019-01-01 2019-12-31 0001386716 sblk:WolverineMember 2019-01-01 2019-12-31 0001386716 sblk:StarAntaresMember 2019-01-01 2019-12-31 0001386716 sblk:StarAquariusMember 2019-01-01 2019-12-31 0001386716 sblk:StarPiscesMember 2019-01-01 2019-12-31 0001386716 sblk:DivaMember 2019-01-01 2019-12-31 0001386716 sblk:StrangeAttractorIMember 2019-01-01 2019-12-31 0001386716 sblk:StarOmicronMember 2019-01-01 2019-12-31 0001386716 sblk:StarGammaMember 2019-01-01 2019-12-31 0001386716 sblk:StarZetaMember 2019-01-01 2019-12-31 0001386716 sblk:StarDeltaMember 2019-01-01 2019-12-31 0001386716 sblk:StarThetaMember 2019-01-01 2019-12-31 0001386716 sblk:StarEpsilonMember 2019-01-01 2019-12-31 0001386716 sblk:StarCosmoMember 2019-01-01 2019-12-31 0001386716 sblk:StarKappaMember 2019-01-01 2019-12-31 0001386716 sblk:StarLeo1Member 2019-01-01 2019-12-31 0001386716 sblk:StarLaetitia1Member 2019-01-01 2019-12-31 0001386716 sblk:StarSienna1Member 2019-01-01 2019-12-31 0001386716 sblk:StarKarlie1Member 2019-01-01 2019-12-31 0001386716 sblk:StarEleni1Member 2019-01-01 2019-12-31 0001386716 sblk:StarMagnanimus1Member 2019-01-01 2019-12-31 0001386716 sblk:StarClaudine1Member 2019-01-01 2019-12-31 0001386716 sblk:StarOphelia1Member 2019-01-01 2019-12-31 0001386716 sblk:StarLyra1Member 2019-01-01 2019-12-31 0001386716 sblk:StarAudreyMember 2019-01-01 2019-12-31 0001386716 sblk:StarScarlettMember 2019-01-01 2019-12-31 0001386716 sblk:StarPaolaMember 2019-01-01 2019-12-31 0001386716 sblk:StarEvaMember 2019-01-01 2019-12-31 0001386716 sblk:StarAphroditeMember 2019-01-01 2019-12-31 0001386716 sblk:StarPieraMember 2019-01-01 2019-12-31 0001386716 sblk:StarDespoinaMember 2019-01-01 2019-12-31 0001386716 sblk:StarElectra1Member 2019-01-01 2019-12-31 0001386716 sblk:StarLuna1Member 2019-01-01 2019-12-31 0001386716 sblk:StarJeanetteMember 2019-01-01 2019-12-31 0001386716 sblk:StarBianca1Member 2019-01-01 2019-12-31 0001386716 sblk:StarMonaMember 2019-01-01 2019-12-31 0001386716 sblk:StarAstridMember 2019-01-01 2019-12-31 0001386716 sblk:StarCalypsoMember 2019-01-01 2019-12-31 0001386716 sblk:StarAlessiaMember 2019-01-01 2019-12-31 0001386716 sblk:StardustMember 2019-01-01 2019-12-31 0001386716 sblk:StarSkyMember 2019-01-01 2019-12-31 0001386716 sblk:StarLydiaMember 2019-01-01 2019-12-31 0001386716 sblk:StarNicoleMember 2019-01-01 2019-12-31 0001386716 sblk:StarGenesisMember 2019-01-01 2019-12-31 0001386716 sblk:StarFlameMember 2019-01-01 2019-12-31 0001386716 sblk:StarVirginiaMember 2019-01-01 2019-12-31 0001386716 sblk:StarAnnaMember 2019-01-01 2019-12-31 0001386716 sblk:StarWaveMember 2019-01-01 2019-12-31 0001386716 sblk:StarMonicaMember 2019-01-01 2019-12-31 0001386716 sblk:StarGloryMember 2019-01-01 2019-12-31 0001386716 sblk:Step1VesselsMember sblk:StarBrightMember 2019-01-01 2019-12-31 0001386716 sblk:StarJanniMember 2019-01-01 2019-12-31 0001386716 sblk:StarMarianneMember 2019-01-01 2019-12-31 0001386716 sblk:StarBrightMember 2019-01-01 2019-12-31 0001386716 sblk:StarDelta1Member 2019-01-01 2019-12-31 0001386716 sblk:ING47800FacilityMember sblk:FirstTwoTrancheMember 2019-01-01 2019-12-31 0001386716 sblk:ING47800FacilityMember sblk:RemainingTwoTrancheMember 2019-01-01 2019-12-31 0001386716 sblk:ABN115000FacilityMember sblk:RemainingTwoTrancheMember 2019-01-01 2019-12-31 0001386716 sblk:RestructuringLetterAgreementsMember 2018-02-28 0001386716 sblk:RestructuringLetterAgreementsMember 2018-05-31 0001386716 sblk:RestructuringLetterAgreementsMember 2018-07-31 0001386716 sblk:RestructuringLetterAgreementsMember 2017-12-31 0001386716 us-gaap:CashAndCashEquivalentsMember 2019-12-31 0001386716 us-gaap:CashAndCashEquivalentsMember 2018-12-31 0001386716 us-gaap:FairValueHedgingMember 2018-04-30 0001386716 us-gaap:FairValueHedgingMember us-gaap:OrderOrProductionBacklogMember 2018-04-30 0001386716 sblk:RestrictedCashCashEquivalentsMember 2019-12-31 0001386716 sblk:RestrictedCashCashEquivalentsMember 2018-12-31 0001386716 sblk:BunkerSwapsMember 2018-01-01 2018-12-31 0001386716 sblk:BunkerSwapsMember 2019-01-01 2019-12-31 0001386716 sblk:BunkerSwapsMember 2017-01-01 2017-12-31 0001386716 country:US 2017-01-01 2017-12-31 0001386716 sblk:Step1AcquisitionMember 2018-12-31 0001386716 sblk:NewbuildingVesselsMember 2018-01-01 2018-06-28 0001386716 sblk:OperatingVesselsMember 2018-01-01 2018-07-06 0001386716 sblk:OperatingVessels2Member 2018-01-01 2018-08-03 0001386716 us-gaap:FairValueHedgingMember sblk:OptionalOrdersMember 2018-04-30 0001386716 us-gaap:FairValueHedgingMember 2018-04-03 2018-12-31 0001386716 us-gaap:FairValueHedgingMember 2018-01-01 2018-12-31 0001386716 us-gaap:CommonStockMember 2019-01-01 2019-12-31 0001386716 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-12-31 0001386716 sblk:AugusteaTechnoservicesLtdMember 2019-01-01 2019-12-31 0001386716 sblk:AugusteaTechnoservicesLtdMember 2018-01-01 2018-12-31 0001386716 sblk:AugusteaTechnoservicesLtdMember 2017-01-01 2017-12-31 0001386716 sblk:SongaShipmanagementLtdMember 2019-01-01 2019-12-31 0001386716 sblk:SongaShipmanagementLtdMember 2018-01-01 2018-12-31 0001386716 sblk:SongaShipmanagementLtdMember 2017-01-01 2017-12-31 0001386716 sblk:CreditSuisseMember 2019-12-31 0001386716 sblk:ABNAmroMember 2019-12-31 0001386716 us-gaap:IPOMember 2018-01-01 2018-12-31 0001386716 srt:ExecutiveOfficerMember 2019-01-01 2019-12-31 0001386716 srt:ExecutiveOfficerMember 2018-01-01 2018-12-31 0001386716 srt:ExecutiveOfficerMember 2017-01-01 2017-12-31 0001386716 us-gaap:FairValueMeasurementsNonrecurringMember 2018-01-01 2018-12-31 0001386716 us-gaap:FairValueMeasurementsNonrecurringMember 2019-01-01 2019-12-31 0001386716 sblk:EquityIncentivePlan2018Member sblk:ShareBasedCompensationAward1Member 2019-12-31 0001386716 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember 2018-12-31 0001386716 us-gaap:FairValueInputsLevel2Member sblk:VesselsNetMember us-gaap:FairValueMeasurementsNonrecurringMember 2019-12-31 0001386716 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember 2019-12-31 0001386716 us-gaap:FairValueInputsLevel2Member sblk:VesselsNetMember us-gaap:FairValueMeasurementsNonrecurringMember 2018-12-31 0001386716 us-gaap:FairValueInputsLevel2Member sblk:HeldForSaleMember us-gaap:FairValueMeasurementsNonrecurringMember 2018-12-31 0001386716 sblk:DVBFacilityMember 2014-01-01 2014-10-31 0001386716 sblk:NBGFacility1Member 2018-01-01 2018-05-03 0001386716 sblk:CreditAgricoleFacilityMember 2018-01-01 2018-08-23 0001386716 sblk:HSBC80000FacilityMember 2018-01-01 2018-09-28 0001386716 sblk:DNB310000FacilityMember sblk:Tranche1Member 2018-01-01 2018-09-28 0001386716 sblk:Citi130000FacilityMember sblk:Tranche1Member 2018-01-01 2018-10-23 0001386716 sblk:Citi130000FacilityMember sblk:Tranche2Member 2018-01-01 2018-11-05 0001386716 sblk:ABN115000FacilityMember sblk:Tranche1Member 2018-01-01 2018-12-20 0001386716 sblk:ABN115000FacilityMember sblk:Tranche2Member 2018-01-01 2018-12-20 0001386716 sblk:ABN115000FacilityMember sblk:Tranche3Member 2019-01-01 2019-01-31 0001386716 sblk:ABN115000FacilityMember sblk:Tranche4Member 2019-01-01 2019-01-31 0001386716 sblk:SEBFacilityMember sblk:Tranche1Member 2019-01-01 2019-01-30 0001386716 sblk:SEBFacilityMember sblk:Tranche2Member 2019-01-01 2019-01-30 0001386716 sblk:ESUNFacilityMember 2019-01-01 2019-03-01 0001386716 sblk:ShareRepurchaseProgramMember sblk:OpenMarketTransactionMember 2019-01-01 2019-01-03 0001386716 sblk:Step1VesselsMember 2018-08-27 0001386716 sblk:OperatingVesselsMember 2019-01-01 2019-12-31 0001386716 sblk:OperatingVessels2Member 2019-01-01 2019-12-31 0001386716 us-gaap:CommonStockMember sblk:ERVesselsMember 2019-01-01 2019-12-31 0001386716 sblk:ERVesselsMember 2019-01-01 2019-12-31 0001386716 us-gaap:AdditionalPaidInCapitalMember sblk:ERVesselsMember 2019-01-01 2019-12-31 0001386716 us-gaap:CommonStockMember sblk:StarBrightMember 2018-01-01 2018-10-31 0001386716 us-gaap:CommonStockMember sblk:OperatingVessels2Member sblk:InitialissuedMember 2018-01-01 2018-12-31 0001386716 sblk:NewbuildingVesselsMember 2018-06-28 0001386716 sblk:InterchartShipping1Member 2014-12-31 0001386716 sblk:InterchartShipping1Member sblk:ServicesAgreementMember 2018-01-01 2018-12-31 0001386716 sblk:InterchartShipping1Member sblk:NewServiceAgreementMember 2018-11-01 2019-12-31 0001386716 currency:EUR 2019-12-31 0001386716 sblk:AlmaPropertiesMember 2016-01-01 2016-12-21 0001386716 sblk:CombineMarineLtdMember currency:EUR 2012-01-01 2012-12-31 0001386716 sblk:AlmaPropertiesMember currency:EUR 2016-01-01 2016-12-21 0001386716 sblk:CombineMarineLtdMember 2012-01-01 2012-12-31 0001386716 sblk:AlmaPropertiesMember 2016-12-21 0001386716 sblk:BeneficialOwnershipOf25OrMoreMember sblk:OaktreeShareholdersAgreementMember sblk:OaktreeMember 2019-01-01 2019-12-31 0001386716 sblk:BeneficialOwnershipOf15OrMoreMember sblk:OaktreeShareholdersAgreementMember sblk:OaktreeMember 2019-01-01 2019-12-31 0001386716 sblk:BeneficialOwnershipOf5OrMoreMember sblk:OaktreeShareholdersAgreementMember sblk:OaktreeMember 2019-01-01 2019-12-31 0001386716 sblk:OaktreeShareholdersAgreementMember sblk:OaktreeMember 2019-01-01 2019-12-31 0001386716 sblk:BeneficialOwnershipOf45OrMoreMember sblk:OaktreeShareholdersAgreementMember sblk:OaktreeMember 2019-01-01 2019-12-31 0001386716 sblk:OaktreeMember 2019-01-01 2019-12-31 0001386716 sblk:StarOceanManningMember 2019-12-31 0001386716 sblk:StarOceanManningMember 2018-12-31 0001386716 sblk:StarAnnaMember 2018-01-01 2018-11-16 0001386716 sblk:HeldForSaleMember us-gaap:FairValueMeasurementsNonrecurringMember 2018-01-01 2018-12-31 0001386716 sblk:VesselsNetMember us-gaap:FairValueMeasurementsNonrecurringMember 2018-01-01 2018-12-31 0001386716 sblk:VesselsNetMember us-gaap:FairValueMeasurementsNonrecurringMember 2019-01-01 2019-12-31 0001386716 sblk:NewbuildingVesselsMember sblk:FinancedByCSSCMember 2018-12-31 0001386716 sblk:DVBFacilityMember sblk:ChristineShipcoLLCMember 2014-01-01 2014-10-31 0001386716 sblk:Notes2019Member 2019-12-31 0001386716 sblk:RestructuringLetterAgreementsMember 2016-09-30 0001386716 sblk:ShareRepurchaseProgramMember 2018-11-29 0001386716 sblk:ShareRepurchaseProgramMember sblk:OpenMarketTransactionMember 2018-01-01 2018-12-31 0001386716 us-gaap:EmployeeStockOptionMember 2015-04-13 0001386716 sblk:Notes2019Member 2017-12-31 0001386716 us-gaap:RestrictedStockUnitsRSUMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2019-01-07 0001386716 us-gaap:RestrictedStockUnitsRSUMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2019-01-07 0001386716 us-gaap:RestrictedStockUnitsRSUMember 2019-01-07 0001386716 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-01-07 0001386716 us-gaap:RestrictedStockUnitsRSUMember srt:MinimumMember 2019-01-01 2019-12-31 0001386716 us-gaap:RestrictedStockUnitsRSUMember srt:MaximumMember 2019-01-01 2019-12-31 0001386716 us-gaap:SalesRevenueNetMember 2019-01-01 2019-12-31 0001386716 sblk:Charterer1Member 2019-01-01 2019-12-31 0001386716 sblk:Charterer2Member 2017-01-01 2017-12-31 0001386716 sblk:Charterer1Member 2019-12-31 0001386716 us-gaap:TreasuryStockMember 2019-01-01 2019-12-31 0001386716 sblk:TwoAugusteaVesselsMember sblk:BelowMarketLeasesMember 2019-01-01 2019-12-31 0001386716 sblk:StarSiennaStarLaetitiaABOYKarlieStarAlessiaMember 2019-01-01 2019-12-31 0001386716 us-gaap:CommonStockMember sblk:NewbuildingVesselsMember 2018-01-01 2018-12-31 0001386716 us-gaap:AdditionalPaidInCapitalMember sblk:NewbuildingVesselsMember 2018-01-01 2018-12-31 0001386716 sblk:NewbuildingVesselsMember 2018-01-01 2018-12-31 0001386716 us-gaap:CommonStockMember sblk:OperatingVesselsMember 2018-01-01 2018-12-31 0001386716 us-gaap:AdditionalPaidInCapitalMember sblk:OperatingVesselsMember 2018-01-01 2018-12-31 0001386716 sblk:OperatingVesselsMember 2018-01-01 2018-12-31 0001386716 us-gaap:CommonStockMember sblk:OperatingVessels2Member 2018-01-01 2018-12-31 0001386716 us-gaap:AdditionalPaidInCapitalMember sblk:OperatingVessels2Member 2018-01-01 2018-12-31 0001386716 sblk:OperatingVessels2Member 2018-01-01 2018-12-31 0001386716 us-gaap:CommonStockMember sblk:ERVesselsMember 2018-01-01 2018-12-31 0001386716 us-gaap:AdditionalPaidInCapitalMember sblk:ERVesselsMember 2018-01-01 2018-12-31 0001386716 sblk:ERVesselsMember 2018-01-01 2018-12-31 0001386716 us-gaap:TreasuryStockMember 2018-01-01 2018-12-31 0001386716 us-gaap:TreasuryStockMember sblk:OperatingVesselsMember 2019-01-01 2019-12-31 0001386716 sblk:DelphinVesselsMember 2019-01-01 2019-12-31 0001386716 us-gaap:CommonStockMember sblk:DelphinVesselsMember 2019-01-01 2019-12-31 0001386716 us-gaap:AdditionalPaidInCapitalMember sblk:DelphinVesselsMember 2019-01-01 2019-12-31 0001386716 sblk:DebbieH1Member 2019-01-01 2019-12-31 0001386716 sblk:DebbieH1Member 2019-12-31 0001386716 sblk:StarAyesha1Member 2019-01-01 2019-12-31 0001386716 sblk:StarAyesha1Member 2019-12-31 0001386716 sblk:KatieK1Member 2019-12-31 0001386716 sblk:KatieK1Member 2019-01-01 2019-12-31 0001386716 sblk:ApusMember 2019-01-01 2019-12-31 0001386716 sblk:ApusMember 2019-12-31 0001386716 sblk:PyxisMember 2019-01-01 2019-12-31 0001386716 sblk:PyxisMember 2019-12-31 0001386716 sblk:HydrusMember 2019-01-01 2019-12-31 0001386716 sblk:HydrusMember 2019-12-31 0001386716 sblk:LeoMember 2019-01-01 2019-12-31 0001386716 sblk:LeoMember 2019-12-31 0001386716 sblk:DCentaurusMember 2019-01-01 2019-12-31 0001386716 sblk:DCentaurusMember 2019-12-31 0001386716 sblk:HerculesMember 2019-01-01 2019-12-31 0001386716 sblk:HerculesMember 2019-12-31 0001386716 sblk:PegasusMember 2019-01-01 2019-12-31 0001386716 sblk:PegasusMember 2019-12-31 0001386716 sblk:CepheusMember 2019-01-01 2019-12-31 0001386716 sblk:CepheusMember 2019-12-31 0001386716 sblk:ColumbaMember 2019-01-01 2019-12-31 0001386716 sblk:ColumbaMember 2019-12-31 0001386716 sblk:DoradoMember 2019-01-01 2019-12-31 0001386716 sblk:DoradoMember 2019-12-31 0001386716 sblk:AquilaMember 2019-01-01 2019-12-31 0001386716 sblk:AquilaMember 2019-12-31 0001386716 sblk:Charterer1Member 2018-01-01 2018-12-31 0001386716 sblk:CharterInVesselsMember 2019-01-01 2019-12-31 0001386716 sblk:CharterInVesselsMember 2018-01-01 2018-12-31 0001386716 sblk:CharterInVesselsMember 2017-01-01 2017-12-31 0001386716 srt:OfficeBuildingMember 2019-12-31 0001386716 srt:OfficeBuildingMember 2019-01-01 0001386716 srt:OfficeBuildingMember 2019-01-01 2019-12-31 0001386716 srt:OfficeBuildingMember 2018-01-01 2018-12-31 0001386716 sblk:InterchartShippingIncMember 2019-12-31 0001386716 sblk:InterchartShippingIncMember 2018-12-31 0001386716 sblk:ProductShippingTradingMember 2019-12-31 0001386716 sblk:ProductShippingTradingMember 2018-12-31 0001386716 sblk:CoromelMaritimeMember 2019-12-31 0001386716 sblk:CoromelMaritimeMember 2018-12-31 0001386716 sblk:InterchartShipping1Member sblk:NewServiceAgreementMember us-gaap:SubsequentEventMember 2020-01-01 2020-12-31 0001386716 sblk:AlmaPropertiesMember 2017-01-01 2017-12-31 0001386716 sblk:AugusteaOceanbulkMaritimeMaltaLtdMember 2019-01-01 2019-12-31 0001386716 sblk:AugusteaOceanbulkMaritimeMaltaLtdMember 2018-01-01 2018-12-31 0001386716 sblk:AugusteaOceanbulkMaritimeMaltaLtdMember 2017-01-01 2017-12-31 0001386716 sblk:SydelleMember 2019-01-01 2019-12-31 0001386716 sblk:SydelleMember 2018-01-01 2018-12-31 0001386716 sblk:SydelleMember 2017-01-01 2017-12-31 0001386716 sblk:CoromelMaritimeMember 2019-01-01 2019-12-31 0001386716 sblk:CoromelMaritimeMember 2018-01-01 2018-12-31 0001386716 sblk:CoromelMaritimeMember 2017-01-01 2017-12-31 0001386716 sblk:AugusteaOceanbulkMaritimeMaltaLtdMember 2019-12-31 0001386716 sblk:VesselCostMember 2019-01-01 2019-12-31 0001386716 sblk:VesselCostMember 2018-12-31 0001386716 sblk:VesselCostMember 2019-12-31 0001386716 sblk:AccumulatedDepreciationMember 2019-01-01 2019-12-31 0001386716 sblk:AccumulatedDepreciationMember 2018-12-31 0001386716 sblk:AccumulatedDepreciationMember 2019-12-31 0001386716 sblk:NetBookValueMember 2019-01-01 2019-12-31 0001386716 sblk:NetBookValueMember 2018-12-31 0001386716 sblk:NetBookValueMember 2019-12-31 0001386716 sblk:StarJanni1Member sblk:Step1VesselsMember 2019-01-07 0001386716 sblk:StarMarianne1Member sblk:Step1VesselsMember 2019-01-14 0001386716 sblk:DelphinVesselsMember 2019-05-27 0001386716 sblk:DelphinVesselsMember sblk:CMBLMember 2019-05-27 0001386716 sblk:DelphinVesselsMember sblk:CMBLMember 2019-01-01 2019-12-31 0001386716 sblk:DelphinVesselsMember 2019-01-01 2019-05-27 0001386716 sblk:SKShipholdingMember sblk:StarPiscesMember 2019-01-01 2019-12-31 0001386716 sblk:OceanTrustCoMember sblk:StarLibraMember 2019-01-01 2019-12-31 0001386716 sblk:StarChallengerMember sblk:KyowaSanshoMember 2019-01-01 2019-12-31 0001386716 sblk:DelphinVesselsMember sblk:CMBLMember srt:MinimumMember 2019-01-01 2019-12-31 0001386716 sblk:DelphinVesselsMember sblk:CMBLMember srt:MaximumMember 2019-01-01 2019-12-31 0001386716 sblk:StarEleniAndLeoMember sblk:CSSCMember 2018-01-01 2018-09-27 0001386716 sblk:StarFighterMember sblk:KyowaSanshoMember 2018-12-31 0001386716 sblk:HshNordbankAgMember 2018-01-01 2018-12-31 0001386716 sblk:StarMarianne1Member sblk:BelowMarketLeasesMember 2019-01-01 2019-12-31 0001386716 sblk:StarJanni1Member us-gaap:AboveMarketLeasesMember 2019-01-01 2019-12-31 0001386716 sblk:TwoAugusteaVesselsMember sblk:BelowMarketLeasesMember 2018-01-01 2018-12-31 0001386716 sblk:ABN115000FacilityMember sblk:Tranche3Member 2019-12-31 0001386716 sblk:ABN115000FacilityMember sblk:Tranche4Member 2019-12-31 0001386716 sblk:ABN115000FacilityMember sblk:Tranche3Member 2019-01-01 2019-12-31 0001386716 sblk:ABN115000FacilityMember sblk:Tranche4Member 2019-01-01 2019-12-31 0001386716 sblk:SEBFacilityMember 2019-01-01 2019-12-31 0001386716 sblk:SEBFacilityMember 2019-12-31 0001386716 sblk:SEBFacilityMember sblk:Tranche1Member 2019-01-01 2019-12-31 0001386716 sblk:SEBFacilityMember sblk:Tranche2Member 2019-01-01 2019-12-31 0001386716 sblk:SEBFacilityMember sblk:FirstTwoTrancheMember 2019-01-01 2019-12-31 0001386716 sblk:SEBFacilityMember sblk:FirstTwoTrancheMember sblk:First10QuartersMember 2019-01-01 2019-12-31 0001386716 sblk:SEBFacilityMember sblk:FirstTwoTrancheMember sblk:Remaining14QuartersMember 2019-01-01 2019-12-31 0001386716 sblk:SEBFacilityMember sblk:Tranche4Member 2019-12-31 0001386716 sblk:SEBFacilityMember sblk:Tranche3Member 2019-01-01 2019-09-30 0001386716 sblk:SEBFacilityMember sblk:RemainingTwoTrancheMember 2019-12-31 0001386716 sblk:SEBFacilityMember sblk:RemainingTwoTrancheMember 2019-01-01 2019-12-31 0001386716 sblk:ESUNFacilityMember 2019-01-01 2019-12-31 0001386716 sblk:ESUNFacilityMember 2019-12-31 0001386716 sblk:AtradiusFacilityMember 2019-01-01 2019-12-31 0001386716 sblk:AtradiusFacilityMember 2019-12-31 0001386716 sblk:AtradiusFacilityMember sblk:ThreeTrancheMember 2019-01-01 2019-12-31 0001386716 sblk:AtradiusFacilityMember sblk:LastTrancheMember us-gaap:SubsequentEventMember 2020-01-01 2020-01-31 0001386716 sblk:ING10060FacilityMember 2019-01-01 2019-12-31 0001386716 sblk:ING10060FacilityMember 2019-12-31 0001386716 sblk:ING10060FacilityMember sblk:Tranche1Member 2019-01-01 2019-12-31 0001386716 sblk:ING10060FacilityMember sblk:Tranche1Member 2019-12-31 0001386716 sblk:ING10060FacilityMember sblk:Tranche1Member 2019-01-01 2019-03-31 0001386716 sblk:ING10060FacilityMember sblk:Tranche2Member 2019-01-01 2019-04-30 0001386716 sblk:ING10060FacilityMember sblk:Tranche2Member 2019-01-01 2019-12-31 0001386716 sblk:ING10060FacilityMember sblk:Tranche2Member 2019-12-31 0001386716 sblk:ING10060FacilityMember sblk:FirstTwoTrancheMember 2019-01-01 2019-12-31 0001386716 sblk:ING10060FacilityMember sblk:Tranche3Member 2019-01-01 2019-05-31 0001386716 sblk:ING10060FacilityMember sblk:Tranche4Member 2019-01-01 2019-11-30 0001386716 sblk:ING10060FacilityMember sblk:Tranche3Member 2019-12-31 0001386716 sblk:ING10060FacilityMember sblk:Tranche4Member 2019-12-31 0001386716 sblk:ING10060FacilityMember sblk:RemainingTwoTrancheMember 2019-01-01 2019-12-31 0001386716 sblk:Citibank62600FacilityMember 2019-01-01 2019-12-31 0001386716 sblk:Citibank62600FacilityMember 2019-12-31 0001386716 sblk:Citibank62600FacilityMember 2019-01-01 2019-05-31 0001386716 sblk:CTBCFacilityMember 2019-01-01 2019-12-31 0001386716 sblk:CTBCFacilityMember 2019-12-31 0001386716 sblk:NTTFacilityMember 2019-01-01 2019-12-31 0001386716 sblk:NTTFacilityMember 2019-12-31 0001386716 sblk:NTTFacilityMember 2019-01-01 2019-08-31 0001386716 sblk:NIBCFacilityMember 2019-01-01 2019-08-31 0001386716 sblk:CEXIM106470FacilityMember 2019-01-01 2019-12-31 0001386716 sblk:CEXIM106470FacilityMember 2019-12-31 0001386716 sblk:CEXIM106470FacilityMember sblk:Tranche1Member 2019-12-31 0001386716 sblk:CEXIM106470FacilityMember sblk:Tranche1Member 2019-01-01 2019-12-31 0001386716 sblk:CEXIM106470FacilityMember sblk:Tranche2Member 2019-01-01 2019-12-31 0001386716 sblk:CEXIM106470FacilityMember sblk:Tranche2Member 2019-12-31 0001386716 sblk:CEXIM106470FacilityMember sblk:Tranche3Member 2019-01-01 2019-12-31 0001386716 sblk:CEXIM106470FacilityMember sblk:Tranche3Member 2019-12-31 0001386716 sblk:HSBCWorkingCapitalFacilityMember us-gaap:SubsequentEventMember 2020-01-01 2020-02-06 0001386716 sblk:HSBCWorkingCapitalFacilityMember us-gaap:SubsequentEventMember 2020-02-06 0001386716 sblk:ScrubberEquipmentMember 2019-12-31 0001386716 sblk:ShareRepurchaseProgramMember sblk:OpenMarketTransactionMember 2019-01-01 2019-12-31 0001386716 sblk:ShareRepurchaseProgramMember sblk:PrivateTransactionMember 2019-01-01 2019-12-31 0001386716 sblk:EquityIncentivePlan2019Member 2019-05-22 0001386716 sblk:EquityIncentivePlan2019Member 2019-01-01 2019-05-22 0001386716 sblk:EquityIncentivePlan2019Member sblk:VestInAugust2020Member 2019-12-31 0001386716 sblk:EquityIncentivePlan2019Member sblk:VestInAugust2022Member 2019-12-31 0001386716 sblk:RevenueContractsMember 2019-01-01 2019-12-31 0001386716 sblk:RevenueContractsMember 2018-12-31 0001386716 sblk:RevenueContractsMember 2019-12-31 0001386716 sblk:DSFFacility1Member us-gaap:SubsequentEventMember 2020-01-01 2020-01-31 0001386716 sblk:DSFFacility1Member us-gaap:SubsequentEventMember 2020-01-31 0001386716 sblk:DSFFacility1Member sblk:Tranche1Member us-gaap:SubsequentEventMember 2020-01-31 0001386716 sblk:DSFFacility1Member sblk:Tranche2Member us-gaap:SubsequentEventMember 2020-01-31 0001386716 sblk:DSFFacility1Member sblk:Tranche1Member us-gaap:SubsequentEventMember 2020-01-01 2020-01-31 0001386716 sblk:DSFFacility1Member sblk:Tranche2Member us-gaap:SubsequentEventMember 2020-01-01 2020-01-31 0001386716 sblk:DividendDeclared1Member 2019-01-01 2019-12-31 0001386716 sblk:DividendDeclared1Member 2019-12-31 0001386716 sblk:StarGammaStarAnnaMember 2019-01-01 2019-12-31 0001386716 sblk:DelphinScrubbersMember sblk:CMBLMember 2019-07-31 0001386716 sblk:DelphinScrubbersMember sblk:CMBLMember 2019-01-01 2019-12-31 0001386716 sblk:SongaScrubbersMember sblk:CMBLMember 2019-12-31 0001386716 sblk:SongaScrubbersMember sblk:CMBLMember 2019-01-01 2019-11-30 0001386716 sblk:SKShipholdingMember sblk:StarPiscesMember 2019-01-01 2019-04-30 0001386716 sblk:OceanTrustCoMember sblk:StarLibraMember 2019-01-01 2019-07-31 0001386716 sblk:StarChallengerMember sblk:KyowaSanshoMember 2019-01-01 2019-07-10 0001386716 sblk:StarFighterMember sblk:KyowaSanshoMember 2018-01-01 2018-12-31 0001386716 sblk:ING47800FacilityMember sblk:Tranche1Member 2018-01-01 2018-10-31 0001386716 sblk:ING47800FacilityMember sblk:Tranche2Member 2018-01-01 2018-10-31 0001386716 sblk:ING47800FacilityMember sblk:Tranche3Member 2019-01-01 2019-07-31 0001386716 sblk:ING47800FacilityMember sblk:Tranche4Member 2019-01-01 2019-07-31 0001386716 sblk:CEXIM106470FacilityMember sblk:Tranche3Member 2019-01-01 2019-11-30 0001386716 sblk:CEXIM106470FacilityMember sblk:Tranche2Member 2019-01-01 2019-11-30 0001386716 sblk:CEXIM106470FacilityMember sblk:Tranche1Member 2019-01-01 2019-11-30 0001386716 sblk:CreditAgricoleFacilityMember sblk:Tranche2Member 2018-01-01 2018-08-23 0001386716 sblk:CreditAgricoleFacilityMember sblk:Tranche1Member 2018-01-01 2018-08-23 0001386716 sblk:AtradiusFacilityMember sblk:ScrubberEquipmentMember 2019-01-01 2019-12-31 0001386716 sblk:DNB310000FacilityMember sblk:ScrubberEquipmentMember 2019-01-01 2019-12-31 0001386716 sblk:SEBFacilityMember sblk:ScrubberEquipmentMember 2019-01-01 2019-12-31 0001386716 sblk:ING10060FacilityMember sblk:ScrubberEquipmentMember 2019-01-01 2019-12-31 0001386716 sblk:CMBLMember sblk:ScrubberEquipmentMember 2019-01-01 2019-12-31 0001386716 us-gaap:RestrictedStockUnitsRSUMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2019-12-31 0001386716 sblk:EquityIncentivePlan2019Member 2019-01-01 2019-08-31 0001386716 sblk:SEBFacilityMember sblk:Tranche1Member 2019-12-31 0001386716 sblk:SEBFacilityMember sblk:Tranche2Member 2019-12-31 0001386716 sblk:ING10060FacilityMember sblk:Tranche3Member 2019-01-01 2019-12-31 0001386716 sblk:ING10060FacilityMember sblk:Tranche4Member 2019-01-01 2019-12-31 0001386716 sblk:BunkerSwapsMember sblk:INGBankNVFacilityMember 2019-12-31 0001386716 2019-11-20 0001386716 us-gaap:CommonStockMember sblk:OperatingVessels2Member 2018-01-01 2018-10-31 0001386716 sblk:EagleBulkMember 2019-01-01 2019-12-31 0001386716 sblk:EagleBulk1Member 2019-12-31 0001386716 sblk:HSBCWorkingCapitalFacilityMember us-gaap:SubsequentEventMember 2020-01-01 2020-02-29 0001386716 sblk:BunkerSwapsMember sblk:INGBankNVFacilityMember 2019-01-01 2019-12-31 0001386716 sblk:BunkerSwapsMember sblk:INGBankNVFacility1Member us-gaap:SubsequentEventMember 2020-03-27 0001386716 sblk:BunkerSwapsMember sblk:INGBankNVFacility1Member us-gaap:SubsequentEventMember 2020-01-01 2020-03-27 0001386716 sblk:INGBankNV1Member us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:INGBankNV2Member us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:INGBankNV3Member us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:SkandinaviskaEnskildaBankenAB1Member us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:SkandinaviskaEnskildaBankenAB2Member us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:INGBankNV1Member us-gaap:SubsequentEventMember 2020-01-01 2020-03-31 0001386716 sblk:INGBankNV2Member us-gaap:SubsequentEventMember 2020-01-01 2020-03-31 0001386716 sblk:INGBankNV3Member us-gaap:SubsequentEventMember 2020-01-01 2020-03-31 0001386716 sblk:SkandinaviskaEnskildaBankenAB1Member us-gaap:SubsequentEventMember 2020-01-01 2020-03-31 0001386716 sblk:SkandinaviskaEnskildaBankenAB2Member us-gaap:SubsequentEventMember 2020-01-01 2020-03-31 0001386716 sblk:INGBankNV1Member srt:MinimumMember us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:INGBankNV1Member srt:MaximumMember us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:INGBankNV2Member srt:MaximumMember us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:INGBankNV2Member srt:MinimumMember us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:INGBankNV3Member srt:MaximumMember us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:INGBankNV3Member srt:MinimumMember us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:SkandinaviskaEnskildaBankenAB1Member srt:MaximumMember us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:SkandinaviskaEnskildaBankenAB1Member srt:MinimumMember us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:SkandinaviskaEnskildaBankenAB2Member srt:MaximumMember us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:SkandinaviskaEnskildaBankenAB2Member srt:MinimumMember us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:StarJanni1Member us-gaap:AboveMarketLeasesMember 2019-12-31 0001386716 sblk:BareboatLeasePaymentsMember 2019-01-01 2019-12-31 0001386716 sblk:BareboatLeasePaymentsMember 2018-01-01 2018-12-31 0001386716 sblk:BareboatLeasePaymentsMember 2017-01-01 2017-12-31 0001386716 sblk:VesselCostMember 2017-12-31 0001386716 sblk:VesselCostMember 2018-01-01 2018-12-31 0001386716 sblk:AccumulatedDepreciationMember 2017-12-31 0001386716 sblk:AccumulatedDepreciationMember 2018-01-01 2018-12-31 0001386716 sblk:NetBookValueMember 2017-12-31 0001386716 sblk:NetBookValueMember 2018-01-01 2018-12-31 0001386716 sblk:EagleBulk1Member sblk:FirstVesselMember 2019-07-01 2019-08-31 0001386716 sblk:EagleBulk1Member sblk:SecondVesselMember 2019-09-01 2019-10-31 0001386716 sblk:MalteseAndSwissRegisteredCompaniesMember 2019-01-01 2019-12-31 0001386716 sblk:MalteseAndSwissRegisteredCompaniesMember 2018-01-01 2018-12-31 0001386716 sblk:MalteseAndSwissRegisteredCompaniesMember 2017-01-01 2017-12-31 0001386716 sblk:EagleBulk1Member sblk:FirstVesselMember 2019-08-31 0001386716 sblk:EagleBulk1Member sblk:SecondVesselMember 2019-10-31 0001386716 sblk:OperatingVesselsMember 2019-12-31 0001386716 sblk:IncludingAddressCommissionsMember 2017-01-01 2017-12-31 0001386716 sblk:CTBCFacilityMember 2019-01-01 2019-05-31 0001386716 sblk:CreditAgricole70000Member 2018-01-01 2018-08-21 0001386716 sblk:HSHNordbankHSBCFacilityMember 2018-01-01 2018-09-26 0001386716 sblk:CreditSuisseMember 2018-01-01 2018-12-31 0001386716 sblk:ABNAmroMember 2018-01-01 2018-12-31 0001386716 srt:RestatementAdjustmentMember us-gaap:AccountingStandardsUpdate201618Member 2016-01-01 2016-12-31 0001386716 srt:ScenarioPreviouslyReportedMember us-gaap:AccountingStandardsUpdate201618Member 2016-01-01 2016-12-31 0001386716 sblk:AugusteaOceanbulkMaritimeMaltaLtdMember 2018-12-31 0001386716 sblk:WriteOffOfUnamortizedIssuanceCostsExcludingPrepaymentFeesIncurredMember 2019-01-01 2019-12-31 0001386716 sblk:DNBBankASAMember us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:DNBBankASAMember us-gaap:SubsequentEventMember 2020-01-01 2020-03-31 0001386716 sblk:DNBBankASAMember srt:MaximumMember us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:DNBBankASAMember srt:MinimumMember us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:SkandinaviskaEnskildaBankenAB3Member us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:SkandinaviskaEnskildaBankenAB3Member us-gaap:SubsequentEventMember 2020-01-01 2020-03-31 0001386716 sblk:SkandinaviskaEnskildaBankenAB3Member srt:MaximumMember us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:SkandinaviskaEnskildaBankenAB3Member srt:MinimumMember us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:INGBankNV4Member us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:INGBankNV4Member us-gaap:SubsequentEventMember 2020-01-01 2020-03-31 0001386716 sblk:INGBankNV4Member srt:MaximumMember us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:INGBankNV4Member srt:MinimumMember us-gaap:SubsequentEventMember 2020-03-31 0001386716 sblk:HSBCWorkingCapitalFacilityMember us-gaap:SubsequentEventMember 2020-01-01 2020-03-23 0001386716 sblk:BunkerSwapsMember sblk:INGBankNVFacilityAndIntercontinentalExchangeIncMember us-gaap:SubsequentEventMember 2020-03-27 0001386716 sblk:BunkerSwapsMember sblk:INGBankNVFacilityAndIntercontinentalExchangeIncMember us-gaap:SubsequentEventMember 2020-01-01 2020-03-27 0001386716 sblk:HSBCWorkingCapitalFacilityMember us-gaap:SubsequentEventMember 2020-03-30 0001386716 sblk:DSFFacility1Member sblk:Tranche1Member us-gaap:SubsequentEventMember 2020-03-30 0001386716 sblk:DSFFacility1Member sblk:Tranche2Member us-gaap:SubsequentEventMember 2020-03-30 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure iso4217:EUR -980165000 -1001170000 16854000 46761000 10855000 7374000 7046000 11413000 2054000 2859000 38402000 58785000 -0.17 0.76 -0.16 -0.17 0.76 -0.16 -16201000 58397000 -9771000 -9771000 58397000 -16201000 126813000 92896000 5325000 2589000 0 0 5505000 0 0 5723000 0 0 1908000 222962000 121596000 64682000 3850000 3400000 3300000 821365000 651561000 331976000 0 -875000 373927000 437779000 9659000 -329000 397499000 240529000 253812000 102977000 250000 574000 12104000 185311000 127618000 6153000 344080000 1322000 590000 85000 65000 41000 327000 0 867000 0 305000 11000 0 16000 0 195000 0 1649000 4017000 19000 302000 236000 246000 1111000 2879000 873000 0 821365000 651561000 331976000 3022137000 3238671000 1520045000 1544040000 1088052000 642000 1037230000 961000 566000 -1036303000 605000 2123108000 -1026532000 -294000 2063490000 926000 2502429000 0 -980165000 2544342000 -1001170000 0 0 -3145000 -93000 2502429000 2544342000 926000 961000 0 0 1502092000 1694631000 668000 770000 685819000 960589000 960589000 48410000 48821000 222717000 310931000 1799000 1724000 3757000 5781000 20959000 42779000 101007000 150350000 150350000 3022137000 3238671000 2521000 1021000 8420000 1108000 1162000 2716008000 2965527000 2656108000 2965527000 1775081000 2656108000 2965527000 298836000 266042000 537000 216000 0 216000 537000 0 6504000 17745000 27436000 51153000 213877000 126262000 273500000 195762000 -87615000 -59623000 77738000 700000 950000 900000 885000 672500 944000 396500 276000 944000 885000 2021-02-27 2021-04-30 2022-04-30 4350000 4350000 2018-02-15 2019-01-31 2019-01-31 756962 809500 1049000 253500 276000 744000 200000 71500 685462 359000 1825000 1825000 8696000 625000 625000 2140000 469000 469000 1705000 500000 8414000 500000 6977000 346000 10464000 88000 88000 282000 900000 450000 672000 672000 677000 524000 618000 3664000 535000 311000 1298000 730000 313000 739000 739000 739000 88000 88000 SBLK SBLKZ 22500000 22500000 2022-11-15 2023-02-28 The NBG $30,000 Facility is secured by a first priority mortgage on the vessels Star Theta and Star Iris. The facility is secured by the vessels Kymopolia, Mercurial Virgo, Pendulum, Amami, Madredeus, Star Emily, Star Omicron and Star Zeta. The facility is secured by the vessels Star Borealis and Star Polaris. The Citi $130,000 Facility is secured by a first priority mortgage on the vessels Star Pauline, Star Angie, Star Sophia, Star Georgia, Star Kamila and Star Nina and five of the Augustea Vessels Star Eva, Star Paola., Star Aphrodite, Star Lydia and Star Nicole. The loan is secured by a first priority mortgage on Big Bang, Strange Attractor, Big Fish, Pantagruel, Gargantua, Goliath, Maharaj, Star Poseidon, Star Nasia, Diva, Star Danai, Star Renee, Star Markella, Star Laura, Star Moira, Star Jennifer, Star Mariella, Star Helena, Star Maria, Star Sirius, Star Vega, Star Triumph, Star Charis, Star Suzanna, Star Angelina and Star Gwyneth. The ABN $115,000 Facility is secured by a first priority on the four Augustea Vessels and the Step 1 Vessels. The loan is secured by a first priority mortgage on the Star Monica. The loan is secured by a first priority mortgage on the two Augustea vessels. The DVB $24,750 Facility is secured by a first priority pledge of the membership interests of the Christine Shipco LLC. The Sinosure Facility is secured by a first priority cross collateralized mortgage over the Sinosure Financed Vessels. The SEB Facility is secured by a first priority mortgage on the vessels Star Laetitia and Star Sienna. 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 22 vessels of our fleet. The ING $100,600 Facility is secured by a first priority mortgage on the vessels Peloreus, Leviathan, Star Magnanimus and Star Allessia. The Citibank $62,600 Facility is secured by a first priority mortgage on the vessels Star Virgo and Star Marisa. The CTBC Facility is secured by a first priority mortgage on the vessel Star Karlie. The NTT Facility is secured by a first priority mortgage on the Star Aquarius. The CEXIM $106,470 Facility is secured by first priority mortgages on the vessels Katie K, Debbie H and Star Ayesha. The HSBC Working Capital Facility is secured by second priority mortgage on the eight vessels which secure the HSBC $80,000 Facility. The DSF $55.0 million Facility will be secured by first priority mortgages on the vessels Star Eleni and Star Leo. 27251000 26825000 12590000 4411000 -447000 -841000 4411000 -447000 -841000 347140000 328634000 143684000 144550000 9167000 31772000 80000000 30000000 43000000 47800000 130000000 80000000 310000000 115000000 69525000 7900000 98165000 240000000 70000000 65000000 65000000 17875000 17875000 71420000 1260000 37100000 36645000 35000000 17500000 106470000 35490000 35490000 35490000 30000000 55000000 27500000 27500000 0 0 52000 34726000 240440000 100075000 11161000 44100000 74647000 60790000 69907000 64160004 96073197 56628907 92627349 520000 -321000 -24000 3894000 1223000 3936000 15098000 1179000 10997000 1590000 2975000 20 16 16 20 48 20 12 20 20 28 28 20 20 17 24 16 17 19 19 12 20 10 28 28 16 16 20 20 27 40 40 40 24 24 4516000 29095000 35428000 2260000 66087000 9000000 9000000 9375000 9375000 28500000 28500000 12150000 5114000 5114000 24733000 17120000 8700000 36611000 20400000 9063000 5915000 5915000 5915000 18723000 18723000 quarterly quarterly quarterly quarterly quarterly quarterly quarterly quarterly quarterly quarterly quarterly quarterly quarterly quarterly quarterly quarterly quarterly quarterly quarterly quarterly quarterly quarterly quarterly quarterly quarterly semi-annual quarterly quarterly quarterly quarterly 3244292 6310272 5000000 6310272 50427000 8.154 13.10 13.31 14 13.87 10.41 9.66 2139000 6000000 2200000 8400000 18231000 20000000 7628000 18107000 975000 3379000 2450000 4 3 Bareboat charter for eight years Bareboat charter for five years Bareboat charter for five years Bareboat charter for ten years Bareboat charter for seven years Bareboat charter for seven years Bareboat charter for seven years Bareboat charter for eleven years 0 1230000 1821000 0 0 0 27.5 27.5 27.5 27.5 0 0 0 0 0 0 104250 104250 104250 104250 0 0 0 104250 52425 209537 12900000 209475 209537 209529 209472 207812 207810 207765 207709 182511 182496 180233 180274 180181 179678 179546 177931 177662 176990 176343 174109 98681 98681 98681 98681 82981 82790 82769 82619 82598 82594 82574 82298 82269 82266 82257 82224 82221 82220 82209 82209 82187 81711 81711 81545 76466 76417 63458 63426 63399 63283 63262 63226 61462 61455 61347 61320 61292 61258 60916 60916 56582 55742 53489 52994 52425 12859300 207939 207896 207721 207566 207555 207490 181258 180716 179147 175125 175800 115259 106659 92006 91952 91945 83494 82687 82567 82672 82188 82158 81918 81944 81502 81466 81187 81120 80705 80448 81061 61491 60935 58680 55783 178978 178906 206861 206852 206839 63123 56615 56604 56582 56559 56545 56540 56539 56530 56507 56506 271038 0 280000 104250 104250 104250 0.01 0.01 0 0 0 0 25000000 25000000 0 1724000 0 1799000 0 216000 0 537000 0.01 0.01 96066226 92285986 300000000 300000000 50427000 63000 50364000 -605000 899000 899000 -605000 1110939000 1126037000 15914000 14977000 16000000 485570000 -16146000 58413000 -9628000 1018000 1753000 2423000 0 140000 2802000 0 -141000 -2556000 0 0 51454000 0 3000 -852000 51956000 72555000 615000 284000 -1430000 15349000 38402000 48634000 489506000 0 3000 -852000 93735549 77326111 63034394 54000 45000 93000 0 0 43000 0 210000 0 314000 0 329000 0 2 2 2 4 6 2 4 4 3 2 2018-04-19 2018-09-26 2018-08-21 2018-10-18 2018-09-27 2018-12-17 2014-10-30 2015-02-11 2019-01-28 2019-01-31 2019-02-28 2019-03-28 2019-05-08 2019-05-24 2019-07-31 2019-09-23 2020-02-06 2020-01-31 0 106000 47000 3850000 3400000 3300000 0 264884 0 179000 159000 145000 0 711000 -852000 -3526000 -2383000 -1257000 -1229000 15365000 38860000 12071000 12293000 63594000 51360000 49800000 82172000 65158000 50227000 P2Y1M13D 4347000 42000 P3M18D 0 532000 1027000 -16201000 57792000 -8872000 768282000 987980000 160780000 0 0 0 0 0 15349000 -246000 -1339000 36000 2006-12-13 2024000 2337000 1420000 -28000 -108000 -144000 -5493000 0 2598000 -5493000 110000 191000 989000 0 707000 246000 93735549 77061227 63034394 7943000 8072000 9267000 -732000 1091000 -745000 15366000 13818000 2910000 20383000 22266000 5949000 23717000 8091000 4811000 14940000 7545000 43000 805000 96066226 0001386716 103697000 96695000 122035000 -279837000 -325327000 -127101000 -126852000 249000 209000 -13216000 10671000 3307000 1430000 56632000 0 15153000 19125000 33950000 15000000 88525000 169009000 82804000 80970000 1834000 -216000 -33448000 11675000 3827000 -863000 2368000 1420000 -127000 3627000 10288000 4709000 -89844000 -73525000 -48472000 1299000 1866000 2997000 73698000 131938000 38844000 34819000 33972000 30955000 324000 322000 284000 124280000 102852000 82623000 124280000 124280000 102852000 102852000 57444000 8970000 4262000 2019-12-31 2019 FY No Accelerated Filer --12-31 No Yes Star Bulk Carriers Corp. false 20-F 116 80 February 26, 2016 July 15, 2015 July 15, 2015 April 2, 2015 March 28, 2017 March 1, 2017 June 6, 2016 March 11, 2016 September 19, 2014 July 22, 2014 December 29, 2014 October 31, 2014 July 11, 2014 September 9, 2011 November 14, 2011 October 29, 2014 July 11, 2014 July 11, 2014 December 8, 2017 July 11, 2014 July 11, 2014 July 11, 2014 March 7, 2014 February 13, 2014 December 5, 2014 December 5, 2014 September 3, 2014 July 11, 2014 November 5, 2014 September 29, 2014 October 21, 2014 October 14, 2014 October 31, 2014 September 19, 2014 November 19, 2014 January 5, 2015 December 18, 2014 August 29, 2014 December 8, 2014 April 15, 2015 December 29, 2014 March 22, 2017 May 15, 2017 July 11, 2014 September 8, 2014 September 16, 2014 March 25, 2015 March 31, 2015 April 7, 2015 June 26, 2015 January 8, 2016 March 2, 2016 December 12, 2013 December 30, 2013 January 6, 2016 February 27, 2015 February 27, 2015 October 9, 2015 July 22, 2015 August 7, 2015 July 24, 2017 July 11, 2014 April 17, 2008 January 2, 2008 December 6, 2007 May 14, 2018 August 3, 2018 August 3, 2018 August 3, 2018 January 3, 2018 March 26, 2018 July 6, 2018 July 6, 2018 July 6, 2018 August 3, 2018 August 3, 2018 August 3, 2018 August 3, 2018 August 3, 2018 August 3, 2018 August 3, 2018 July 6, 2018 July 6, 2018 August 3, 2018 July 6, 2018 July 6, 2018 July 6, 2018 July 6, 2018 August 3, 2018 July 6, 2018 July 6, 2018 August 3, 2018 August 3, 2018 July 6, 2018 July 6, 2018 August 3, 2018 November 16, 2018 July 6, 2018 August 3, 2018 July 6, 2018 Oct. 10, 2018 January 7, 2019 January 14, 2019 October 10, 2018 May 28, 2019 July 15, 2019 April 16, 2019 July 16, 2019 August 19, 2019 August 8, 2019 July 15, 2019 September 18, 2019 July 16, 2019 July 15, 2019 July 16, 2019 July 23, 2019 July 16, 2019 July 15, 2019 2019-03-06 2019-09-05 2019-12-09 2019-12-17 2019-03-08 2019-09-23 2019-01-08 The NBG $30,000 Facility was used along with cash on hand to fully repay the outstanding amount of Commerzbank $120,000 Facility. The tranche of $240,000 was used to refinance the outstanding amount under the ABN $87,458 Facility, the DNB-SEB-CEXIM $227,500 Facility, the DNB $120,000 Facility, the Deutsche Bank AG $39,000 Facility and the ABN AMRO Bank N.V. $30,844 Facility. The tranche of $70,000 was used to finance the acquisition and installation of scrubber equipment for the mortgaged vessels under the DNB $310,000 Facility. The HSBC $80,000 Facility was used to refinance the outstanding amount under the HSH Nordbank $64,500 Facility and HSBC $86,600 Facility. The first tranche was used to refinance the then existing indebtedness of four of the Augustea Vessels Star Virginia, Star Scarlett, Star Jeanette and Star Audrey. The second tranche was used to partially finance the acquisition cost of the Star Bright. The Credit Agricole $43,000 Facility was used to refinance the outstanding amount under the Credit Agricole $70,000 Facility. The Citi $130,000 Facility was used to refinance the outstanding amount under the Citi Facility and the existing indebtedness of five of the Augustea Vessels. The Bank of Tokyo Facility provided financing for the vessel Star Monica. The BNP Facility provided financing for the vessels Star Despoina and Pierra. The DVB $24,750 Facility was used to partially finance the acquisition of 100% of the equity interests of Christine Shipco LLC, which is the owner of the vessel Star Martha. The Sinosure Facility was used to partially finance the construction cost of the newbuilding vessels, Honey Badger, Wolverine, Star Antares, Star Lutas, Kennadi and Mackenzie (the “Sinosure Financed Vessels”). The first two tranches of ING $47,800 Facility were used to refinance the outstanding amount of Deutsche Bank $85,000 Facility. The remaining two tranches of ING $47,800 Facility were used to finance the acquisition and installation of scrubber equipment for the vessels Peloreus and Leviathan. The remaining two tranches were used to partially finance the acquisition cost of the Star Marianne and Star Janni. 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 were 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 is to be used to finance the acquisition and installation 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 were 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 Star 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 was used to refinance the outstanding amount under the lease agreements of the Katie K, the Debbie H and Star Ayesha. The HSBC Working Capital Facility will be used to finance working capital requirements. The DSF $55.0 million Facility will be used to refinance the outstanding amounts under the lease agreements of Star Eleni and Star Leo. 16326000 7505000 35632000 30000000 22723000 9768000 204921000 117819000 257911000 58000000 53500000 70800000 20500000 6435000 7422000 7169000 8443000 8956000 2166419000 992777000 798863000 798863000 0.0559 0.0528 0.0472 5590000 3253000 2660000 -1859000 75000 60000 0 1247000 0 109000 61000 236000 202000 109000 61000 34000 59900000 0 48574000 4880000 291300 999336 3304735 13725000 10277335 4503370 1.00 0.50 0 1609000 0 1609000 39000 20500000 7943000 8072000 9267000 13000 8000 9254000 8064000 9000 7934000 1220825 868975 883700 160062000 128872000 101428000 17500000 11321000 7543000 6564000 2309000 0 32000 376000 0 50000000 11 8 7 4 2 5 4 42 10 LIBOR 37506000 48634000 2032000 2032000 2032000 -655000 -534000 -493000 1652000 2241000 555000 3411000 17784000 0 17784000 3411000 -24551000 -3411000 3411000 -83256000 -17784000 2264000 309000 456000 284000 899000 3664000 3703000 2016 2015 2015 2015 2017 2017 2016 2016 2014 2014 2008 2010 2004 2011 2011 2007 2004 2006 2004 2007 2011 2011 2011 2011 2006 2006 2005 2006 2007 2007 2006 2006 2007 2006 2006 2006 2006 2006 2006 2006 2006 2013 2013 2013 2004 2004 2015 2015 2015 2015 2016 2016 2012 2013 2016 2015 2015 2015 2015 2015 2011 2006 2005 2003 2003 2018 2017 2017 2016 2018 2018 2011 2010 2009 2011 2014 2011 2012 2011 2010 2010 2011 2008 2014 2008 2012 2012 2014 2017 2011 2010 2013 2013 2010 2011 2015 2017 2015 2012 2010 2010 2010 2019 2019 2019 2014 2013 2013 2013 2012 2012 2013 2012 2012 2013 2012 69820000 68255000 137160000 66144000 25809000 122318000 150350000 144621000 166764000 361263000 116272000 186767000 143000 271038 280000 385000 71500 12.49 9.28 8.09 4.82 8.13 11.68 9.59 8.54 10.29 8.24 7.0605 7.0605 7.0605 7.0605 0 0 0 0 0 0 295000 232000 34000 40000 1502000 1540000 6514000 37555000 8277000 7394000 232000 0 3894000 327000 63576000 37215000 21060000 146089000 72287000 34997000 6828000 6179000 3438000 2619000 2515000 1887000 103701000 80360000 63074000 10311000 7544000 6314000 25675000 26368000 18589000 9833000 8494000 7016000 2087000 1506000 2565000 6948000 3366000 1945000 0 708000 0 20842000 24475000 24475000 14893000 5949000 308279000 51202000 24750000 30000000 43000000 80000000 240000000 65000000 65000000 69525000 7900000 17875000 17875000 32825000 32825000 37100000 1260000 33311000 3331000 32100000 17400000 1400000 1400000 62563000 17500000 1400000 1400000 35490000 35490000 35490000 21500000 21500000 33311000 51202000 1260000 5600000 12165000 8834000 35000000 13123000 2940558 341363 1579195 1020000 53978 3 11 5949000 0 3145000 93000 1607000 722000 0 10000 10065000 10055000 33000 42929000 42962000 137000 182543000 182680000 103000 143780000 143883000 3000 4037000 4040000 47515000 45000 47470000 999336 999336 291300 10331313 3304735 13725000 10277335 291300 4503370 2349000 1820000 0 1337000 1012000 1820000 20523000 3145000 0 3553000 2473000 false 341363 6971 357000 1972000 0 15 16 3 P12Y P6Y P6Y P7Y P7Y P5Y P5Y straight-line basis 300 300 straight-line basis P25Y 0.33 275000 325000 315000 2018-12-31 2019-12-31 2020-12-31 1.12 300 2500 300 2800 P6Y 3 2 1 9 4 4 0.33 0.25 123000 50000 2017-11-09 96671000 129749000 13073000 41837000 452661000 327680000 19800000 335671000 335671000 127532000 844474000 844474000 1606000 16178000 3411000 1184000 924000 365000 2023-08-31 2023-09-30 2020-10-31 2025-01-31 2025-01-31 2024-03-31 2024-05-31 2024-05-31 2026-08-31 1.00 quarterly in arrears on the 15th day of February, May, August and November quarterly quarterly quarterly quarterly quarterly quarterly 0.083 0.080 1 50000000 806000 1049000 6000 The Company's outstanding credit facilities and senior notes generally contain customary affirmative and negative covenants, on a subsidiary level, including limitations to: - pay dividends if there is an event of default under the Company's credit facilities; - incur additional indebtedness, including the issuance of guarantees, refinance or prepay any indebtedness, unless certain conditions exist; - create liens on Company's assets, unless otherwise permitted under Company's credit facilities; - change the flag, class or management of Company's vessels or terminate or materially amend the management agreement relating to each vessel; - acquire new or sell vessels, unless certain conditions exist; - merge or consolidate with, or transfer all or substantially all Company's assets to, another person; or - enter into a new line of business. Furthermore, the Company's credit facilities and senior notes contain financial covenants requiring the Company to maintain various financial ratios, including: - a minimum percentage of aggregate vessel value to secured loans (security cover ratio or ''SCR''); - a maximum ratio of total liabilities to market value adjusted total assets; - a minimum EBITDA to interest coverage ratio; - a minimum liquidity; and - a minimum market value adjusted net worth. As of December 31, 2018 and 2019, the Company was required to maintain minimum liquidity, not legally restricted, of $53,500 and $58,000, respectively, which is included within ''Cash and cash equivalents'' in the balance sheets. In addition, as of December 31, 2018 and 2019, the Company was required to maintain minimum liquidity, legally restricted, of $8,956 and $8,443, respectively, which is included within ''Restricted cash'' current and non-current, in the consolidated balance sheets. As of December 31, 2019, the Company was in compliance with the applicable financial and other covenants contained in its debt agreements, including the 2022 Notes. 50000000 27.5 P5Y 0.59274 0.013 14000 0 0 7703000 10745000 12023000 0 329000 0 314000 0 210000 0 43000 0 0 1000000000 1491000 -1386000 0 -599000 6043000 -877000 P2Y2M1D P3Y10M27D P2M P2M 50000000 2000000 2000000 57580000 373565000 0 149765000 Each RSU represents, upon vesting, a right for the beneficiary to receive one common share of the Company. 120000000 300000000 0.1 0.13 0.14 0.15 1507000 1234000 1925000 93000 93000 <p style="margin: 0pt"></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Basis of Presentation and General Information:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The consolidated financial statements as of December 31, 2018 and 2019 and for the years ended December 31, 2017, 2018 and 2019, include the accounts of Star Bulk Carriers Corp. (&#8220;Star Bulk&#8221;) and its wholly owned subsidiaries as set forth below (collectively, the &#8220;Company&#8221;).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Star Bulk was incorporated on December&#160;13, 2006 under the laws of the Marshall Islands and maintains offices in Athens, Oslo, New York, Limassol and Geneva. The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership and operation of dry bulk carrier vessels. Since December&#160;3, 2007, Star Bulk shares trade on the NASDAQ Global Select Market under the ticker symbol &#8220;SBLK&#8221; (primary listing). Following, and in connection with, the Songa Vessel Purchase Transaction, as defined below in Note 3, Star Bulk&#8217;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">As of December 31, 2019, the Company owned a modern fleet of 116 dry bulk vessels consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax and Supramax vessels with a carrying capacity between 52,425 deadweight tonnage (&#8220;dwt&#8221;) and 209,537 dwt, and a combined carrying capacity of 12.9 million dwt. Additionally, through its subsidiary, Star Logistics Management S.A. (or &#8220;Star Logistics&#8221;), which was formed in October 2017 and is based in Geneva, Switzerland, the Company chartered-in a number of third-party vessels on a short- to medium- term basis (usually not exceeding one year) to increase its operating capacity in order to satisfy its clients&#8217; needs. Effective January 1, 2020, all activities of Star Logistics were transferred to Star Bulk (Singapore) Pte. Ltd (or &#8220;Star Bulk Singapore&#8221;), a newly established wholly-owned subsidiary of the Company based in Singapore. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Below is the list of the Company&#8217;s wholly owned subsidiaries as of December&#160;31, 2019:</p> <p style="margin: 0">Subsidiaries owning vessels in operation at December&#160;31, 2019:</p> <p style="margin: 0pt"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; text-align: right; width: 5%">&#160;</td> <td style="vertical-align: bottom; width: 32%">&#160;</td> <td style="vertical-align: bottom; width: 28%">&#160;</td> <td style="vertical-align: bottom; text-align: center; width: 11%">&#160;</td> <td style="font-weight: bold; vertical-align: middle; text-align: center; width: 18%">Date</td> <td style="vertical-align: bottom; width: 6%">&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&#160;</td> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: justify">Wholly Owned Subsidiaries</td> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: justify">Vessel Name</td> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">DWT</td> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Delivered to Star Bulk</td> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Year Built</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center">1 </td> <td style="text-align: justify">Sea Diamond Shipping LLC</td> <td style="font-style: italic; text-align: justify">Goliath&#160;</td> <td style="text-align: right">209,537</td> <td style="text-align: center">July 15, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">2</td> <td style="text-align: justify">Pearl Shiptrade LLC</td> <td style="font-style: italic; text-align: justify">Gargantua&#160;</td> <td style="text-align: right">209,529</td> <td style="text-align: center">April 2, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center; background-color: white">3</td> <td style="text-align: justify">Star Ennea LLC</td> <td style="font-style: italic; text-align: justify">Star Poseidon</td> <td style="text-align: right">209,475</td> <td style="text-align: center">February 26,&#160;2016</td> <td style="text-align: center">2016</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">4</td> <td style="text-align: justify">Coral Cape Shipping LLC</td> <td style="font-style: italic; text-align: justify">Maharaj</td> <td style="text-align: right">209,472</td> <td style="text-align: center">July 15, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center; background-color: white">5</td> <td style="text-align: justify">Star Castle&#160;II LLC</td> <td style="font-style: italic; text-align: justify">Star Leo (1)</td> <td style="text-align: right">207,939</td> <td style="text-align: center">May 14, 2018</td> <td style="text-align: center">2018</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">6</td> <td style="text-align: justify">ABY Eleven Ltd</td> <td style="font-style: italic; text-align: justify">Star Laetitia</td> <td style="text-align: right">207,896</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2017</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">7</td> <td style="text-align: justify">Domus Shipping LLC</td> <td style="font-style: italic; text-align: justify">Star Ariadne</td> <td style="text-align: right">207,812</td> <td style="text-align: center">March 28, 2017</td> <td style="text-align: center">2017</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">8</td> <td style="text-align: justify">Star Breezer LLC</td> <td style="font-style: italic; text-align: justify">Star Virgo</td> <td style="text-align: right">207,810</td> <td style="text-align: center">March 1, 2017</td> <td style="text-align: center">2017</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">9</td> <td style="text-align: justify">Star Seeker LLC</td> <td style="font-style: italic; text-align: justify">Star Libra (1)&#160;</td> <td style="text-align: right">207,765</td> <td style="text-align: center">June 6, 2016</td> <td style="text-align: center">2016</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">10</td> <td style="text-align: justify">ABY Nine Ltd</td> <td style="font-style: italic; text-align: justify">Star Sienna</td> <td style="text-align: right">207,721</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2017</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center; background-color: white">11</td> <td style="text-align: justify">Clearwater Shipping LLC</td> <td style="font-style: italic; text-align: justify">Star Marisa</td> <td style="text-align: right">207,709</td> <td style="text-align: center">March 11 2016</td> <td style="text-align: center">2016</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">12</td> <td style="text-align: justify">ABY Ten Ltd</td> <td style="font-style: italic; text-align: justify">Star Karlie</td> <td style="text-align: right">207,566</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2016</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center; background-color: white">13</td> <td style="text-align: justify">Star Castle&#160;I LLC</td> <td style="font-style: italic; text-align: justify">Star Eleni (1)&#160;</td> <td style="text-align: right">207,555</td> <td style="text-align: center">January 3, 2018</td> <td style="text-align: center">2018</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">14</td> <td style="text-align: justify">Festive Shipping LLC</td> <td style="font-style: italic; text-align: justify">Star Magnanimus</td> <td style="text-align: right">207,490</td> <td style="text-align: center">March 26, 2018</td> <td style="text-align: center">2018</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center; background-color: white">15</td> <td style="text-align: justify; background-color: white">New Era II Shipping LLC</td> <td style="font-style: italic; text-align: justify; background-color: white">Debbie H</td> <td style="text-align: right; background-color: white">206,861</td> <td style="text-align: center">May 28, 2019</td> <td style="text-align: center">2019</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">16</td> <td style="text-align: justify">New Era III Shipping LLC</td> <td style="font-style: italic; text-align: justify">Star Ayesha</td> <td style="text-align: right">206,852</td> <td style="text-align: center">July 15, 2019</td> <td style="text-align: center">2019</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">17</td> <td style="text-align: justify">New Era I Shipping LLC</td> <td style="font-style: italic; text-align: justify">Katie K</td> <td style="text-align: right">206,839</td> <td style="text-align: center">April 16, 2019</td> <td style="text-align: center">2019</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">18</td> <td style="text-align: justify">Cape Ocean Maritime LLC</td> <td style="font-style: italic; text-align: justify">Leviathan&#160;</td> <td style="text-align: right">182,511</td> <td style="text-align: center">September&#160;19, 2014</td> <td style="text-align: center">2014</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">19</td> <td style="text-align: justify">Cape Horizon Shipping LLC</td> <td style="font-style: italic; text-align: justify">Peloreus&#160;</td> <td style="text-align: right">182,496</td> <td style="text-align: center">July&#160;22, 2014</td> <td style="text-align: center">2014</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">20</td> <td style="text-align: justify">Star Nor I LLC</td> <td style="font-style: italic; text-align: justify">Star Claudine (1)</td> <td style="text-align: right">181,258</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">21</td> <td style="text-align: justify">Star Nor II LLC</td> <td style="font-style: italic; text-align: justify">Star Ophelia (1)</td> <td style="text-align: right">180,716</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2010</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">22</td> <td style="text-align: justify">Christine Shipco LLC</td> <td style="font-style: italic; text-align: justify">Star Martha&#160;</td> <td style="text-align: right">180,274</td> <td style="text-align: center">October 31, 2014</td> <td style="text-align: center">2010</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">23</td> <td style="text-align: justify">Sandra Shipco LLC</td> <td style="font-style: italic; text-align: justify">Star Pauline&#160;</td> <td style="text-align: right">180,233</td> <td style="text-align: center">December 29, 2014</td> <td style="text-align: center">2008</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">24</td> <td style="text-align: justify">Pacific Cape Shipping LLC</td> <td style="font-style: italic; text-align: justify">Pantagruel&#160;</td> <td style="text-align: right">180,181</td> <td style="text-align: center">July&#160;11, 2014</td> <td style="text-align: center">2004</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">25</td> <td style="text-align: justify">Star Borealis LLC</td> <td style="font-style: italic; text-align: justify">Star Borealis</td> <td style="text-align: right">179,678</td> <td style="text-align: center">September&#160;9, 2011</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">26</td> <td style="text-align: justify">Star Polaris LLC</td> <td style="font-style: italic; text-align: justify">Star Polaris</td> <td style="text-align: right">179,546</td> <td style="text-align: center">November&#160;14, 2011</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">27</td> <td style="text-align: justify">Star Nor III LLC</td> <td style="font-style: italic; text-align: justify">Star Lyra (1)</td> <td style="text-align: right">179,147</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2009</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">28</td> <td style="text-align: justify">Star Regg II LLC</td> <td style="font-style: italic; text-align: justify">Star Janni</td> <td style="text-align: right">178,978</td> <td style="text-align: center">January 7, 2019</td> <td style="text-align: center">2010</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">29</td> <td style="text-align: justify">Star Regg I LLC</td> <td style="font-style: italic; text-align: justify">Star Marianne</td> <td style="text-align: right">178,906</td> <td style="text-align: center">January 14, 2019</td> <td style="text-align: center">2010</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">30</td> <td style="text-align: justify">Star Trident V LLC</td> <td style="font-style: italic; text-align: justify">Star Angie&#160;</td> <td style="text-align: right">177,931</td> <td style="text-align: center">October 29, 2014</td> <td style="text-align: center">2007</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">31</td> <td style="text-align: justify">Sky Cape Shipping LLC</td> <td style="font-style: italic; text-align: justify">Big Fish&#160;</td> <td style="text-align: right">177,662</td> <td style="text-align: center">July&#160;11, 2014</td> <td style="text-align: center">2004</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">32</td> <td style="text-align: justify">Global Cape Shipping LLC</td> <td style="font-style: italic; text-align: justify">Kymopolia&#160;</td> <td style="text-align: right">176,990</td> <td style="text-align: center">July&#160;11, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">33</td> <td style="text-align: justify">Star Trident XXV Ltd.</td> <td style="font-style: italic; text-align: justify">Star Triumph</td> <td style="text-align: right">176,343</td> <td style="text-align: center">December 8, 2017</td> <td style="text-align: center">2004</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">34</td> <td style="text-align: justify">ABY Fourteen Ltd</td> <td style="font-style: italic; text-align: justify">Star Scarlett</td> <td style="text-align: right">175,800</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2014</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">35</td> <td style="text-align: justify">ABY Fifteen Ltd</td> <td style="font-style: italic; text-align: justify">Star Audrey</td> <td style="text-align: right">175,125</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">36</td> <td style="text-align: justify">Sea Cape Shipping LLC</td> <td style="font-style: italic; text-align: justify">Big Bang&#160;</td> <td style="text-align: right">174,109</td> <td style="text-align: center">July&#160;11, 2014</td> <td style="text-align: center">2007</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">37</td> <td style="text-align: justify">ABY I LLC</td> <td style="font-style: italic; text-align: justify">Star Paola</td> <td style="text-align: right">115,259</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">38</td> <td style="text-align: justify">ABM One Ltd</td> <td style="font-style: italic; text-align: justify">Star Eva</td> <td style="text-align: right">106,659</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2012</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">39</td> <td style="text-align: justify">Nautical Shipping LLC</td> <td style="font-style: italic; text-align: justify">Amami&#160;</td> <td style="text-align: right">98,681</td> <td style="text-align: center">July&#160;11, 2014</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">40</td> <td style="text-align: justify">Majestic Shipping LLC</td> <td style="font-style: italic; text-align: justify">Madredeus&#160;</td> <td style="text-align: right">98,681</td> <td style="text-align: center">July&#160;11, 2014</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">41</td> <td style="text-align: justify">Star Sirius LLC</td> <td style="font-style: italic; text-align: justify">Star Sirius</td> <td style="text-align: right">98,681</td> <td style="text-align: center">March&#160;7, 2014</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">42</td> <td style="text-align: justify">Star Vega LLC</td> <td style="font-style: italic; text-align: justify">Star Vega</td> <td style="text-align: right">98,681</td> <td style="text-align: center">February&#160;13, 2014</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">43</td> <td style="text-align: justify">ABY II LLC</td> <td style="font-style: italic; text-align: justify">Star Aphrodite</td> <td style="text-align: right">92,006</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">44</td> <td style="text-align: justify">Augustea Bulk Carrier Ltd</td> <td style="font-style: italic; text-align: justify">Star Piera</td> <td style="text-align: right">91,952</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2010</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">45</td> <td style="text-align: justify">Augustea Bulk Carrier Ltd</td> <td style="font-style: italic; text-align: justify">Star Despoina</td> <td style="text-align: right">91,945</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2010</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">46</td> <td style="text-align: justify">Star Nor IV LLC</td> <td style="font-style: italic; text-align: justify">Star Electra (1)</td> <td style="text-align: right">83,494</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">47</td> <td style="text-align: justify">Star Alta I LLC</td> <td style="font-style: italic; text-align: justify">Star Angelina&#160;</td> <td style="text-align: right">82,981</td> <td style="text-align: center">December 5, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">48</td> <td style="text-align: justify">Star Alta II LLC</td> <td style="font-style: italic; text-align: justify">Star Gwyneth&#160;</td> <td style="text-align: right">82,790</td> <td style="text-align: center">December 5, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">49</td> <td style="text-align: justify">Star Trident&#160;I LLC</td> <td style="font-style: italic; text-align: justify">Star Kamila&#160;</td> <td style="text-align: right">82,769</td> <td style="text-align: center">September&#160;3, 2014</td> <td style="text-align: center">2005</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">50</td> <td style="text-align: justify">Star Nor VI LLC</td> <td style="font-style: italic; text-align: justify">Star Luna (1)</td> <td style="text-align: right">82,687</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2008</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">51</td> <td style="text-align: justify">Star Nor V LLC</td> <td style="font-style: italic; text-align: justify">Star Bianca (1)</td> <td style="text-align: right">82,672</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2008</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">52</td> <td style="text-align: justify">Grain Shipping LLC</td> <td style="font-style: italic; text-align: justify">Pendulum&#160;</td> <td style="text-align: right">82,619</td> <td style="text-align: center">July&#160;11, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">53</td> <td style="text-align: justify">Star Trident XIX LLC</td> <td style="font-style: italic; text-align: justify">Star Maria&#160;</td> <td style="text-align: right">82,598</td> <td style="text-align: center">November 5, 2014</td> <td style="text-align: center">2007</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">54</td> <td style="text-align: justify">Star Trident XII LLC</td> <td style="font-style: italic; text-align: justify">Star Markella&#160;</td> <td style="text-align: right">82,594</td> <td style="text-align: center">September&#160;29, 2014</td> <td style="text-align: center">2007</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">55</td> <td style="text-align: justify">Star Trident IX LLC</td> <td style="font-style: italic; text-align: justify">Star Danai&#160;</td> <td style="text-align: right">82,574</td> <td style="text-align: center">October 21, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">56</td> <td style="text-align: justify">ABY Seven Ltd</td> <td style="font-style: italic; text-align: justify">Star Jeanette</td> <td style="text-align: right">82,567</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2014</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">57</td> <td style="text-align: justify">Star Trident XI LLC</td> <td style="font-style: italic; text-align: justify">Star Georgia&#160;</td> <td style="text-align: right">82,298</td> <td style="text-align: center">October 14, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">58</td> <td style="text-align: justify">Star Trident VIII LLC</td> <td style="font-style: italic; text-align: justify">Star Sophia&#160;</td> <td style="text-align: right">82,269</td> <td style="text-align: center">October 31, 2014</td> <td style="text-align: center">2007</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">59</td> <td style="text-align: justify">Star Trident XVI LLC</td> <td style="font-style: italic; text-align: justify">Star Mariella&#160;</td> <td style="text-align: right">82,266</td> <td style="text-align: center">September&#160;19, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">60</td> <td style="text-align: justify">Star Trident XIV LLC</td> <td style="font-style: italic; text-align: justify">Star Moira&#160;</td> <td style="text-align: right">82,257</td> <td style="text-align: center">November 19, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">61</td> <td style="text-align: justify">Star Trident XVIII LLC&#160;</td> <td style="font-style: italic; text-align: justify">Star Nina&#160;</td> <td style="text-align: right">82,224</td> <td style="text-align: center">January 5, 2015</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">62</td> <td style="text-align: justify">Star Trident X LLC</td> <td style="font-style: italic; text-align: justify">Star Renee</td> <td style="text-align: right">82,221</td> <td style="text-align: center">December 18, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">63</td> <td style="text-align: justify">Star Trident&#160;II LLC</td> <td style="font-style: italic; text-align: justify">Star Nasia&#160;</td> <td style="text-align: right">82,220</td> <td style="text-align: center">August&#160;29, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">64</td> <td style="text-align: justify">Star Trident XIII LLC</td> <td style="font-style: italic; text-align: justify">Star Laura&#160;</td> <td style="text-align: right">82,209</td> <td style="text-align: center">December 8, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">65</td> <td style="text-align: justify">Star Trident XV LLC</td> <td style="font-style: italic; text-align: justify">Star Jennifer&#160;</td> <td style="text-align: right">82,209</td> <td style="text-align: center">April 15, 2015</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">66</td> <td style="text-align: justify">Star Nor VIII LLC</td> <td style="font-style: italic; text-align: justify">Star Mona (1)</td> <td style="text-align: right">82,188</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2012</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">67</td> <td style="text-align: justify">Star Trident XVII LLC</td> <td style="font-style: italic; text-align: justify">Star Helena&#160;</td> <td style="text-align: right">82,187</td> <td style="text-align: center">December 29, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">68</td> <td style="text-align: justify">Star Nor VII LLC</td> <td style="font-style: italic; text-align: justify">Star Astrid (1)</td> <td style="text-align: right">82,158</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2012</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">69</td> <td style="text-align: justify">Waterfront Two Ltd</td> <td style="font-style: italic; text-align: justify">Star Alessia</td> <td style="text-align: right">81,944</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2017</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">70</td> <td style="text-align: justify">Star Nor IX LLC</td> <td style="font-style: italic; text-align: justify">Star Calypso (1)</td> <td style="text-align: right">81,918</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2014</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">71</td> <td style="text-align: justify">Star Gaia LLC</td> <td style="font-style: italic; text-align: justify">Star Charis</td> <td style="text-align: right">81,711</td> <td style="text-align: center">March 22, 2017</td> <td style="text-align: center">2013</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">72</td> <td style="text-align: justify">Star Elpis LLC</td> <td style="font-style: italic; text-align: justify">Star Suzanna</td> <td style="text-align: right">81,711</td> <td style="text-align: center">May 15, 2017</td> <td style="text-align: center">2013</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">73</td> <td style="text-align: justify">Mineral Shipping LLC</td> <td style="font-style: italic; text-align: justify">Mercurial Virgo&#160;</td> <td style="text-align: right">81,545</td> <td style="text-align: center">July&#160;11, 2014</td> <td style="text-align: center">2013</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">74</td> <td style="text-align: justify">Star Nor X LLC</td> <td style="font-style: italic; text-align: justify">Stardust (1)</td> <td style="text-align: right">81,502</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2011</td></tr> </table> <p style="margin: 0pt"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center; width: 5%">75</td> <td style="text-align: justify; width: 32%">Star Nor XI LLC</td> <td style="font-style: italic; text-align: justify; width: 28%">Star Sky (1)</td> <td style="text-align: right; width: 11%">81,466</td> <td style="text-align: center; width: 18%">July 6, 2018</td> <td style="text-align: center; width: 6%">2010</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">76</td> <td style="text-align: justify">ABY III LLC</td> <td style="font-style: italic; text-align: justify">Star Lydia</td> <td style="text-align: right">81,187</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2013</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">77</td> <td style="text-align: justify">ABY IV LLC</td> <td style="font-style: italic; text-align: justify">Star Nicole</td> <td style="text-align: right">81,120</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2013</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">78</td> <td style="text-align: justify">ABY Three Ltd</td> <td style="font-style: italic; text-align: justify">Star Virginia</td> <td style="text-align: right">81,061</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">79</td> <td style="text-align: justify">Star Nor XII LLC</td> <td style="font-style: italic; text-align: justify">Star Genesis (1)</td> <td style="text-align: right">80,705</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2010</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">80</td> <td style="text-align: justify">Star Nor XIII LLC</td> <td style="font-style: italic; text-align: justify">Star Flame (1)</td> <td style="text-align: right">80,448</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">81</td> <td style="text-align: justify">Star Trident&#160;III LLC</td> <td style="font-style: italic; text-align: justify">Star Iris&#160;</td> <td style="text-align: right">76,466</td> <td style="text-align: center">September&#160;8, 2014</td> <td style="text-align: center">2004</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">82</td> <td style="text-align: justify">Star Trident XX LLC</td> <td style="font-style: italic; text-align: justify">Star Emily&#160;</td> <td style="text-align: right">76,417</td> <td style="text-align: center">September&#160;16, 2014</td> <td style="text-align: center">2004</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">83</td> <td style="text-align: justify">Orion Maritime LLC</td> <td style="font-style: italic; text-align: justify">Idee Fixe (1)</td> <td style="text-align: right">63,458</td> <td style="text-align: center">March 25, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">84</td> <td style="text-align: justify">Primavera Shipping LLC&#160;</td> <td style="font-style: italic; text-align: justify">Roberta (1)</td> <td style="text-align: right">63,426</td> <td style="text-align: center">March 31, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">85</td> <td style="text-align: justify">Success Maritime LLC</td> <td style="font-style: italic; text-align: justify">Laura (1)</td> <td style="text-align: right">63,399</td> <td style="text-align: center">April 7, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">86</td> <td style="text-align: justify">Ultra Shipping LLC</td> <td style="font-style: italic; text-align: justify">Kaley (1)</td> <td style="text-align: right">63,283</td> <td style="text-align: center">June 26, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">87</td> <td style="text-align: justify">Blooming Navigation LLC</td> <td style="font-style: italic; text-align: justify">Kennadi&#160;</td> <td style="text-align: right">63,262</td> <td style="text-align: center">January 8, 2016</td> <td style="text-align: center">2016</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">88</td> <td style="text-align: justify">Jasmine Shipping LLC</td> <td style="font-style: italic; text-align: justify">Mackenzie</td> <td style="text-align: right">63,226</td> <td style="text-align: center">March 2, 2016</td> <td style="text-align: center">2016</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">89</td> <td style="text-align: justify">STAR LIDA I SHIPPING LLC</td> <td style="font-style: italic; text-align: justify">Apus (1)</td> <td style="text-align: right">63,123</td> <td style="text-align: center">July 16, 2019</td> <td style="text-align: center">2014</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">90</td> <td style="text-align: justify">Star Nor XV LLC</td> <td style="font-style: italic; text-align: justify">Star Wave (1)</td> <td style="text-align: right">61,491</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2017</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">91</td> <td style="text-align: justify">Star Challenger&#160;I LLC</td> <td style="font-style: italic; text-align: justify">Star Challenger (1)</td> <td style="text-align: right">61,462</td> <td style="text-align: center">December&#160;12, 2013</td> <td style="text-align: center">2012</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">92</td> <td style="text-align: justify">Star Challenger&#160;II LLC</td> <td style="font-style: italic; text-align: justify">Star Fighter (1)</td> <td style="text-align: right">61,455</td> <td style="text-align: center">December&#160;30, 2013</td> <td style="text-align: center">2013</td></tr> <tr style="background-color: white"> <td style="vertical-align: middle; text-align: center">93</td> <td style="vertical-align: middle; text-align: justify">Star Axe&#160;II LLC</td> <td style="font-style: italic; vertical-align: middle; text-align: justify">Star Lutas</td> <td style="vertical-align: middle; text-align: right">61,347</td> <td style="vertical-align: middle; text-align: center">January 6, 2016</td> <td style="vertical-align: bottom; text-align: center">2016</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">94</td> <td style="text-align: justify">Aurelia Shipping LLC</td> <td style="font-style: italic; text-align: justify">Honey Badger&#160;</td> <td style="text-align: right">61,320</td> <td style="text-align: center">February 27, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">95</td> <td style="text-align: justify">Rainbow Maritime LLC</td> <td style="font-style: italic; text-align: justify">Wolverine&#160;</td> <td style="text-align: right">61,292</td> <td style="text-align: center">February 27, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">96</td> <td style="text-align: justify">Star Axe I LLC</td> <td style="font-style: italic; text-align: justify">Star Antares</td> <td style="text-align: right">61,258</td> <td style="text-align: center">October 9, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">97</td> <td style="text-align: justify">ABY Five Ltd</td> <td style="font-style: italic; text-align: justify">Star Monica</td> <td style="text-align: right">60,935</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">98</td> <td style="text-align: justify">Star Asia&#160;I LLC</td> <td style="font-style: italic; text-align: justify">Star Aquarius</td> <td style="text-align: right">60,916</td> <td style="text-align: center">July 22, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">99</td> <td style="text-align: justify">Star Asia&#160;II LLC</td> <td style="font-style: italic; text-align: justify">Star Pisces (1)</td> <td style="text-align: right">60,916</td> <td style="text-align: center">August 7, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">100</td> <td style="text-align: justify">Star Nor XIV LLC</td> <td style="font-style: italic; text-align: justify">Star Glory (1)</td> <td style="text-align: right">58,680</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2012</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">101</td> <td style="text-align: justify">STAR LIDA XI SHIPPING LLC</td> <td style="font-style: italic; text-align: justify">Pyxis (1)</td> <td style="text-align: right">56,615</td> <td style="text-align: center">August 19, 2019</td> <td style="text-align: center">2013</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">102</td> <td style="text-align: justify">STAR LIDA VIII SHIPPING LLC&#160;</td> <td style="font-style: italic; text-align: justify">Hydrus (1)</td> <td style="text-align: right">56,604</td> <td style="text-align: center">August 8, 2019</td> <td style="text-align: center">2013</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">103</td> <td style="text-align: justify">STAR LIDA IX SHIPPING LLC</td> <td style="font-style: italic; text-align: justify">Leo (1)</td> <td style="text-align: right">56,582</td> <td style="text-align: center">July 15, 2019</td> <td style="text-align: center">2013</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">104</td> <td style="text-align: justify">Star Trident VII LLC</td> <td style="font-style: italic; text-align: justify">Diva</td> <td style="text-align: right">56,582</td> <td style="text-align: center">July 24, 2017</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">105</td> <td style="text-align: justify">STAR LIDA VI SHIPPING LLC</td> <td style="font-style: italic; text-align: justify">D.Centaurus (1)</td> <td style="text-align: right">56,559</td> <td style="text-align: center">September 18, 2019</td> <td style="text-align: center">2012</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">106</td> <td style="text-align: justify">STAR LIDA VII SHIPPING LLC</td> <td style="font-style: italic; text-align: justify">Hercules (1)</td> <td style="text-align: right">56,545</td> <td style="text-align: center">July 16, 2019</td> <td style="text-align: center">2012</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">107</td> <td style="text-align: justify">STAR LIDA X SHIPPING LLC</td> <td style="font-style: italic; text-align: justify">Pegasus (1)</td> <td style="text-align: right">56,540</td> <td style="text-align: center">July 15, 2019</td> <td style="text-align: center">2013</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">108</td> <td style="text-align: justify">STAR LIDA III SHIPPING LLC</td> <td style="font-style: italic; text-align: justify">Cepheus (1)</td> <td style="text-align: right">56,539</td> <td style="text-align: center">July 16, 2019</td> <td style="text-align: center">2012</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">109</td> <td style="text-align: justify">STAR LIDA IV SHIPPING LLC</td> <td style="font-style: italic; text-align: justify">Columba (1)</td> <td style="text-align: right">56,530</td> <td style="text-align: center">July 23, 2019</td> <td style="text-align: center">2012</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">110</td> <td style="text-align: justify">STAR LIDA V SHIPPING LLC</td> <td style="font-style: italic; text-align: justify">Dorado (1)</td> <td style="text-align: right">56,507</td> <td style="text-align: center">July 16, 2019</td> <td style="text-align: center">2013</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">111</td> <td style="text-align: justify">STAR LIDA II SHIPPING LLC</td> <td style="font-style: italic; text-align: justify">Aquila (1)</td> <td style="text-align: right">56,506</td> <td style="text-align: center">July 15, 2019</td> <td style="text-align: center">2012</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">112</td> <td style="text-align: justify">Star Regg III LLC</td> <td style="font-style: italic; text-align: justify">Star Bright</td> <td style="text-align: right">55,783</td> <td style="text-align: center">October 10, 2018</td> <td style="text-align: center">2010</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">113</td> <td style="text-align: justify">Glory Supra Shipping LLC</td> <td style="font-style: italic; text-align: justify">Strange Attractor&#160;</td> <td style="text-align: right">55,742</td> <td style="text-align: center">July&#160;11, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">114</td> <td style="text-align: justify">Star Omicron LLC</td> <td style="font-style: italic; text-align: justify">Star Omicron</td> <td style="text-align: right">53,489</td> <td style="text-align: center">April&#160;17, 2008</td> <td style="text-align: center">2005</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">115</td> <td style="text-align: justify">Star Zeta LLC</td> <td style="font-style: italic; text-align: justify">Star Zeta&#160;</td> <td style="text-align: right">52,994</td> <td style="text-align: center">January&#160;2, 2008</td> <td style="text-align: center">2003</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">116</td> <td style="text-align: justify">Star Theta LLC</td> <td style="font-style: italic; text-align: justify">Star Theta&#160;</td> <td style="text-align: right">52,425</td> <td style="text-align: center">December&#160;6, 2007</td> <td style="text-align: center">2003</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="font-weight: bold">Total dwt</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">12,859,300</td> <td style="text-align: left">&#160;</td> <td>&#160;</td></tr> </table> <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><i>(1) Subject to a bareboat charter with purchase obligation at the expiration of the bareboat charter term (Note 7)</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><i>&#160;</i></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 144pt; text-indent: -144pt">Non-vessel owning subsidiaries at December&#160;31, 2019:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><i></i></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="white-space: nowrap; vertical-align: bottom; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td> <td style="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><b>Wholly Owned Subsidiaries</b></td> <td style="white-space: nowrap; vertical-align: bottom; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td> <td style="width: 41%; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr> <tr style="background-color: #CCECFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Bulk Management Inc.</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">37</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Cape Confidence Shipping LLC</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Starbulk S.A.</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">38</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Cape Runner Shipping LLC</td></tr> <tr style="background-color: #CCECFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Bulk Manning LLC</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">39</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Olympia Shiptrade LLC</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Bulk Shipmanagement Company (Cyprus) Limited</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">40</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Victory Shipping LLC</td></tr> <tr style="background-color: #CCECFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Candia Shipping Limited (ex Optima Shipping Limited)</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">41</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Cape&#160;I LLC</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Omas LLC </td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">42</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Cape&#160;II LLC</td></tr> <tr style="background-color: #CCECFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Synergy LLC </td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">43</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Positive Shipping Company</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Oceanbulk Shipping LLC</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">44</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">OOCape1 Holdings LLC</td></tr> <tr style="background-color: #CCECFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Oceanbulk Carriers LLC</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">45</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Oday Marine LLC</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">International Holdings LLC</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">46</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Searay Maritime LLC</td></tr> <tr style="background-color: #CCECFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Ventures LLC</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">47</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Lowlands Beilun Shipco LLC</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Logistics LLC (ex Dry Ventures LLC)</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">48</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Trident VI LLC</td></tr> <tr style="background-color: #CCECFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Unity Holding LLC</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">49</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">KMSRX Holdings LLC</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Bulk (USA) LLC</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">50</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Dioriga Shipping Co.</td></tr> <tr style="background-color: #CCECFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Trident XXI LLC</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">51</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Trident XXX LLC</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Trident XXIV LLC</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">52</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Trident IV LLC</td></tr> <tr style="background-color: #CCECFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">17</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Trident XXVII LLC</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">53</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Pacific Ventures Holdings LLC</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Trident XXXI LLC</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">54</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Mare LLC</td></tr> <tr style="background-color: #CCECFF"> <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: justify">Star Trident XXIX LLC </td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">55</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Regg IV LLC</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Trident XXVIII LLC </td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">56</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Regg V LLC</td></tr> <tr style="background-color: #CCECFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Trident XXVI LLC </td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">57</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Regg VI LLC</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Trident XXII LLC</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">58</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Regg VII LLC</td></tr> <tr style="background-color: #CCECFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">23</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Trident XXIII LLC</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">59</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Sege Ltd</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">24</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Alpha LLC</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">60</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Gamma LLC</td></tr> <tr style="background-color: #CCECFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Bulk Norway AS</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">61</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Delta LLC</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">26</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star New Era LLC</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">62</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Epsilon LLC</td></tr> <tr style="background-color: #CCECFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">27</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Thor LLC</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">63</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Kappa LLC</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star ABY LLC</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">64</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Aurora LLC</td></tr> <tr style="background-color: #CCECFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">29</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">ABY Group Holding Ltd</td> <td style="border-left: Black 1pt solid; 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: justify">Star Uranus LLC</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">30</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Regina LLC</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">66</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Trident VII LLC</td></tr> <tr style="background-color: #CCECFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">31</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Logistics Management S.A.</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">67</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Trident XII LLC</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">32</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Gravity Shipping LLC</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">68</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Trident XIII LLC</td></tr> <tr style="background-color: #CCECFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">33</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">White Sand Shipping LLC </td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">69</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Trident XVI LLC</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">34</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Premier Voyage LLC</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">70</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Bulk (Singapore) Pte. Ltd</td></tr> <tr style="background-color: #CCECFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">35</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">L.A. Cape Shipping LLC</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">71</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Bulk Germany GmbH</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">36</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Star Cosmo LLC</td> <td style="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><i></i>&#160;</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Charterers who individually accounted for more than 10% of the Company&#8217;s voyage revenues during the years ended December 31, 2017, 2018 and 2019 are as follows:</p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 28%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center; border-bottom: Black 0.25pt solid">Charterer</p></td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center; border-bottom: Black 0.25pt solid">2017</p></td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center; border-bottom: Black 0.25pt solid">2018</p></td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center; border-bottom: Black 0.25pt solid">2019</p></td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center">A </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center">N/A</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center">15%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center">13%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center">B</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center">14%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center">N/A</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center">N/A</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">The outstanding accounts receivable balance as at December&#160;31, 2019 of this charterer (A) was $2,876.</p> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 28%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center; border-bottom: Black 0.25pt solid">Charterer</p></td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center; border-bottom: Black 0.25pt solid">2017</p></td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center; border-bottom: Black 0.25pt solid">2018</p></td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center; border-bottom: Black 0.25pt solid">2019</p></td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center">A </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center">N/A</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center">15%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center">13%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center">B</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center">14%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center">N/A</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2pt; padding-left: 5.4pt; text-align: center">N/A</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Significant Accounting policies:</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>a)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Principles of consolidation:</i></b> The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (&#8220;U.S. GAAP&#8221;), which include the accounts of Star Bulk and its wholly owned subsidiaries referred to in Note 1 above. All intercompany balances and transactions have been eliminated on consolidation.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">Star Bulk as the holding company determines whether it has controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under ASC 810 &#8220;Consolidation&#8221;, a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and make financial and operating decisions. Star Bulk consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">Following the provisions of ASC 810 &#8220;Consolidation&#8221;, the Company evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a variable interest entity (&#8220;VIE&#8221;) in its consolidated financial statements. The Company&#8217;s evaluation did not result in an identification of variable interest entities for the years 2017, 2018 and 2019.</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>b)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Equity method investments:</i></b> Investments in the equity of entities over which the Company exercises significant influence, but does not exercise control are accounted for by the equity method of accounting. Under this method, the Company records such an investment at cost and adjusts the carrying amount for its share of the earnings or losses of the entity subsequent to the date of investment and reports the recognized earnings or losses in income. The Company also evaluates whether a loss in value of an investment that is other than a temporary decline should be recognized. Evidence of a loss in value might include absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. Dividends received reduce the carrying amount of the investment. When the Company&#8217;s share of losses in an entity accounted for by the equity method equals or exceeds its interest in the entity, the Company does not recognize further losses, unless the Company has made advances, incurred obligations and made payments on behalf of the entity.</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>c)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Use of estimates:</i></b> The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates under different assumptions or conditions.</td></tr></table> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: -36pt"></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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>d)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Comprehensive income/(loss):</i></b> The statement of comprehensive income/(loss) presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. Reclassification adjustments are presented out of accumulated other comprehensive income/(loss) on the face of the statement in which the components of other comprehensive income/(loss) are presented or in the notes to the financial statements. The Company follows the provisions of ASC 220 &#8220;Comprehensive Income&#8221;, and presents items of net income/(loss), items of other comprehensive income/(loss) and total comprehensive income/(loss) in two separate and consecutive statements.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: -36pt"></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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>e)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Concentration of credit risk: </i></b>Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and restricted cash, trade accounts receivable and derivative contracts (including freight derivatives, bunker derivatives and interest rate swaps). The Company&#8217;s policy is to place cash and cash equivalents, and restricted cash with financial institutions evaluated as being creditworthy. Cash and cash equivalents and restricted cash are therefore exposed to minimal credit risk. The Company may be exposed to credit risk in the event of non-performance by counter parties to derivative contracts. To manage this risk, the Company has adopted a policy of no exposure in over-the-counter transactions by selecting freight derivatives and bunker swaps that clear through reputable clearing houses, including the London Clearing House (&#8220;LCH&#8221;). The Company performs periodic evaluations of the relative credit standing of those financial institutions with which the Company transacts. In addition the Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers&#8217; financial condition.</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><b></b></p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><b>f)</b></p></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Foreign currency transactions:</i></b> The functional currency of the Company is the U.S. Dollar since its vessels operate in the international shipping markets, and therefore primarily transact business in U.S. Dollars. The Company&#8217;s books of accounts are maintained in U.S. Dollars. Transactions involving other currencies during the period are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the consolidated balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are converted into U.S. Dollars at the period-end exchange rates. Resulting gains/(losses) are included in &#8220;Interest and other income/(loss)&#8221; in the consolidated statements of operations.</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>g)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Cash and cash equivalents:</i></b> The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less or from which cash is readily available without penalty, to be cash equivalents.</td></tr></table> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>h)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Restricted cash</i>: </b>Restricted cash represents minimum cash deposits or cash collateral deposits required to be maintained with certain banks under the Company&#8217;s borrowing arrangements or derivative contracts, which are legally restricted as to withdrawal or use. In the event that the obligation to maintain such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets. Otherwise, they are classified as non-current assets.</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>i)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Trade accounts receivable, net:</i></b> The amount shown as Trade accounts receivable, net, at each balance sheet date, includes receivables from customers, net of any provision for doubtful debts. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables. During 2018 and 2019 the Company provided for doubtful debt of $722 and $1,607 respectively, which amounts were also written off during the same years.</td></tr></table> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>j)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Inventories:</i></b> Inventories consist of lubricants and bunkers, which are stated at the lower of cost or net realizable value, which is the estimated selling prices less reasonably predictable costs of disposal and transportation. Cost is determined by the first in, first out method.</td></tr></table> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>k)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Vessels, net:</i></b> Vessels are stated at cost, which consists of the purchase price and any material expenses incurred upon acquisition, such as initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for its initial voyage, less accumulated depreciation and impairment, if any. Any subsequent expenditure, when it does not extend the useful life of the vessel, increase the earning capacity or improve the efficiency or safety of the vessel, is expensed as incurred.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">The cost of each of the Company&#8217;s vessels is depreciated beginning when the vessel is ready for its intended use, on a straight-line basis over the vessel&#8217;s remaining economic useful life, after considering the estimated residual value (vessel&#8217;s residual value is equal to the product of its lightweight tonnage and estimated scrap rate per ton). Management estimates the useful life of the Company&#8217;s vessels to be 25 years from the date of initial delivery from the shipyard. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. The estimated salvage value of each vessel is $0.3 per light weight ton as of December 31, 2019 and 2018, which is based on the historical average demolition prices.</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>l)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Advances for vessels under construction and acquisition of vessels:</i></b> Advances made to shipyards or sellers of shipbuilding contracts during construction periods or advances made to sellers of secondhand vessels to be acquired are classified as &#8220;Advances for vessels under construction and acquisition of vessels&#8221; until the date of delivery and acceptance of the vessel, at which date they are reclassified to &#8220;Vessels and other fixed assets, net.&#8221; Advances for vessels under construction also include supervision costs, amounts paid under engineering contracts, and other expenses directly related to the construction of the vessel or the preparation of the vessel for its initial voyage. Interest cost incurred during the construction period of the vessels are also capitalized and included in the vessels&#8217; cost.</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>m)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Fair value of above/below market acquired time charters:</i></b> The Company values any asset or liability arising from the market value of the time charters assumed when a vessel is acquired. Where vessels are acquired with existing time charters, the Company determines the present value of the difference between: (i) the contractual charter rate and (ii) the market rate for a charter of equivalent duration prevailing at the time the vessels are delivered. In discounting the charter rate differences in future periods, the Company uses its Weighted Average Cost of Capital (WACC) adjusted to account for the credit quality of the counterparties, as deemed necessary. Such intangible asset or liability is recognized ratably as an adjustment to revenues over the remaining term of the assumed time charter.</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>n)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Impairment of long-lived assets:</i></b> The Company follows guidance under ASC 360 &#8220;Property, Plant, and Equipment&#8221; related to the impairment or disposal of long-lived assets which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The standard requires that long-lived assets held and used by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of future undiscounted net operating cash flows, excluding interest charges, expected to be generated by the use and eventual disposition of the asset is less than its carrying amount, the Company should record an impairment loss to the extent the asset&#8217;s carrying value exceeds its fair value. The Company determines the fair value of its assets based on management estimates and assumptions and by making use of available market data and taking into consideration agreed sale prices and third party valuations.</td></tr></table> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">In this respect, management regularly reviews the carrying amount of the vessels, including newbuilding contracts, if any, on a vessel-by-vessel basis, when events and circumstances indicate that the carrying amount of the vessels or newbuilding contracts might not be recoverable (such as vessel sales and purchases, business plans, obsolescence or damage to the asset and overall market conditions). When impairment indicators are present, the Company compares future undiscounted net operating cash flows to the carrying values of the Company&#8217;s vessels to determine if the asset is required to be impaired. In developing its estimates of future undiscounted net operating cash flows, the Company makes assumptions and estimates about vessels&#8217; future performance, with the significant assumptions being related to charter rates, ship operating expenses, vessels&#8217; residual value, fleet utilization and the estimated remaining useful lives of the vessels. These assumptions are based on current market conditions, historical industry and Company&#8217;s specific trends, as well as future expectations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">The future undiscounted net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed vessel days and an estimated daily time charter equivalent rate for the unfixed days over the estimated remaining economic life of each vessel, net of brokerage and address commissions. Estimates of the daily time charter equivalent rate for the unfixed days are based on the current Forward Freight Agreement (&#8220;FFA&#8221;) rates, for the first three-year period, average of FFA rates and historical average rate levels for the fourth year and historical average rate levels of similar size vessels for the period thereafter. The expected cash inflows from charter revenues are based on an assumed fleet utilization rate for the unfixed days over available days, taking also into account expected technical off-hire days. In addition, in light of the Company&#8217;s investment in exhaust gas cleaning systems (&#8220;EGCS&#8221; or &#8220;Scrubbers&#8221;), an estimate of an additional daily revenue for each scrubber fitted vessel was also included, reflecting additional compensation from charterers due to the fuel cost savings that these vessels provide. In assessing expected future cash outflows, management forecasts vessel operating expenses, which are based on the Company&#8217;s internal budget for the first annual period and thereafter assume an annual inflation rate and are capped at the thirteenth year thereafter, vessel expected maintenance costs (for dry docking and special surveys) and management fees. The estimated salvage value of each vessel is $0.3 per light weight ton, in accordance with the Company&#8217;s vessel depreciation policy. The Company uses a probability weighted approach for developing estimates of future cash flows used to test its vessels for recoverability when alternative courses of action are under consideration (i.e. sale or continuing operation of a vessel). If the Company&#8217;s estimate of future undiscounted net operating cash flows for any vessel is lower than the vessel&#8217;s carrying value, the carrying value is written down to the vessel&#8217;s fair market value with a charge recorded under &#8220;Impairment loss&#8221; in the consolidated statement of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify"></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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>o)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Vessels held for sale:</i></b> The Company classifies a vessel as being held for sale when all of the following criteria, enumerated under ASC 360 &#8220;Property, Plant, and Equipment&#8221;, are met: (i)&#160;management has committed to a plan to sell the vessel; (ii)&#160;the vessel is available for immediate sale in its present condition; (iii)&#160;an active program to locate a buyer and other actions required to complete the plan to sell the vessel have been initiated; (iv)&#160;the sale of the vessel is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; (v)&#160;the vessel is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi)&#160;actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. The resulting difference, if any, is recorded under &#8220;Impairment loss&#8221; in the consolidated statement of operations. The vessels are not depreciated once they meet the criteria to be classified as held for sale.</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>p)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Financing costs:</i></b> Fees paid to lenders or required to be paid to third parties on the lenders&#8217; behalf for obtaining new loans, senior notes, for refinancing or amending existing loans or securing leases, are required to be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability, similar to debt discounts. These costs are amortized as interest and finance costs using the effective interest rate method over the duration of the related debt. Any unamortized balance of costs relating to debt repaid or refinanced that meet the criteria for Debt Extinguishment (see Subtopic 470-50), is expensed in the period in which the repayment is made or refinancing occurs<i>. </i>Any unamortized balance of costs relating to debt refinanced that do not meet the criteria for Debt Extinguishment, are amortized over the term of the refinanced debt. Other fees incurred for obtaining loan facilities whose committed loans have not been drawn on or before the balance sheet date are recorded under &#8220;Other non-current assets&#8221;, and are reclassified as a direct deduction from the carrying amount of the loan facilities once financing takes place.</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>q)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Debt Modifications and extinguishments:</i></b> The Company follows the provisions of ASC 470-50, &#8220;Modifications and Extinguishments&#8221; to account for all modifications or extinguishments of debt instruments, except debt that is extinguished through a troubled debt restructuring (see Subtopic 470-60) or a conversion of debt to equity securities of the debtor pursuant to conversion privileges provided in terms of the debt at issuance (see Subtopic 470-20). This Subtopic also provides guidance on whether an exchange of debt instruments with the same creditor constitutes an extinguishment and whether a modification of a debt instrument should be accounted for in the same manner as an extinguishment. In circumstances where an exchange of debt instruments or a modification of a debt instrument does not result in extinguishment accounting, this Subtopic provides guidance on the appropriate accounting treatment.</td></tr></table> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>r)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Share based compensation:</i></b> Share based compensation represents the cost of shares and share options granted to employees, executive officers and to directors, for their services, and is included in &#8220;General and administrative expenses&#8221; in the consolidated statements of operations. The shares are measured at their fair value equal to the market value of the Company&#8217;s common shares on the grant date. The shares that do not contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and a total fair value of such shares is recognized using the accelerated method, which treats an award with multiple vesting dates as multiple awards and results in a front-loading of the costs of the award. Further, the Company accounts for restricted share award forfeitures upon occurrence.</td></tr></table> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Awards of restricted shares, restricted share units or share options that are subject to performance conditions are also measured at their fair value, which is equal to the market value of the Company&#8217;s common shares on the grant date. If the award is subject only to performance conditions, compensation cost is recognized only if the performance conditions are satisfied (essentially, the requisite service is not considered to have been provided if the performance condition is not achieved). For awards that are subject to performance conditions and future service conditions, if it is probable that the performance condition for these awards will be satisfied, the compensation cost in respect of these awards is recognized over the requisite service period. If it is initially determined that it is not probable that the performance condition will be satisfied and it is later determined that the performance conditions are likely to be satisfied (or vice versa), the effect of the change in estimate is retroactively accounted for in the period of change by recording a cumulative catch-up adjustment to retroactively apply the new estimate. If the award is forfeited because the performance condition is not satisfied, any previously recognized compensation cost is reversed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The fair value of share options grants is determined with reference to option pricing models, and depends on the terms of the granted options. The fair value is recognized (as compensation expense) over the requisite service period for all awards that vest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">&#160;</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>s)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Dry docking and special survey expenses:</i></b> Dry docking and special survey expenses are expensed when incurred.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"></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; font: 10pt Times New Roman, Times, Serif"><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>t)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Accounting for revenue and related expenses:</i></b> The Company primarily generates its revenues from charterers for the charter hire of its vessels under time charter agreements or voyage charter agreements. Under a time charter agreement a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. Under a voyage charter agreement, a contract is made in the spot market for the use of a vessel for a specific voyage to transport a specified agreed upon cargo at a specified freight rate per ton or occasionally a lump sum amount. Under a voyage charter agreement, the charter party generally has a minimum amount of cargo and the charterer is liable for any short loading of cargo or &#8220;dead&#8221; freight. A minor part of the Company&#8217;s revenues is also generated from pool arrangements, according to which the amount allocated to each pool participant vessel, including the Company&#8217;s vessels, is determined in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool (based on the vessel&#8217;s age, design, consumption and other performance characteristics) as well as the time each vessel has spent in the pool. For those vessels that operated under the pool arrangements during the years ended December 31, 2017, 2018 and 2019 the Company considers itself the principal primarily because of its control over the service to be transferred for the charterer under those charterparties and therefore related revenues and expenses are presented gross.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">Under time charter agreements, voyage costs, such as fuel and port charges are borne and paid by the charterer. The Company&#8217;s time charter agreements are classified as operating leases pursuant to ASC 842 &#8220;Leases&#8221;, as further disclosed in Note 2(x).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">As further analyzed in Note 2(x), the Company has determined that its voyage charter agreements do not contain a lease and are therefore considered service contracts that fall under the provisions of ASC 606. The majority of revenue from voyage charter agreements is usually collected in advance. The Company has determined that there is one single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company has concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company&#8217;s performance as the Company performs. Therefore, since the Company&#8217;s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line basis over the voyage days from the loading of cargo to its discharge.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">Demurrage income, which is considered a form of variable consideration, is included in voyage revenues, and represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter agreements. Demurrage income for the years ended December 31, 2017, 2018 and 2019 was not material.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">Under voyage charter agreements, all voyage costs are borne and paid by the Company. Voyage expenses consist primarily of brokerage commissions, bunker consumption, port and canal expenses and agency fees related to the voyage. Pursuant to the provisions of ASC 340-40, &#8220;Other Assets and Deferred Costs &#8211; Contracts with Customers&#8221; for contract costs, all voyage costs are considered contract fulfilment costs because they are directly related to the performance of the voyage contract. Those costs are expensed as incurred, with the exception of those contract fulfilment costs incurred prior to the commencement of loading the cargo on the relevant vessel, which are capitalized to the extent the Company, in its reasonable judgement, determines that they (i) are directly related to a contract, (ii) will be recoverable and (iii) enhance the Company&#8217;s resources by putting the Company&#8217;s vessel in a location to satisfy its performance obligation under a contract. These capitalized contract fulfilment costs are recorded under &#8220;Other current assets&#8221; and are amortized on a straight-line basis as the related performance obligations are satisfied.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">The Company adopted ASC 606 on January 1, 2018 using the modified retrospective approach, and has been applied to all voyage contracts not completed as of the date of the initial application. As such, the information prior to January 1, 2018 has not been restated and continues to be reported under the accounting standards in effect for periods prior to January 1, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify"></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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>u)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Fair value measurements: </i></b>The Company follows the provisions of ASC 820, &#8220;Fair Value Measurements and Disclosures&#8221; that defines and provides guidance as to the measurement of fair value. ASC 820 creates a hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets and the lowest priority (Level 3) to unobservable data, for example, the reporting entity&#8217;s own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy (Note 20).</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>v)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Earnings / (loss) per share:</i></b> Basic earnings or loss per share are calculated by dividing net income or loss available to common shareholders by the basic weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the treasury stock method whereby all of the Company&#8217;s dilutive securities are assumed to be exercised and the proceeds used to repurchase common shares are calculated at the weighted average market price of the Company&#8217;s common shares during the relevant periods. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings per share computation (Note 14).</td></tr></table> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>w)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Segment reporting</i></b><i>:</i> The Company reports financial information and evaluates its operations and operating results by total charter revenues and not by the type of vessel, length of vessel employment, customer or type of charter. As a result, management, including the Chief Executive Officer, who is the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet, and thus, the Company has determined that it operates under one reportable segment, that of operating dry bulk vessels. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide, subject to restrictions as per the charter agreement, and, as a result, the disclosure of geographic information is impracticable.</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; font: 10pt Times New Roman, Times, Serif"><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>x)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Leases</i></b><i>: </i>On January 1, 2019, the Company adopted ASC 842 Leases (&#8220;ASC 842&#8221;), according to which 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 finance 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 leases. 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.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -31.5pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Company elected to use the optional new transition method for the adoption of ASC 842 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&#160;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 0 0 36pt; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">In addition, in connection with its adoption of ASC 842, the Company elected to use the &#8220;package of 3&#8221; 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 0 0 36pt; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#8226; whether any expired or existing contracts are or contain leases;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#8226; any expired or existing lease classifications; and</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#8226; initial direct costs for any existing leases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; 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&#8217;s operating lease right-of-use assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Company&#8217;s adoption of ASC 842 did not have a material effect on the consolidated financial statements for the reasons discussed below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</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 2(t), 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 of the voyage charter are pre-determined, and any change requires the Company&#8217;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 economic benefits from such use. In addition, since none of the criteria for classification as sales-type leases or direct financing leases are met, the Company&#8217;s time charter agreements are classified as operating leases. The duration of the contracts that the Company is entering into depends on the market conditions, with the duration decreasing during weak market conditions. During 2019 in their majority the Company&#8217;s time charter contracts did not exceed the period of 12 months, including optional extension periods. Future minimum rental payments for the existing contracts as of December 31, 2019, are presented in Note 17 below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify"></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 but 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 (<i>i.e.</i>, both the lease and non-lease components are earned with the 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 delivered 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&#8217;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 36pt; text-align: justify"></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: 0"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif">A)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">As already discussed in Note 1, during 2018 and 2019 the Company chartered-in a number of third-party vessels to increase its operating capacity in order to satisfy its clients&#8217; needs. All charter-in operating leases that the Company had entered into and were effective as of December 31, 2018 and during the year ended December 31, 2019 are short to medium-term leases (<i>i.e</i>., not exceeding 12 months, including optional extension periods). Please also refer to Note 3 for those charter-in contracts entered into with related parties. The Company elected to use the practical expedient of ASC 842 that allows for time charter-in contracts with an initial term of 12 months or less 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 year ended 2017, 2018 and 2019 amounted to $6,153, $127,618 and $185,311, respectively and are included in Voyage revenues in the consolidated statements of operations, out of which $3,005, $18,661 and $15,253, respectively, constitute sublease income deriving from time charter agreements. Future minimum rental payments for the existing contracts as of December 31, 2019, are presented in Note 17 below.</td></tr></table> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif">B)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">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 financing. The weighted-average discount rate for the Company&#8217;s bareboat charter agreements for the year ended December 31, 2019 was 5.66%. Please refer to Note 7 for the description of the nature of these leases, general terms, covenants included , any variable payments, if any, as well as the purchase obligations they provide for.</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif">C)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Each sale and lease back transaction that the Company had entered into as of December 31, 2018 and during the year ended December 31, 2019, involved a purchase obligation and was therefore treated as a 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> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif">D)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><p style="margin: 0; font: 10pt Times New Roman, Times, Serif">The Company has determined its office rental arrangements are operating leases. The office spaces that the Company leases are mostly located in Athens, Cyprus and Switzerland. Payments under these arrangements are fixed with no variable payments. 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 $1,216 as of December 31, 2019 and are presented within &#8220;Leased buildings, right-of-use assets&#8221; and &#8220;Leased buildings, operating lease liabilities&#8221; in the consolidated balance sheet. The discount rate used is 4%, being the estimated annual incremental borrowing rate for these type of assets. 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 $403 and $352 for the years ended December 31, 2018 and 2019, respectively. The weighted average remaining lease term of the Company&#8217;s office rent arrangements is 3.9 years. Please also refer to Note 3 for office rent agreements entered into with related parties. Future minimum rental payments for existing contracts as of December 31, 2019, are presented in Note 17 below.</p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif">&#160;</p> </td></tr></table> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>y)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Derivatives &#38; Hedging:</i></b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify"><b>i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Derivative Financial Instruments:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">The Company enters into derivative and non-derivative financial instruments to manage risks related to fluctuations of interest rates and foreign currency exchange rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">All derivatives are recorded on the Company&#8217;s balance sheet as assets or liabilities and are measured at fair value. The valuation of interest rate swaps is based on Level 2 observable inputs of the fair value hierarchy, such as interest rate curves. The changes in the fair value of derivatives not qualifying for hedge accounting are recognized in earnings. Cash inflows/outflows attributed to derivative instruments are reported within cash flows from operating activities in the consolidated statements of cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">For the purpose of hedge accounting, hedges are classified as:</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 49.6pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 7.2pt; font: 10pt Times New Roman, Times, Serif">&#183;</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">fair value hedges, when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, which in each case is attributable to a particular risk, including foreign currency risk;</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 49.6pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 7.2pt; font: 10pt Times New Roman, Times, Serif">&#183;</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">cash flow hedges, when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction that could affect earnings; or</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 49.6pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 7.2pt; font: 10pt Times New Roman, Times, Serif">&#183;</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">hedges of a net investment in a foreign operation. This type of hedge is not used by the Company.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">In case the instruments are eligible for hedge accounting, at the inception of a hedge relationship, the Company formally designates and documents the hedge relationship to which the Company wishes to apply hedge accounting and the risk management objective and strategy undertaken for the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the Company will assess the hedging instrument&#8217;s effectiveness in offsetting exposure to changes in the hedged item&#8217;s cash flows or fair value attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in cash flows or fair value and are assessed at each reporting date to determine whether they actually have been highly effective throughout the financial reporting periods for which they were designated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify"><i>Fair value hedges</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">A fair value hedge is a hedge of the exposure to changes in the fair value of a recognized asset or liability, or of an unrecognized firm commitment, which in each case is attributable to a particular risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">The change in the fair value of a hedging instrument is recognized in the consolidated statement of operations. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognized in the consolidated statement of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">For fair value hedges, in which a non-derivative is used as hedging instrument for foreign currency risk of unrecognized firm commitments, the hedging instrument is re- measured based on the movement in functional currency cash flows attributable to the change in spot exchange rates between the functional currency and the currency in which the non-derivative hedging instrument is denominated. An asset or liability is recorded for the unrecognized firm commitment, which equals the foreign exchange gain or loss that is recorded in earnings as a result of the hedge relationship. The resulting asset or liability will eventually be treated as part of the consideration when the firm commitment is recognized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify"><i>Cash Flow hedges</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability or a highly probable forecasted transaction that could affect earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">For derivatives designated as cash flow hedges, the effective portion of the changes in their fair value is recorded in &#8220;Accumulated other comprehensive income / (loss)&#8221; and is subsequently recognized in earnings when the hedged items impact earnings, while the ineffective portion, if any, is recognized immediately in current period earnings under &#8220;Gain / (Loss) on derivative financial instruments, net.&#8221;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify"><i>Discontinuation of hedge relationships</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">The Company discontinues prospectively fair value or cash flow hedge accounting if the hedging instrument expires or is sold, terminated or exercised and it no longer meets all the criteria for hedge accounting or if the Company de-designates the instrument as a cash flow or fair value hedge. As part of a cash flow hedge, at the time the hedging relationship is discontinued, any cumulative gain or loss on the hedging instrument recognized in equity remains in equity until the forecasted transaction occurs or until it becomes probable of not occurring. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in earnings. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is reclassified and recognized in earnings for the year. Similarly, as part of a fair value hedge, if the hedged item is derecognized, the unamortized fair value is recognized immediately in earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b>ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Forward Freight Agreements and Bunker Swaps:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">In addition, from time to time, the Company may take positions in derivative instruments including forward freight agreements, or FFAs. Generally, FFAs and other derivative instruments may be used to hedge a vessel owner&#8217;s exposure to the charter market for a specified route and period of time. Upon settlement, if the contracted charter rate is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. All of the FFAs are settled on a daily basis through reputable exchanges such as LCH, Singapore Exchange (SGX) or Nasdaq. FFAs are intended to serve as an economic hedge for the Company&#8217;s vessels that are being chartered in the spot market, effectively locking-in an approximate amount of revenue that the Company expects to receive from such vessels for the relevant periods. The Company measures the fair value of all open positions at each reporting date on this basis (Level 2). The Company&#8217;s FFAs do not qualify for hedge accounting and therefore gains or losses are recognized in the consolidated statements of operations under &#8220;(Gain)/Loss on forward freight agreements and bunker swaps.&#8221;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">Also, from time to time, the Company enters into bunker swap contracts to manage its exposure to fluctuations of bunker prices associated with the consumption of bunkers by its vessels. Bunker swaps are agreements between two parties to exchange cash flows at a fixed price on bunkers, where volume, time period and price are agreed in advance. The Company&#8217;s bunker swaps are settled through reputable clearing houses, including LCH. The fair value of bunker swaps is the estimated amount that the Company would receive or pay to terminate the swaps at the reporting date (Level 2). The Company&#8217;s bunker swaps do not qualify for hedge accounting and bunker price differentials paid or received under the swap agreements are recognized under &#8220;(Gain)/Loss on forward freight agreements and bunker swaps&#8221;.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify"></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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>z)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Taxation</i>:</b> The Company follows the provisions of ASC 740-10, &#8220;Accounting for Uncertainty in Income Taxes&#8221; which clarifies the accounting for uncertainty in income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. ASC 740-10 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b><i>aa)</i></b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Offering costs</i>:</b> Expenses directly attributable to an equity offering are deferred and presented against paid-in capital, unless the offering is aborted, in which case they are written-off and charged to earnings.</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b><i>ab)</i></b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Share repurchases</i>:</b> The Company records the repurchase of its common shares at cost based on the settlement dates of repurchase transactions. Until their retirement these common shares are classified as treasury stock, which is a reduction to shareholders&#8217; equity. Treasury shares are included in authorized and issued shares but excluded from outstanding shares.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><b><i>ac)</i></b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Evaluation of purchase transactions</i>:</b> When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was purchase of an asset or a business based on the facts and circumstances of the transaction. In accordance with <i>Business Combinations (Topic 805): Clarifying the Definition of a Business</i>, if substantially all of the fair value of the gross assets acquired in an acquisition transaction are concentrated in a single identifiable asset or group of similar identifiable assets, then the set is not a business.&#160;To be considered a business, a set must include an input and a substantive process that together significantly contributes to the ability to create an output. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. For&#160;asset acquisitions, the cost of the acquisition is allocated to individual assets and liabilities on a relative fair value basis. Acquisition costs associated with business combinations are expensed as incurred. Acquisition costs associated with&#160;asset acquisitions&#160;are capitalized.</td></tr></table> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><b><i></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><b><i>Other accounting pronouncements - adopted:</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><b>Statement of Cash Flows (230)</b>: In November 2016, the FASB issued ASU 2016-18, &#8220;Statement of Cash Flows (230): Restricted Cash&#8221;.&#160; The amendments in this update require that a statement of cash flows explains the change during the period in the total amount of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents.&#160; Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this accounting standard update as of January 1, 2018, and this presentation was applied retrospectively to all periods presented as required by the guidance. The prior periods have been adjusted to conform to current period presentation, which resulted in a) a decrease in cash flows used in operating activities by $216 and an increase in cash flows used in investing activities of $209 for the year ended December 31, 2016 compared to the amounts previously reported of ($33,448) and ($13,216), respectively and b) an increase in cash flows provided by operating activities by $1,834 and an increase in cash flows used in investing activities of $249 for the year ended December 31, 2017 compared to the amounts previously reported of $80,970 and ($126,852), respectively, related to changes in restricted cash amounts. Moreover, the beginning period and the ending period cash balances now include restricted cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><b><i></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><b><i>&#160;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><b><i>Recent accounting pronouncements - not yet adopted:</i></b>&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><b><i>&#160;</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><b><i>Financial Instruments - Credit Losses (Topic 326)</i></b>: In June 2016, the FASB issued ASU 2016-13- &#8220;Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.&#8221; This standard, including the codification improvements issued in November 2018, requires entities to measure all expected credit losses of financial assets held at a reporting date based on historical experience, current conditions, and reasonable and supportable forecasts in order to record credit losses in a more timely manner. ASU&#160;2016-13&#160;also amends the accounting for credit losses on&#160;available-for-sale&#160;debt securities and purchased financial assets with credit deterioration. Several Codification Improvements have been issued since June 2016 with respect to this topic. For public entities, the amendments of this update are effective for fiscal years beginning after December&#160;15, 2019, including interim periods within those fiscal years. Early application is permitted. The adoption of this ASU is not expected to have a material effect on the Company&#8217;s consolidated financial statements and accompanying notes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><b><i>Fair Value Measurement (Topic 820):</i></b> In August 2018, the FASB issued ASU 2018-13,&#160;&#8220;Fair Value Measurement (Topic 820): Disclosure Framework &#8211; Changes to the disclosure requirements for fair value measurement.&#8221; The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, including the consideration of costs and benefits. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this update and delay adoption of the additional disclosures until their effective date. The adoption of this ASU is not expected to have a material effect on the Company&#8217;s consolidated financial statements and accompanying notes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">&#160;&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify"></p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">&#160;</p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">&#160;</p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify"></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Transactions with Related Parties:</p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;Transactions and balances with related parties are analyzed as follows:</p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"><tr style="font: 10pt Times New Roman, Times, Serif"><td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify; background-color: white; width: 46%">Balance Sheet</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify; background-color: white; width: 2%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right; background-color: white; width: 2%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right; background-color: white; width: 14%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right; background-color: white; width: 2%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right; background-color: white; width: 2%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right; background-color: white; width: 14%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right; width: 3%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right; background-color: white; width: 2%">&#160;</td> <td style="vertical-align: bottom; background-color: white; width: 13%; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right">December 31, 2018</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right">December 31, 2019</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Due from related parties</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-top-color: black; border-top-width: 1pt">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-top-color: black; border-top-width: 1pt">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-top-color: black; border-top-width: 1pt">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; border-top-color: black; border-top-width: 1pt">&#160;</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Oceanbulk Maritime and its affiliates (d)</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">85</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;327</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Interchart (a)</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;11</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">AOM (l)</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;195</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Starocean (j)</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">65</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;41</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Sellers of the Augustea Vessels (f)</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;867</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;-&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Songa Shipmanagement Ltd. (g)</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;305</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;-&#160;</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Product Shipping &#38; Trading S.A.</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;16</td></tr> <tr style="vertical-align: middle; background-color: #DAEEF3; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Due from related parties</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: Black 2pt double; text-align: right">1,322</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: Black 2pt double; text-align: right">590</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Due to related parties</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Management and Directors Fees (b)</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">236</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">246</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Sydelle (h), (i)</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;302</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;19</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Augustea Technoservices Ltd. (f)</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,111</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2,879</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Coromel Maritime Limited (m)</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">873</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Due to related parties</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: Black 2pt double; text-align: right">1,649</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: Black 2pt double; text-align: right">4,017</td></tr></table> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; width: 46%">Statements of Operations</td> <td style="vertical-align: bottom; width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; text-align: right; width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; text-align: right; width: 14%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; text-align: right; width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; text-align: right; width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; text-align: right; width: 14%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; text-align: right; width: 3%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; text-align: right; width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; width: 13%; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle">&#160;</td> <td colspan="8" style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">Years ended December 31,</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right">2017</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right">2018</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right">2019</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Voyage expenses-Interchart (a)</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(3,300)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(3,400)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(3,850)</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Consultancy fees (b)</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(493)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(534)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(655)</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Directors compensation (b)</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(145)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(159)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(179)</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Office rent - Combine Marine Ltd. &#38;&#160;&#160;Alma Properties (c)</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(39)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(41)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(39)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif">Voyage revenues - profit sharing agreement-Sydelle (h)</td> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(329)</td> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(875)</td> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td colspan="2" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">Management fees- Augustea Technoservices Ltd. (f)</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;-&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,309)</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(6,564)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">Management fees- Songa Shipmanagement Ltd. (g)</td> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;-&#160;</td> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(376)</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(32)</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">General and administrative expenses - Oceanbulk Maritime and its affiliates (d)</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(284)</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(322)</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(324)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">Charter - in hire expenses - AOM (l)</td> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; text-align: right; background-color: white; font: 10pt Times New Roman, Times, Serif">-</td> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;-&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,589)</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">Charter - in hire expenses - Sydelle (i)</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(5,505)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">Charter - in hire expenses - Coromel (m)</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(5,723)</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">Charter - in hire expenses - Eagle Bulk (n)</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,908)</td></tr> </table> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"><b>a)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>Interchart Shipping Inc. (or &#8220;Interchart&#8221;): </b>The Company holds 33% of the total outstanding common shares of Interchart. The ownership interest was purchased in 2014 from an entity affiliated with family members of Company&#8217;s Chief Executive Officer. This investment is accounted for as an equity method investment and is presented within &#8220;Long term investment&#8221; in the consolidated balance sheets.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-align: justify; text-indent: 0cm">In November 2014, the Company entered into a services agreement with Interchart for chartering, brokering and commercial services for all of the Company&#8217;s vessels for a monthly fee of $275, with a term until March&#160;31, 2015, which following consecutive renewals was effective until December&#160;31, 2018. In November 2018, the Company entered into a new service agreement with Interchart, with effect from November 1, 2018 until December 31, 2019, pursuant to which the monthly fee was increased to $325. In August 2019, the Company renewed this services agreement with effect from August 1, 2019 until December 31, 2020, pursuant to which the monthly fee decreased to $315.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-align: justify; text-indent: 0cm">During the years ended December 31, 2017, 2018 and 2019 the brokerage commissions charged by Interchart were $3,300, $3,400 and $3,850, respectively, and are included in &#8220;Voyage expenses&#8221; in the consolidated statements of operations. As of December 31, 2019, the Company had outstanding receivable of $11 from Interchart, for payments made on its behalf for certain administrative items.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"><b>b)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>Management and Directors Fees:</b> The Company has entered into consulting agreements with companies owned and controlled by each one of its Chief Operating Officer, Co-Chief Financial Officers and Chief Strategy Officer (effective from January 1, 2019). Pursuant to the corresponding agreements, the Company is required to pay an aggregate base fee of $655 per year (this amount includes certain fees determined in Euros, using the exchange rate as of December&#160;31, 2019, which was $1.12 per euro). Additionally pursuant to these agreements, these entities are entitled to receive an annual discretionary bonus, as determined by the Company&#8217;s Board of Directors in its sole discretion. The expenses related to the aforementioned consulting agreements for the years ended December 31, 2017, 2018 and 2019, were $493, $534 and $655, respectively, and are included under &#8220;General and administrative expenses&#8221; in the consolidated statements of operations.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-align: justify; text-indent: 0cm">The expenses related to the Company&#8217;s directors for the years ended December 31, 2017, 2018 and 2019 were $145, $159 and $179, respectively, and are included under &#8220;General and administrative expenses&#8221; in the consolidated statements of operations. As of December 31, 2018 and 2019, the Company had outstanding payables of $236 and $246, respectively, to its executive officers and directors representing unpaid consulting fees or unpaid fees for their participation in the Company&#8217;s Board of Directors and other special committees.</p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"><b>c)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>Office rent:</b> On January&#160;1, 2012, Starbulk S.A. entered into a lease agreement for office space with Combine Marine Ltd., a company controlled by Mrs.&#160;Milena - Maria Pappas and by Mr.&#160;Alexandros Pappas, both of whom are children of the Company&#8217;s Chief Executive Officer. The lease agreement provides for a monthly rental of &#8364;2,500 (approximately $2.8, using the exchange rate as of December&#160;31, 2019, which was $1.12 per euro). Unless terminated by either party, the agreement will expire in January&#160;2024. The related rent expense for the years ended December 31, 2017, 2018 and 2019 was $35, $37 and $35, respectively, and is included under &#8220;General and administrative expenses&#8221; in the consolidated statements of operations.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-align: justify; text-indent: 0cm">In addition, on December&#160;21, 2016, Starbulk S.A., entered into a six year lease agreement for office space with Alma Properties, a company controlled by Mrs.&#160;Milena - Maria Pappas. The lease agreement provides for a monthly rental of &#8364;300 (approximately $0.3, using the exchange rate as of December&#160;31, 2019, which was $1.12 per euro). The related rent expense for each year ended December&#160;31, 2017, 2018 and 2019 was $4 and is included under &#8220;General and administrative expenses&#8221; in the consolidated statement of operations.</p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"><b>d)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>Oceanbulk Maritime S.A. (or &#8220;Oceanbulk Maritime&#8221;):</b> Oceanbulk Maritime is a ship management company controlled by Mrs.&#160;Milena-Maria Pappas. A company affiliated to Oceanbulk Maritime provides the Company certain financial corporate development services. The related expenses for the years ended December 31, 2017, 2018 and 2019 were $284, $322 and $324, respectively, and are included under &#8220;General and administrative expenses&#8221; in the consolidated statement of operations. As of December 31, 2018 and 2019, the Company had outstanding receivables of $85 and $327 from Oceanbulk Maritime and its affiliates, respectively, for payments made on their behalf regarding certain administrative items.</td></tr></table> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"><b>e)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>Oaktree Shareholder Agreement:</b> On July&#160;11, 2014, the Company and Oaktree Dry Bulk Holding LLC (including affiliated funds, &#8220;Oaktree&#8221;), one of the Company&#8217;s major shareholders, entered into a shareholders agreement (the &#8220;Oaktree Shareholders Agreement&#8221;). Under the Oaktree Shareholders Agreement, Oaktree has the right to nominate four of the Company&#8217;s nine directors so long as it beneficially owns 40% or more of the Company&#8217;s outstanding voting securities. The number of directors able to be designated by Oaktree is reduced to three directors if Oaktree beneficially owns 25% or more but less than 40% of the Company&#8217;s outstanding voting securities, to two directors if Oaktree beneficially owns 15% or more but less than 25%, and to one director if Oaktree beneficially owns 5% or more but less than 15%. Oaktree&#8217;s designation rights terminate if it beneficially owns less than 5% of the Company&#8217;s outstanding voting securities.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-align: justify; text-indent: 0cm">The four directors currently designated by Oaktree are Messrs.&#160;Pappas, Balakrishnan and Laibow and Ms.&#160;Men, Under the Oaktree Shareholders Agreement, with certain limited exceptions, Oaktree effectively cannot vote more than 33% of the Company&#8217;s outstanding common shares (subject to adjustment under certain circumstances).</p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"><b>f)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>Augustea Technoservices Ltd.</b><b>:</b> Following the completion of the acquisition of 16 operating dry bulk vessels (the &#8220;Augustea Vessels&#8221;) from entities affiliated with Augustea Atlantica SpA and York Capital Management in an all-share transaction for an aggregate of 10,277,335 of the Company&#8217;s common shares (the &#8220;Augustea Vessel Purchase Transaction&#8221;) on August 3, 2018, the Company appointed Augustea Technoservices Ltd., an entity affiliated with certain of the sellers of the corresponding transaction and specifically with one of the Company&#8217;s directors, Mr. Zagari, as the technical manager of certain of its vessels. The management fees incurred for the years ended December 31, 2018 and 2019 were $2,309 and $6,564, respectively, and are included in &#8220;Management fees&#8221; in the consolidated statements of operations. As of December 31, 2018 and 2019, the Company had outstanding payables of $1,111 and $2,879, respectively, to Augustea Technoservices Ltd. In addition, pursuant to the post-closing adjustments set forth in the underlying purchase agreement, as of December 31, 2018 the Company had an outstanding receivable of $867 from the sellers of the Augustea Vessels which was settled in 2019.&#9;</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"><b>g)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>Songa Shipmanagement Ltd</b><b>.:</b> Following the completion of the acquisition of 15 operating dry bulk vessels (the &#8220;Songa Vessels&#8221;) from Songa Bulk ASA (&#8220;Songa&#8221;) for an aggregate of 13,725,000 of the Company&#8217;s common shares (the &#8220;Songa Consideration Shares&#8221;) and $144,550 in cash (collectively the &#8220;Songa Vessel Purchase Transaction&#8221;) on July 6, 2018, the Company appointed Songa Shipmanagement Ltd, an entity affiliated with certain of the sellers of the corresponding transaction and specifically with one of the Company&#8217;s directors, Mr. Blystad, as the technical manager of certain of its vessels. The management fees incurred for the year ended December 31, 2018 were $376 and from January 1, 2019 until March 31, 2019, when the respective management agreement was terminated, the management fees incurred were $32. Both amounts are included in &#8220;Management fees&#8221; in the consolidated statements of operations.&#160;The outstanding balance due from Songa Shipmanagement Ltd as of December 31, 2018 and 2019 was $305 and nil, respectively.</td></tr></table> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"><b>h)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>Sydelle Marine Limited (or &#8220;Sydelle&#8221;) - profit sharing agreement:</b> In April 2017, Sydelle, a company controlled by members of the family of the Company&#8217;s Chief Executive Officer, entered into a pooling agreement (the &#8220;Sydelle Profit Sharing Agreement&#8221;) with the Company&#8217;s fully owned subsidiary Domus Shipping LLC, owner of the vessel <i>Star Ariadne,</i> whereby the net revenues of <i>Star Ariadne</i> and the vessel owned by Sydelle will be equally split between the two companies. Pursuant to the Sydelle Profit Sharing Agreement, the pool adjustment for the years ended December&#160;31, 2017 and 2018 was ($329) and ($875), respectively, which is recorded in &#8220;Voyage revenues&#8221; in the consolidated statements of operations. As of December&#160;31, 2018, the Company had an outstanding payable amount of $302 in connection with the Sydelle Profit Sharing Agreement, which was settled in January 2019. The pooling agreement was terminated, effective December 31, 2018.</td></tr></table> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"><b>i)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>Sydelle Marine Limited (or &#8220;Sydelle&#8221;) &#8211; Charter in Agreement: </b>During 2019, the Company entered into three freight agreements with Sydelle to charter-in its vessel. The total charter-in expense for the aforementioned freight agreements during the year ended December 31, 2019 was $5,505 and is included in &#8220;Charter-in hire expenses&#8221; in the consolidated statement of operations. As of December 31, 2019, the Company had an outstanding payable of $19 to Sydelle in connection with the respective freight agreements. </td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"><b>j )</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>StarOcean Manning Philippines Inc. (or &#8220;Starocean&#8221;)</b>: The Company has 25% ownership interest in Starocean, a company that is incorporated and registered with the Philippine Securities and Exchange Commission, which provides crewing agency services. The remaining 75% interest is held by local entrepreneurs. This investment is accounted for as an equity method investment, which as of December&#160;31, 2018 and 2019 is $50 and $123, respectively and is included in &#8220;Other Current Assets&#8221; in the consolidated balance sheets, provided that is immaterial. As of December&#160;31, 2018 and 2019, the Company has an outstanding receivable of $65 and $41, respectively, from Starocean relating to advances paid for working capital purposes.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"><b>k )</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>Oceanbulk Container Carriers LLC. (or &#8220;OCC&#8221;): </b>On June 28, 2018, the Company completed the acquisition of three newbuilding Newcastlemax vessels (the &#8220;OCC Vessels&#8221;) from OCC, an entity affiliated with Oaktree Capital Management L.P. and with family members of the Company&#8217;s Chief Executive Officer, (the &#8220;OCC Vessel Purchase Transaction&#8221;), for an aggregate consideration of 3,304,735 common shares.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"><b>l)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>Augustea Oceanbulk Maritime Malta Ltd (or &#8220;AOM&#8221;): </b>On September 24, 2019, the Company chartered-in the vessel <i>AOM Marta</i>, which is owned by AOM, an entity affiliated with Augustea Atlantica SpA and certain members of the Company&#8217;s Board of Directors. The agreed rate for chartering-in <i>AOM Marta</i> is index-linked, and the lease term does not exceed the period of 12 months. The charter-in expense for the year ended December 31, 2019 was $2,589 and is included in &#8220;Charter-in hire expenses&#8221; in the consolidated statement of operation. As of December 31, 2019, the Company had an outstanding receivable balance of $195 from AOM. </td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"><b>m)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>Coromel Maritime Limited (or &#8220;Coromel&#8221;): </b>During 2019, the Company entered into a freight agreement with ship-owning company Coromel to charter-in its vessel. Coromel is controlled by family members of the Company&#8217;s Chief Executive Officer. The charter-in expense for the aforementioned freight agreement during the year ended December 31, 2019 was $5,723 and is included in &#8220;Charter-in hire expenses&#8221; in the consolidated statement of operations. As of December 31, 2019 the Company had an outstanding payable of $873 to Coromel. </td></tr></table> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"><b>n)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>Eagle bulk Pte. Ltd. (or &#8220;Eagle Bulk&#8221;): </b>In 2019, the Company entered into two time charter agreements with Eagle Bulk to charter-in two of its vessels for a daily rate of $16.3 and $15.8, respectively for a period approximately of two months for each vessel. Eagle Bulk is related to Oaktree one of the Company&#8217;s major shareholder (please refer to e) above). The aggregate charter-in expense for the aforementioned time charter agreements during the year ended December 31, 2019 was $1,908 and is included in &#8220;Charter-in hire expenses&#8221; in the consolidated statement of operations. As of December 31, 2019, both the aforementioned time charter agreements have been completed and the Company had no outstanding balance with Eagle Bulk.</td></tr></table> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0pt">&#160;</p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr> <td style="font-weight: bold; vertical-align: middle; text-align: justify; background-color: white; width: 46%">Balance Sheet</td> <td style="font-weight: bold; vertical-align: middle; text-align: justify; background-color: white; width: 2%">&#160;</td> <td style="font-weight: bold; vertical-align: middle; text-align: right; background-color: white; width: 2%">&#160;</td> <td style="font-weight: bold; vertical-align: middle; text-align: right; background-color: white; width: 14%">&#160;</td> <td style="font-weight: bold; vertical-align: middle; text-align: right; background-color: white; width: 2%">&#160;</td> <td style="font-weight: bold; vertical-align: middle; text-align: right; background-color: white; width: 2%">&#160;</td> <td style="font-weight: bold; vertical-align: middle; text-align: right; background-color: white; width: 14%">&#160;</td> <td style="font-weight: bold; vertical-align: middle; text-align: right; width: 3%">&#160;</td> <td style="font-weight: bold; vertical-align: middle; text-align: right; background-color: white; width: 2%">&#160;</td> <td style="vertical-align: bottom; background-color: white; width: 13%">&#160;</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right">December 31, 2018</td> <td style="font-weight: bold; text-align: right">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right">December 31, 2019</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="font-weight: bold; text-align: justify">Due from related parties</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; text-align: right; border-top-color: black; border-top-width: 1pt">&#160;</td> <td style="font-weight: bold; text-align: right; border-top-color: black; border-top-width: 1pt">&#160;</td> <td style="font-weight: bold; text-align: right">&#160;</td> <td style="font-weight: bold; text-align: right; border-top-color: black; border-top-width: 1pt">&#160;</td> <td style="font-weight: bold; text-align: right; border-top-color: black; border-top-width: 1pt">&#160;</td></tr> <tr style="vertical-align: middle"> <td>Oceanbulk Maritime and its affiliates (d)</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">$</td> <td style="text-align: right">85</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">$</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;327</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: justify">Interchart (a)</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;11</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: justify">AOM (l)</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;195</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td>Starocean (j)</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">65</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;41</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: justify">Sellers of the Augustea Vessels (f)</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;867</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;-&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td>Songa Shipmanagement Ltd. (g)</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;305</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;-&#160;</td></tr> <tr style="vertical-align: middle"> <td>Product Shipping &#38; Trading S.A.</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;16</td></tr> <tr style="vertical-align: middle; background-color: #DAEEF3"> <td style="font-weight: bold; text-align: justify">Due from related parties</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2pt double; text-align: right">1,322</td> <td style="font-weight: bold; text-align: right">&#160;</td> <td style="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2pt double; text-align: right">590</td></tr> <tr style="vertical-align: middle"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="font-weight: bold; text-align: justify">Due to related parties</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td></tr> <tr style="vertical-align: middle"> <td style="text-align: justify">Management and Directors Fees (b)</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: right">$</td> <td style="text-align: right">236</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">$</td> <td style="text-align: right">246</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: justify">Sydelle (h), (i)</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;302</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;19</td></tr> <tr style="vertical-align: middle; background-color: white"> <td>Augustea Technoservices Ltd. (f)</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,111</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">2,879</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td>Coromel Maritime Limited (m)</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">873</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="font-weight: bold; text-align: justify">Due to related parties</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2pt double; text-align: right">1,649</td> <td style="font-weight: bold; text-align: right">&#160;</td> <td style="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 2pt double; text-align: right">4,017</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr> <td style="font-weight: bold; vertical-align: middle; width: 46%">Statements of Operations</td> <td style="vertical-align: bottom; width: 2%">&#160;</td> <td style="vertical-align: bottom; text-align: right; width: 2%">&#160;</td> <td style="vertical-align: bottom; text-align: right; width: 14%">&#160;</td> <td style="vertical-align: bottom; text-align: right; width: 2%">&#160;</td> <td style="vertical-align: bottom; text-align: right; width: 2%">&#160;</td> <td style="vertical-align: bottom; text-align: right; width: 14%">&#160;</td> <td style="vertical-align: bottom; text-align: right; width: 3%">&#160;</td> <td style="vertical-align: bottom; text-align: right; width: 2%">&#160;</td> <td style="vertical-align: bottom; width: 13%">&#160;</td></tr> <tr> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="font-weight: bold; vertical-align: middle">&#160;</td> <td colspan="8" style="font-weight: bold; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">Years ended December 31,</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right">2017</td> <td style="font-weight: bold; text-align: right">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right">2018</td> <td style="font-weight: bold; text-align: right">&#160;</td> <td style="font-weight: bold; border-bottom: Black 1pt solid; text-align: right">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right">2019</td></tr> <tr style="vertical-align: middle"> <td>Voyage expenses-Interchart (a)</td> <td>&#160;</td> <td style="text-align: right">$</td> <td style="text-align: right">(3,300)</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">$</td> <td style="text-align: right">(3,400)</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">(3,850)</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td>Consultancy fees (b)</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">(493)</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">(534)</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">(655)</td></tr> <tr style="vertical-align: middle"> <td>Directors compensation (b)</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">(145)</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">(159)</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">(179)</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td>Office rent - Combine Marine Ltd. &#38;&#160;&#160;Alma Properties (c)</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">(39)</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">(41)</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">(39)</td></tr> <tr> <td style="vertical-align: middle; text-align: justify">Voyage revenues - profit sharing agreement-Sydelle (h)</td> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(329)</td> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(875)</td> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td colspan="2" style="vertical-align: bottom">Management fees- Augustea Technoservices Ltd. (f)</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;-&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,309)</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(6,564)</td></tr> <tr> <td style="vertical-align: bottom; background-color: white">Management fees- Songa Shipmanagement Ltd. (g)</td> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white">&#160;-&#160;</td> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(376)</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(32)</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom">General and administrative expenses - Oceanbulk Maritime and its affiliates (d)</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(284)</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(322)</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(324)</td></tr> <tr> <td style="vertical-align: bottom; background-color: white">Charter - in hire expenses - AOM (l)</td> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="vertical-align: bottom; text-align: right; background-color: white">-</td> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white">&#160;-&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,589)</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom">Charter - in hire expenses - Sydelle (i)</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(5,505)</td></tr> <tr> <td style="vertical-align: bottom">Charter - in hire expenses - Coromel (m)</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(5,723)</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom">Charter - in hire expenses - Eagle Bulk (n)</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,908)</td></tr></table> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Inventories:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">The amounts shown in the consolidated balance sheets are analyzed as follows:</p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="width: 34%; font: 10pt Times New Roman, Times, Serif">&#160;&#160;</td> <td style="width: 4%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right; width: 4%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right; width: 28%">December 31, 2018</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 4%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right; width: 4%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right; width: 22%">December 31, 2019</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Lubricants</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">12,071</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">12,293</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Bunkers</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">15,365</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">38,860</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Total</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 2pt double; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 2pt double; text-align: right">27,436</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 2pt double; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 2pt double; text-align: right">51,153</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&#160;</p> <p style="margin: 0pt"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: middle; background-color: white"> <td style="width: 34%">&#160;&#160;</td> <td style="width: 4%">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right; width: 4%">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right; width: 28%">December 31, 2018</td> <td style="font-weight: bold; text-align: right; width: 4%">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right; width: 4%">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right; width: 22%">December 31, 2019</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: justify">Lubricants</td> <td style="text-align: justify">&#160;</td> <td style="text-align: right">$</td> <td style="text-align: right">12,071</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">$</td> <td style="text-align: right">12,293</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: justify">Bunkers</td> <td style="text-align: justify">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">15,365</td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">38,860</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="font-weight: bold; text-align: justify">Total</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; border-bottom: black 2pt double; text-align: right">$</td> <td style="font-weight: bold; border-bottom: black 2pt double; text-align: right">27,436</td> <td style="font-weight: bold; text-align: right">&#160;</td> <td style="font-weight: bold; border-bottom: black 2pt double; text-align: right">$</td> <td style="font-weight: bold; border-bottom: black 2pt double; text-align: right">51,153</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin-top: 0; margin-bottom: 0"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: middle; background-color: white"> <td style="width: 54%">&#160;</td> <td style="width: 3%">&#160;</td> <td style="font-weight: bold; text-align: right; width: 12%">Vessel cost</td> <td style="text-align: right; width: 3%">&#160;</td> <td style="font-weight: bold; text-align: right; width: 13%">Accumulated depreciation</td> <td style="text-align: right; width: 3%">&#160;</td> <td style="font-weight: bold; text-align: right; width: 12%">Net Book Value</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="font-weight: bold">Balance, December 31, 2017</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,186,856</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-411,775</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,775,081</td></tr> <tr style="vertical-align: middle; background-color: white"> <td>- Transfer from advances for vessels under construction and acquisition of vessels</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;163,138</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;163,138</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td>- Acquisitions, improvements and other vessel costs</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;844,474</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;844,474</td></tr> <tr style="vertical-align: middle; background-color: white"> <td>- Vessel disposal/ transfer to Held for sale</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(5,949)</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(5,949)</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td>- Impairment loss</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;(83,256)</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;65,472</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;(17,784)</td></tr> <tr style="vertical-align: middle; background-color: white"> <td>- Depreciation for the period</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;(102,852)</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;(102,852)</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="font-weight: bold">Balance, December 31, 2018</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,105,263</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-449,155</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,656,108</td></tr> <tr style="vertical-align: middle; background-color: white"> <td>- Transfer from advances for vessels under construction and acquisition of vessels</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;157,589</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;157,589</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td>- Acquisitions, improvements and other vessel costs</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;335,671</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;335,671</td></tr> <tr style="vertical-align: middle; background-color: white"> <td>- Vessel disposal</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;(163,049)</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;106,899</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;(56,150)</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td>- Impairment loss</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;(24,551)</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;21,140</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,411)</td></tr> <tr style="vertical-align: middle; background-color: white"> <td>- Depreciation for the period</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;(124,280)</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;(124,280)</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="font-weight: bold">Balance, December 31, 2019</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">3,410,923</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;(445,396)</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,965,527</td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Advances for vessels under construction and acquisition of vessels:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">The amounts in the consolidated balance sheets are analyzed as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; width: 78%">Balance, December 31, 2017</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; width: 4%">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;48,574</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">- Additions</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;129,749</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">- OCC Vessels shares acquisition</td> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;42,962</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">- Capitalized interest&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,753</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">- Transfers to Vessel cost</td> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;(163,138)</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double">Balance, December 31, 2018</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;59,900</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">- Additions</td> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;96,671</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">- Capitalized interest&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,018</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">- Transfers to Vessel cost</td> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;(157,589)</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double">Balance, December 31, 2019</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">As of December 31, 2018, the Company had three vessels under construction, the OCC Vessels (Note 3), which were financed under bareboat leases with CSSC (Note 7). During 2018, the Company paid for those vessels $42,962 by issuance of shares and also paid cash of $4,350 each for the third installments for two of the OCC Vessels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">In connection with the Step 1 Vessels, Star Marianne and Star Janni, which were delivered to the Company in January 2019 (Note 5), the Company as of December 31, 2018, had paid an amount of $4,880 which is included in &#8220;Advances for vessels under construction and acquisition of vessels&#8221; in the consolidated balance sheet.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">As of December 31, 2019, there were no vessels under construction nor any pending acquisition of vessels.</p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr> <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; width: 78%">Balance, December 31, 2017</td> <td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; width: 4%">$</td> <td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;48,574</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom">- Additions</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;129,749</td></tr> <tr> <td style="vertical-align: bottom; background-color: white">- OCC Vessels shares acquisition</td> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;42,962</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom">- Capitalized interest&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,753</td></tr> <tr> <td style="vertical-align: bottom; background-color: white">- Transfers to Vessel cost</td> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;(163,138)</td></tr> <tr style="background-color: #CCEEFF"> <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double">Balance, December 31, 2018</td> <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double">&#160;</td> <td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;59,900</td></tr> <tr> <td style="vertical-align: bottom; background-color: white">- Additions</td> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;96,671</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom">- Capitalized interest&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,018</td></tr> <tr> <td style="vertical-align: bottom; background-color: white">- Transfers to Vessel cost</td> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;(157,589)</td></tr> <tr style="background-color: #CCEEFF"> <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double">Balance, December 31, 2019</td> <td style="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double">&#160;</td> <td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Fair value of Above / Below Market Acquired Time Charters:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">For two Augustea Vessels, which were transferred to the Company with time charter agreements attached, the Company recognized a liability of $5,373, since it determined that the respective charter rates were below market rates on the date of the transfers (Level 2). For the years ended December 31, 2018 and 2019, the amortization of fair value of the below market acquired time charters was $1,820 and $1,337, respectively, and is included under &#8220;Voyage revenues&#8221; in the consolidated statements of operations. The accumulated amortization of these below market time charters as of December 31, 2019 was $3,157.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">As part of the Step 1 Acquisition of the E.R. Vessels, the Company took delivery of the vessels Star Marianne and Star Janni (Note 5) with time charter agreements attached. The Company recognized a liability of $1,269 and an asset of $336, since it was determined that the charter rate of Star Marianne was below market rates and of Star Janni was above market rates on the date of each vessel&#8217;s delivery (Level 2). For the year ended December 31, 2019, the amortization of fair value of the below market acquired time charter was $1,012, and the amortization of fair value of the above market acquired time charter was $336, which amounts are included under &#8220;Voyage revenues&#8221; in the consolidated statement of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">As of December 31, 2019, the intangible asset recognized in connection with the attached time charter agreement of Star Janni had been fully amortized, and the unamortized balance of the intangible liabilities described above was $2,473 and is expected to be amortized over a weighted average period of 2.17 years as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 73%">Twelve month periods ending</td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 3%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; width: 3%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: right; width: 21%">Amount</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: left; font: 10pt Times New Roman, Times, Serif">December 31, 2020</td> <td style="padding-left: 12px; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,184</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: left; font: 10pt Times New Roman, Times, Serif">December 31, 2021</td> <td style="padding-left: 12px; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;924</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: left; font: 10pt Times New Roman, Times, Serif">December 31, 2022</td> <td style="padding-left: 12px; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;365</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Total</td> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right">2,473</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></p> <p style="margin: 0pt"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: middle; background-color: white"> <td style="font-weight: bold; width: 73%">Twelve month periods ending</td> <td style="font-weight: bold; width: 3%">&#160;</td> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; width: 3%">&#160;</td> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 21%">Amount</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; text-align: left">December 31, 2020</td> <td style="padding-left: 12px; text-align: left">&#160;</td> <td style="text-align: right">$</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,184</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="padding-left: 12px; text-align: left">December 31, 2021</td> <td style="padding-left: 12px; text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;924</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; text-align: left">December 31, 2022</td> <td style="padding-left: 12px; text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;365</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="padding-left: 12px; font-weight: bold; text-align: left">Total</td> <td style="padding-left: 12px; font-weight: bold; text-align: left">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right">2,473</td></tr> </table> <p style="margin: 0pt"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: middle; background-color: white"><td style="font-weight: bold; width: 73%; text-align: justify">Twelve month periods ending</td> <td style="font-weight: bold; width: 3%; text-align: justify">&#160;</td> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; width: 3%; text-align: justify">&#160;</td> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 21%">Amount</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; text-align: justify">December 31, 2020</td> <td style="padding-left: 12px; text-align: justify">&#160;</td> <td style="text-align: justify">$</td> <td style="text-align: center">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;150,350</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="padding-left: 12px; text-align: justify">December 31, 2021</td> <td style="padding-left: 12px; text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: center">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;144,621</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; text-align: justify">December 31, 2022</td> <td style="padding-left: 12px; text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: center">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;166,764</td></tr> <tr style="vertical-align: middle"> <td style="padding-left: 12px; text-align: justify">December 31, 2023</td> <td style="padding-left: 12px; text-align: justify; background-color: white">&#160;</td> <td style="text-align: justify; background-color: white">&#160;</td> <td style="text-align: center; background-color: white">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;361,263</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; text-align: justify">December 31, 2024</td> <td style="padding-left: 12px; text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: center">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;116,272</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="padding-left: 12px; text-align: justify">December 31, 2025 and thereafter</td> <td style="padding-left: 12px; text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: center">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;186,767</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; font-weight: bold; text-align: justify">Total Long term debt</td> <td style="padding-left: 12px; font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: justify">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: center">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,126,037</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 12px; text-align: justify; background-color: white">Unamortized debt issuance costs</td> <td style="background-color: white; text-align: justify">&#160;</td> <td style="background-color: white; text-align: justify">&#160;</td> <td style="text-align: center">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(15,098)</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; font-weight: bold; text-align: justify">Total Long term debt, net</td> <td style="padding-left: 12px; font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: justify">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: center">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,110,939</td></tr> <tr> <td style="padding-left: 12px; font-weight: bold; vertical-align: middle; text-align: justify">Current portion of long term debt</td> <td style="font-weight: bold; vertical-align: bottom; text-align: justify">&#160;</td> <td style="font-weight: bold; vertical-align: bottom; text-align: justify">&#160;</td> <td style="font-weight: bold; vertical-align: bottom; text-align: center">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;150,350</td></tr> <tr style="background-color: #CCEEFF"> <td style="padding-left: 12px; font-weight: bold; vertical-align: middle; text-align: justify">Long term debt, net</td> <td style="vertical-align: bottom; text-align: justify">&#160;</td> <td style="vertical-align: bottom; text-align: justify">&#160;</td> <td style="font-weight: bold; vertical-align: bottom; text-align: center">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;960,589</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"><tr><td rowspan="2" style="font-weight: bold; vertical-align: middle; text-align: justify"></td> <td colspan="8" style="font-weight: bold; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: justify">Years ended December 31,&#160;</td></tr> <tr style="vertical-align: middle"> <td style="font-weight: bold; border-bottom: Black 1pt solid; text-align: justify">&#160;</td> <td style="font-weight: bold; border-bottom: Black 1pt solid; text-align: justify">2017</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; border-bottom: Black 1pt solid; text-align: justify">&#160;</td> <td style="font-weight: bold; border-bottom: Black 1pt solid; text-align: justify">2018</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; border-bottom: Black 1pt solid; text-align: justify">&#160;</td> <td style="font-weight: bold; border-bottom: Black 1pt solid; text-align: justify">2019</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF"> <td style="padding-left: 12px; text-align: justify; width: 60%">Interest on financing agreements </td> <td style="padding-left: 12px; text-align: justify; width: 3%">$</td> <td style="text-align: justify; width: 11%">48,814</td> <td style="text-align: justify; width: 2%">&#160;</td> <td style="padding-left: 12px; text-align: justify; width: 3%">$</td> <td style="text-align: justify; width: 8%">69,977</td> <td style="text-align: justify; width: 2%">&#160;</td> <td style="padding-left: 12px; text-align: justify; width: 3%">$</td> <td style="text-align: justify; width: 8%">81,393</td></tr> <tr style="vertical-align: middle"> <td style="text-align: justify">Less: Interest capitalized&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">(2,423)</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">(1,753)</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify; background-color: white">(1,018)</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF"> <td style="padding-left: 12px; text-align: justify">Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 18)</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">852</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">(3)</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle"> <td style="padding-left: 12px; text-align: justify">Amortization of debt issuance costs</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">2,660</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">3,253</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">5,590</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF"> <td style="padding-left: 12px; text-align: justify">Other bank and finance charges&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">555</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">2,241</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">1,652</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="padding-left: 12px; font-weight: bold; text-align: justify">Interest and finance costs</td> <td style="padding-left: 12px; font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">50,458</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="padding-left: 12px; font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">73,715</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="padding-left: 12px; font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">87,617</td></tr></table> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Preferred, Common Shares and Additional paid in capital:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Preferred Shares:</b> Star Bulk is authorized to issue up to 25,000,000 preferred shares, $0.01 par value with such designations, as voting, and other rights and preferences, as determined by the Board of Directors. As of December 31, 2018 and 2019 the Company had not issued any preferred shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Common Shares:</b> As per the Company&#8217;s Amended and Restated Articles of Incorporation, Star Bulk is authorized to issue 300,000,000 registered common shares, par value $0.01 per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Each outstanding share of the Company&#8217;s common shares entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding preferred shares, holders of common shares are entitled to ratably receive all dividends, if any, declared by the Company&#8217;s Board of Directors out of funds legally available for dividends. Holders of common shares do not have conversion, redemption or preemptive rights to subscribe to any of the Company&#8217;s securities. All outstanding common shares are fully paid and non-assessable. The rights, preferences and privileges of holders of common shares are subject to the rights of the holders of any preferred shares which the Company may issue in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">On February 2, 2017, the Company completed a private placement of 6,310,272 common shares, at a price of $8.154 per share (the &#8220;February 2017 Private Placement&#8221;), raised for general corporate purposes. The aggregate proceeds to the Company, net of private placement agent&#8217;s fees and expenses, were approximately $50,427. One of the Company&#8217;s significant shareholders, Oaktree and its affiliates, purchased a total of 3,244,292 of the common shares in the February 2017 Private Placement. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">During the year ended December&#160;31, 2017 the Company issued 1,220,825 common shares to the Company&#8217;s directors and employees in connection with its equity incentive plans (Note 13).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">On June 29, 2018, a fund affiliated with Oaktree Capital Management, L.P. completed an underwritten secondary sale of 5,000,000 common shares of the Company at a price of $13.10 per share. The Company did not sell any common shares and did not receive any proceeds as a result of this secondary sale. In addition, in September 2018, the Company filed a new shelf registration statement, which included all selling shareholders that had registration rights. In connection with these transactions the Company incurred and accrued aggregate offering expenses of $2,032, which are separately presented in the consolidated statement of shareholders&#8217; equity for the year ended December 31, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">As further discussed in Note 3, during the year ended December 31, 2018, the Company issued 3,304,735 common shares, 13,725,000 common shares and 10,331,313 common shares in connection with the OCC Vessel Purchase Transaction, Songa Vessel Purchase Transaction and Augustea Vessel Purchase Transaction, respectively. In addition, pursuant to the post-closing adjustments set forth in the underlying agreement, in October 2018, the Company cancelled 53,978 common shares out of those issued as part of the consideration for the Augustea Vessel Purchase Transaction, reducing the total shares consideration issued in connection with the Augustea Vessel Purchase Transaction to 10,277,335. Lastly, in October 2018 the Company issued 291,300 common shares in connection with the acquisition of <i>Star Bright </i>(Note 5). </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">In addition during the year ended December&#160;31, 2018, the Company issued 868,975 common shares to the Company&#8217;s directors and employees in connection with its equity incentive plans (Note 13).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">On November 29, 2018, the Company announced a share repurchase program to purchase up to an aggregate of $50.0 million of the Company&#8217;s common shares. The timing and amount of any repurchases will be in the sole discretion of the Company&#8217;s management team, and will depend on legal requirements, market conditions, share price, alternative uses of capital and other factors. The Company is not obligated under the terms of the program to repurchase any of its common shares. The repurchase program has no expiration date and may be suspended or terminated by the Company at any time without prior notice. Common shares repurchases as part of this program will be cancelled by the Company. Pursuant to this share repurchase program, during the fourth quarter of 2018, the Company repurchased 341,363 of its common shares in open market transactions at an average price of $9.17 for an aggregate consideration of $3,131. All the aforementioned repurchased shares were canceled and removed from the Company&#8217;s share capital on January 3, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">As part of the Company&#8217;s share repurchase program, during the twelve month period ended December 31, 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 1,579,195 shares in open market transactions at an average price of $7.49 for an aggregate consideration of $11,831. The repurchased shares were cancelled and removed from the Company&#8217;s share capital as of December 31, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">In January 2019, the Company issued 999,336 common shares in connection with the acquisition of <i>Star Janni</i> and <i>Star Marianne </i>(Note 5).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">As further discussed in Note 5, during the year ended December 31, 2019, the Company issued 4,503,370 shares in connection with the acquisition of the Delphin Vessels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">During the year ended December 31, 2019, the Company issued 883,700 shares to the Company&#8217;s directors and employees in connection with its equity incentive plans (Note 13). On November 20, 2019, the Company&#8217;s Board of Directors declared a cash dividend of $4,804 (or $0.05 per share) for the third quarter 2019, in line with the dividend policy established in November 2019. The total dividend amount was paid in December 2019.</p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Other operational gain:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">For the year ended December&#160;31, 2017, other operational gain of $2,918 was recognized mainly consisting of an amount of $2,139, resulting from a cash settlement of a commercial dispute and gain from hull and machinery insurance claims. For the year ended December 31, 2019, other operational gain of $2,423, was recognized, mainly consisting of gain from hull and machinery insurance claims.</p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Management fees:</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">As of January&#160;1, 2015, the Company engaged Ship Procurement Services S.A. (&#8220;SPS&#8221;), a third party company, to provide to its fleet certain procurement services. During the year ended December 2018, the Company entered into the following management agreements with: i) Augustea Technoservices Ltd and Songa Shipmanegement Ltd to provide technical management to certain of its vessels, following the completion of the Augustea Vessel Purchase Transaction and Songa Vessel Purchase Transaction (Note 3) and ii) Equinox Maritime Ltd, Zeaborn GmbH &#38; Co. KG and Technomar Shipping Inc to provide certain management services to certain of its vessels. Total management fees under the aforementioned management agreements in effect for the years ended December 31, 2017, 2018 and 2019, were $7,543, $11,321 and $17,500, respectively, and are included in &#8220;Management fees&#8221; in the consolidated statements of operations.</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Equity Incentive Plans:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">On April&#160;13, 2015, the Board of Directors granted share purchase options of up to 104,250 common shares to certain executive officers, at an option exercise price of $27.50 per share. These options are exercisable in whole or in part between the third and the fifth anniversary of the grant date, subject to the respective individuals remaining employed by the Company at the time the options are exercised. The options expire after the fifth anniversary if not exercised.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The fair value of all share option awards was calculated based on the modified Black-Scholes method. A description of the significant assumptions used to estimate the fair value of the share option awards is set out below:</p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"><p style="margin: 0; font: 10pt Times New Roman, Times, Serif">&#149;</p> </td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><i>Option type:</i> Bermudan call option</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif">&#149;</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><i>Grant Date: </i>April&#160;13, 2015</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif">&#149;</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><i>Expected term:</i> Given the absence at the grant date of expected dividend payments (described below), the Company expected that it is optimal for the holders of the granted options to avoid early exercise of the options. As a result, the Company assumed that the expected term of the options is their contractual term (i.e. five years from the grant date).</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif">&#149;</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><i>Expected volatility:</i> The Company used the historical volatility of the common shares to estimate the volatility of the price of the shares underlying the share option awards. The final expected volatility estimate, which was based on historical volatility for the two years preceding the grant date, was 59.274%.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif">&#149;</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><i>Expected dividends:</i> The Company does not currently pay any dividends to its shareholders, and the Company&#8217;s loan agreements contain restrictions and limitations on dividend payments. Based on the foregoing, the outstanding newbuilding orderbook of the Company and the market conditions prevailing in the dry bulk industry at the time of valuation, the Company&#8217;s management determined that for purposes of this calculation the Company is not expected to pay dividends before the expiration of the share options.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif">&#149;</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><i>Dilution adjustment: </i>Compared to the number of common shares outstanding, the Company&#8217;s management considers the overall number of shares covered by the options as immaterial, and no dilution adjustment was incorporated in the valuation model.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif">&#149;</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><i>Risk-free rate:</i> The Company has elected to employ the risk-free yield-to-maturity rate to match the expected term of the options (which as explained above is expected to be five years from the grant date). As of the grant date, the yield-to-maturity rate of five-year U.S. Government bonds was approximately 1.3%.</td></tr></table> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">On February&#160;22, 2017, the Company&#8217;s Board of Directors adopted the 2017 Equity Incentive Plan (the &#8220;2017 Plan&#8221;) and reserved for issuance 950,000 common shares thereunder. The terms and conditions of the 2017 Plan are substantially similar to the terms and conditions of the Company&#8217;s previous equity incentive plans. On the same date, 944,000 restricted common shares were granted to certain of our directors, officers and employees, of which 744,000 shares vested on August&#160;22, 2017. The remaining 200,000 restricted common shares vested on August&#160;22, 2018. The fair value of each share was determined based on the closing price of the Company&#8217;s common shares on the grant date, February 22, 2017.</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0cm">On February&#160;27, 2018, the Company&#8217;s Board of Directors adopted the 2018 Equity Incentive Plan (the &#8220;2018 Plan&#8221;) and reserved for issuance 700,000 common shares thereunder. The terms and conditions of the 2018 Plan are substantially similar to the terms and conditions of the Company&#8217;s previous equity incentive plans. On the same date, 396,500 restricted common shares were granted to certain of the Company&#8217;s directors and officers of which 253,500 restricted common shares vested on August&#160;27, 2018, 71,500 restricted common shares vested on February&#160;27, 2019 and the remaining 71,500 restricted common shares vest on February&#160;27, 2021. The fair value of each share was determined based on the closing price of the Company&#8217;s common shares on the grant date, February 27, 2018. In addition, on April 9, 2018, 276,000 restricted common shares were granted to the Company&#8217;s employees, all of which vested on August&#160;27, 2018. The fair value of each share was determined based on the closing price of the Company&#8217;s common shares on the grant date, April 9, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">On January 7, 2019, the Company&#8217;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 &#8220;RSU&#8221;), comprising of 10 tranches of 400,000 RSU each, will be issued. The fair value of each issuable share was determined based on the closing price of the Company&#8217;s common shares on the grant date, January 7, 2019. Each RSU represents, upon vesting, a right for the 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&#8217;s fleet performs better than the relevant dry bulk charter rate indices as reported by the Baltic Exchange (the &#8220;Indices&#8221;) during 2020 and 2021. The RSUs start to vest if the Company&#8217;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&#8217;s fleet exceeds the performance that would have been derived based on the Indices by up to an aggregate of $300,000. Subject to the vesting conditions being met on April 30, 2021 and April 30, 2022 (each, a &#8220;Vesting Date&#8221;) two million RSUs will vest on each Vesting Date, on tranches based on the level of performance, and the relevant common shares of the Company will be issued by the Company 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. As of December 31, 2019, the Company takes the view that only for one tranche of the RSUs which vest on April 30, 2022, the likelihood of vesting meets the &#8220;more likely than not&#8221; standard under US GAAP and as a result amortization expense for these 400,000 RSUs of $1,235 was recognized and is included under &#8220;General and administrative expenses&#8221; in the consolidated statement of operations for the year ended December 31, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">On May 22, 2019, the Company&#8217;s Board of Directors adopted the 2019 Equity Incentive Plan (the &#8220;2019 Plan&#8221;)&#160;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&#8217;s previous equity incentive plans. On the same date, 885,000 restricted common shares were granted to certain of the Company&#8217;s directors, officers and employees of which 685,462 restricted common shares vested in August 2019, 99,769 restricted common shares will vest in August 2020 and the remaining 99,769 restricted common shares will vest in August 2022.&#160; The fair value of each share was determined based on the closing price of the Company&#8217;s common shares on the grant date, May 22, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; 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 years ended December 31, 2017 and 2018, the Company paid no dividends on non-vested shares. For the year ended December 31, 2019 the Company paid $14 for dividends to non-vested shares.</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">The shares which are issued in accordance with the terms of the Company&#8217;s equity incentive plans or awards remain restricted until they vest. For the years ended December 31, 2017, 2018 and 2019, the share based compensation cost (including the RSUs) was $9,267, $8,072, and $7,943 respectively, and is included under &#8220;General and administrative expenses&#8221; in the consolidated statements of operations. There were no forfeitures of non-vested shares or options during the years 2017, 2018 and 2019.</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">A summary of the status of the Company&#8217;s non-vested restricted shares as of December 31, 2017, 2018 and 2019, and the movement during these years, is presented below:</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="width: 59%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 9%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right; width: 11%">Number of shares</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 2%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right; width: 2%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right; width: 17%">Weighted Average Grant Date Fair Value</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Unvested as at January 1, 2017</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">385,000</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4.82</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: left; background-color: white; font: 10pt Times New Roman, Times, Serif">Granted</td> <td style="text-align: right; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;944,000</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9.59</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: left; font: 10pt Times New Roman, Times, Serif">Vested</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,049,000)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8.24</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Unvested as at December 31, 2017</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 2pt double; text-align: right; border-top-color: black; border-top-width: 1pt">&#160;&#160;&#160;&#160;&#160;&#160;280,000</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: black 1pt solid; border-bottom: black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8.09</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Unvested as at January 1, 2018</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">280,000</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">8.09</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: left; font: 10pt Times New Roman, Times, Serif">Granted</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;672,500</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;11.68</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: left; font: 10pt Times New Roman, Times, Serif">Vested</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(809,500)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10.29</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Unvested as at December 31, 2018</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 2pt double; text-align: right">143,000</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 2pt double; text-align: right">12.49</td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Unvested as at January 1, 2019</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">143,000</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">12.49</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: left; font: 10pt Times New Roman, Times, Serif">Granted</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;885,000</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8.13</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: left; font: 10pt Times New Roman, Times, Serif">Vested</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(756,962)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8.54</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Unvested as at December 31, 2019</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 2pt double; text-align: right">271,038</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 2pt double; text-align: right">9.28</td></tr> </table> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">A summary of the status of the Company&#8217;s non-vested share options as of each of the years ended December 31, 2017, 2018 and 2019 is presented below. There has been no movement during each year:&#160;</p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; vertical-align: middle; text-align: left">Options</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; vertical-align: middle; text-align: center">Number of options</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle">&#160;</td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; vertical-align: middle; text-align: center">Weighted&#160;average exercise price</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle">&#160;</td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; vertical-align: middle; text-align: center">Weighted Average Grant Date Fair Value</td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td colspan="2" style="vertical-align: middle; text-align: left; font: 10pt Times New Roman, Times, Serif">Outstanding at beginning of period</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;104,250</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;27.5</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;7.0605</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: middle; text-align: left; width: 12%; font: 10pt Times New Roman, Times, Serif">Granted</td> <td style="vertical-align: middle; width: 11%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; width: 11%; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="vertical-align: bottom; width: 11%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; width: 11%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; width: 11%; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="vertical-align: bottom; width: 11%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; width: 11%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; width: 11%; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: middle; text-align: left; font: 10pt Times New Roman, Times, Serif">Vested</td> <td style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left">Outstanding at end of period</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: middle; text-align: right">&#160;&#160;&#160;104,250</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;27.5</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;7.0605</td></tr> </table> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">As of December&#160;31, 2019, the estimated compensation cost relating to non-vested share options and restricted share awards not yet recognized was $42 and $4,347, respectively, and is expected to be recognized over the weighted average period of 2.12 years and 0.3 years, respectively. The total fair value of shares vested during the years ended December 31, 2017, 2018 and 2019 was $12,023, $10,745 and $7,703 respectively.</p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: middle"><td style="width: 59%">&#160;</td> <td style="font-weight: bold; text-align: right; width: 9%">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right; width: 11%">Number of shares</td> <td style="font-weight: bold; text-align: right; width: 2%">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right; width: 2%">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right; width: 17%">Weighted Average Grant Date Fair Value</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; font-weight: bold; text-align: left">Unvested as at January 1, 2017</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">385,000</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">$</td> <td style="text-align: right">4.82</td></tr> <tr style="vertical-align: middle"> <td style="padding-left: 12px; text-align: left; background-color: white">Granted</td> <td style="text-align: right; background-color: white">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;944,000</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9.59</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; text-align: left">Vested</td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">(1,049,000)</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8.24</td></tr> <tr style="vertical-align: middle"> <td style="padding-left: 12px; font-weight: bold; text-align: left">Unvested as at December 31, 2017</td> <td style="text-align: right">&#160;</td> <td style="font-weight: bold; border-bottom: black 2pt double; text-align: right; border-top-color: black; border-top-width: 1pt">&#160;&#160;&#160;&#160;&#160;&#160;280,000</td> <td style="font-weight: bold; text-align: right">&#160;</td> <td style="font-weight: bold; text-align: right">$</td> <td style="font-weight: bold; border-top: black 1pt solid; border-bottom: black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8.09</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: middle"> <td style="padding-left: 12px; font-weight: bold; text-align: left">Unvested as at January 1, 2018</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">280,000</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">$</td> <td style="text-align: right">8.09</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; text-align: left">Granted</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;672,500</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;11.68</td></tr> <tr style="vertical-align: middle"> <td style="padding-left: 12px; text-align: left">Vested</td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">(809,500)</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10.29</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; font-weight: bold; text-align: left">Unvested as at December 31, 2018</td> <td style="text-align: right">&#160;</td> <td style="font-weight: bold; border-bottom: black 2pt double; text-align: right">143,000</td> <td style="font-weight: bold; text-align: right">&#160;</td> <td style="font-weight: bold; text-align: right">$</td> <td style="font-weight: bold; border-bottom: black 2pt double; text-align: right">12.49</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: middle"> <td style="padding-left: 12px; font-weight: bold; text-align: left">Unvested as at January 1, 2019</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">143,000</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">$</td> <td style="text-align: right">12.49</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; text-align: left">Granted</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;885,000</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8.13</td></tr> <tr style="vertical-align: middle"> <td style="padding-left: 12px; text-align: left">Vested</td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">(756,962)</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8.54</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; font-weight: bold; text-align: left">Unvested as at December 31, 2019</td> <td style="text-align: right">&#160;</td> <td style="font-weight: bold; border-bottom: black 2pt double; text-align: right">271,038</td> <td style="font-weight: bold; text-align: right">&#160;</td> <td style="font-weight: bold; text-align: right">$</td> <td style="font-weight: bold; border-bottom: black 2pt double; text-align: right">9.28</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"><tr style="background-color: #CCEEFF"><td style="font-weight: bold; vertical-align: middle; border-bottom: Black 1pt solid; text-align: left">Options</td> <td style="vertical-align: bottom">&#160;</td> <td style="font-weight: bold; vertical-align: middle; border-bottom: Black 1pt solid; text-align: center">Number of options</td> <td style="font-weight: bold; vertical-align: middle">&#160;</td> <td colspan="2" style="font-weight: bold; vertical-align: middle; border-bottom: Black 1pt solid; text-align: center">Weighted&#160;average exercise price</td> <td style="font-weight: bold; vertical-align: middle">&#160;</td> <td colspan="2" style="font-weight: bold; vertical-align: middle; border-bottom: Black 1pt solid; text-align: center">Weighted Average Grant Date Fair Value</td></tr> <tr style="background-color: white"> <td colspan="2" style="vertical-align: middle; text-align: left">Outstanding at beginning of period</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;104,250</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">$</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;27.5</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">$</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;7.0605</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle; text-align: left; width: 12%">Granted</td> <td style="vertical-align: middle; width: 11%">&#160;</td> <td style="vertical-align: middle; text-align: right; width: 11%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="vertical-align: bottom; width: 11%">&#160;</td> <td style="vertical-align: bottom; width: 11%">&#160;</td> <td style="vertical-align: middle; text-align: right; width: 11%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="vertical-align: bottom; width: 11%">&#160;</td> <td style="vertical-align: bottom; width: 11%">&#160;</td> <td style="vertical-align: middle; text-align: right; width: 11%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: middle; text-align: left">Vested</td> <td style="vertical-align: middle">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td colspan="2" style="font-weight: bold; vertical-align: middle; text-align: left">Outstanding at end of period</td> <td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;104,250</td> <td style="font-weight: bold; vertical-align: bottom">&#160;</td> <td style="font-weight: bold; vertical-align: bottom; text-align: right">$</td> <td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;27.5</td> <td style="font-weight: bold; vertical-align: bottom">&#160;</td> <td style="font-weight: bold; vertical-align: bottom; text-align: right">$</td> <td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;7.0605</td></tr></table> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Earnings / (Loss) per share:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">All common shares issued (including the restricted shares issued under the Company&#8217;s equity incentive plan) have equal rAll common shares issued (including the restricted shares issued under the Company&#8217;s equity incentive plan) have equal rights to vote and participate in dividends. The restricted shares issued under the Company&#8217;s equity incentive plans are subject to forfeiture provisions set forth in the applicable award agreement. The calculation of basic earnings per share does not consider the non-vested shares as outstanding until the time-based vesting restriction has lapsed. For the purpose of calculating diluted earnings / (loss) per share, the weighted average number of diluted shares outstanding includes the incremental shares assumed issued, determined in accordance with the treasury stock method. For the years ended December 31, 2017 and 2019, during which the Company incurred losses, the effect of 280,000 and 271,038 non-vested shares, respectively, as well as the effect of 104,250 non-vested share options, would be anti-dilutive, and &#8220;Basic loss per share&#8221; equals &#8220;Diluted loss per share.&#8221; For the year ended December 31, 2018 the denominator of the diluted earnings per share calculation includes 264,884 shares, being the number of incremental shares assumed issued under the treasury stock method and does not include the effect of 104,250 non-vested share options outstanding as of that date, as their effect was anti-dilutive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">The Company calculates basic and diluted loss per share 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; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td colspan="6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: top"><b>Years ended December 31,&#160;</b></td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="width: 3%; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="width: 13%; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2017</b></td> <td style="width: 4%; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="width: 13%; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2018</b></td> <td style="width: 4%; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="width: 12%; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2019</b></td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><b>Income / (Loss) :</b></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Net income / (loss)</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(9,771)</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">58,397</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(16,201)</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">&#160;&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><b>Basic earnings / (loss) per share:</b></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Weighted average common shares outstanding, basic</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">63,034,394</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">77,061,227</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">93,735,549</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Basic earnings / (loss) per share</b></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>(0.16)</b></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>0.76</b></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>(0.17)</b></td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><b>Effect of dilutive securities:</b></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Dillutive effect of non vested shares</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">-</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">264,884</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">-</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Weighted average common shares outstanding, diluted</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">63,034,394</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">77,326,111</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 10pt Times New Roman, Times, Serif">93,735,549</td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Diluted earnings / (loss) per share</b></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>(0.16)</b></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>0.76</b></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>(0.17)</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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: top"><b></b></td> <td colspan="6" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: top"><b>Years ended December 31,&#160;</b></td></tr> <tr style="background-color: white"> <td style="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td> <td style="width: 3%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="width: 13%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2017</b></td> <td style="width: 4%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="width: 13%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>2018</b></td> <td style="width: 4%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="width: 12%; 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">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</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">$</td> <td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(9,771)</td> <td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</td> <td style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">58,397</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">(16,201)</td></tr> <tr style="background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr> <tr style="background-color: white"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</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">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</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">&#160;</td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">63,034,394</td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">77,061,227</td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">93,735,549</td></tr> <tr style="background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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>(0.16)</b></td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>0.76</b></td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>(0.17)</b></td></tr> <tr style="background-color: white"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</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">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</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">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">264,884</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</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">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">63,034,394</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">77,326,111</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">93,735,549</td></tr> <tr style="background-color: white"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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>$</b></td> <td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>(0.16)</b></td> <td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td> <td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>0.76</b></td> <td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>$</b></td> <td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>(0.17)</b></td></tr></table> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Accrued liabilities:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">The amounts shown in the consolidated balance sheets are analyzed as follows:&#160;</p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="width: 52%; font: 10pt Times New Roman, Times, Serif">&#160;&#160;</td> <td style="width: 3%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right; width: 3%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right; width: 18%">December 31, 2018</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 3%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right; width: 3%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right; width: 18%">December 31, 2019</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Audit fees</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">295</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">232</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Legal fees</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;34</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">40</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Other professional fees</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,502</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,540</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Vessel Operating and voyage expenses</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">6,514</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">37,555</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Loan interest and financing fees</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">8,277</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">7,394</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Income tax</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">232</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif">Total Accrued Liabilities</td> <td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 2pt double; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 2pt double; text-align: right">16,854</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 2pt double; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 2pt double; text-align: right">46,761</td></tr> </table> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: middle; background-color: white"><td style="width: 52%"></td> <td style="width: 3%">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right; width: 3%">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right; width: 18%">December 31, 2018</td> <td style="font-weight: bold; text-align: right; width: 3%">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right; width: 3%">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right; width: 18%">December 31, 2019</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td>Audit fees</td> <td>&#160;</td> <td style="text-align: right">$</td> <td style="text-align: right">295</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">$</td> <td style="text-align: right">232</td></tr> <tr style="vertical-align: middle; background-color: white"> <td>Legal fees</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;34</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">40</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td>Other professional fees</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">1,502</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">1,540</td></tr> <tr style="vertical-align: middle; background-color: white"> <td>Vessel Operating and voyage expenses</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">6,514</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">37,555</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td>Loan interest and financing fees</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">8,277</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">7,394</td></tr> <tr style="vertical-align: middle"> <td>Income tax</td> <td>&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">232</td> <td style="text-align: right">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="font-weight: bold">Total Accrued Liabilities</td> <td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; border-bottom: black 2pt double; text-align: right">$</td> <td style="font-weight: bold; border-bottom: black 2pt double; text-align: right">16,854</td> <td style="font-weight: bold; text-align: right">&#160;</td> <td style="font-weight: bold; border-bottom: black 2pt double; text-align: right">$</td> <td style="font-weight: bold; border-bottom: black 2pt double; text-align: right">46,761</td></tr> </table> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Income taxes</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Company is in the business of international shipping and is not subject to a material amount of income taxes. The Company is subjected to tonnage taxes in certain jurisdictions as described below and includes these taxes under &#8220;Vessel Operating Expenses&#8221; in the consolidated statements of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Company does receive dividends from its operating subsidiaries and these are not subject to withholding taxes nor are these dividends taxed at the Company upon receipt. Thus, the Company does not record deferred tax liabilities for any unremitted earnings as there are no taxes associated with the remittances.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Company is subjected to tax audits in the jurisdictions it operates in. There have been no adjustments assessed to the Company in the past and the Company believes there are no uncertain tax positions to consider.</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Taxation on Marshall Islands Registered Companies and tonnage tax</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">Under the laws of the countries of the shipowning companies&#8217; incorporation and/or vessels&#8217; registration, the shipowning companies are not subject to tax on international shipping income. However, they are subject to registration and tonnage taxes. In addition, each foreign flagged vessel managed in Greece by Greek or foreign ship management companies is subject to Greek tonnage tax, under the laws of the Hellenic Republic. The technical managers of the Company&#8217;s vessels, which are established in Greece under Greek Law 89/67, are responsible for the filing and payment of the respective tonnage tax on behalf the Company. Furthermore, under the New Tonnage Tax System (&#8220;TTS&#8221;) for Cypriot merchant shipping, qualifying ship managers who opted and are accepted to be taxed under the TTS are subject to an annual tax referred to as tonnage tax, which is calculated on the basis of the net tonnage of the qualifying ships they manage. The technical managers of the Company&#8217;s vessels, which are established and operate in Cyprus, are responsible for the filing and payment of the respective tonnage tax. These taxes for 2017, 2018 and 2019 were $2,565, $1,506 and $2,087 respectively, and have been included under &#8220;Vessel operating expenses&#8221; in the consolidated statements of operations.</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Taxation on US Source Income - Shipping Income</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">Under the United States Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), the U.S. source gross transportation income of a ship-owning or chartering corporation, such as the Company, is subject to a 4% U.S. federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section 883 of the Code and the Treasury Regulations promulgated thereunder. U.S. source gross transportation income consists of 50% of the gross shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">Under IRS regulations, a Company&#8217;s shares will be considered to be regularly traded on an established securities market if (i)&#160;one or more classes of its shares representing 50% or more of its outstanding shares, by voting power of all classes of shares of the corporation entitled to vote and of the total value of the shares of the corporation, are listed on the market and (ii)&#160;(A)&#160;such class of share is traded on the market, other than in minimal quantities, on at least 60 days during the taxable year or one sixth of the days in a short taxable year; and (B)&#160;the aggregate number of shares of such class of share traded on such market during the taxable year must be at least 10% of the average number of shares of such class of share outstanding during such year or as appropriately adjusted in the case of a short taxable year. Notwithstanding the foregoing, the treasury regulations provide, in pertinent part, that a class of the Company&#8217;s shares will not be considered to be &#8220;regularly traded&#8221; on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified share attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of the vote and value of such class of the Company&#8217;s outstanding shares, (&#8220;5% Override Rule&#8221;).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">For the taxable year 2017 the Company believes that it was not exempt from U.S. federal income tax of 4% on U.S. source shipping income, as it believes that it does not satisfy the Publicly Traded Test for these years because it is subject to the 5% Override Rule. As a result, for the year ended December&#160;31, 2017, tax charge of approximately $202 was recognized under &#8220;Income taxes&#8221; in the consolidated statement of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">For the taxable years 2018 and 2019 the Company believes that it was exempt from U.S. federal income tax of 4% on U.S. source shipping income, as it believes that it satisfies the Publicly Traded Test for these years because it is not subject to the 5% Override Rule.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify"></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Taxation on Maltese and Swiss Registered Companies</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">In addition to the tax consequences described above, the Company may be subject to tax in one or more other jurisdictions, including Malta and Switzerland, where the Company conducts activities through certain of its subsidiaries. The Company believes that its tax exposure for years ended December 31, 2017, 2018 and 2019 in the above jurisdictions is immaterial. The amount of income taxes recognized in the Company&#8217;s consolidated statements of operations with respect to these jurisdictions for the years ended December 31, 2017, 2018 and 2019 were $34, $61 and $109.</p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif">17.</td><td style="font: 10pt Times New Roman, Times, Serif">Commitments and Contingencies:</td></tr></table> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Legal proceedings</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; 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&#8217;s vessels. The Company&#8217;s vessels are covered for pollution of $1 billion per vessel per incident, by the Protection and Indemnity (P&#38;I) Association in which the Company&#8217;s vessels are entered. The Company&#8217;s vessels are subject to calls payable to their P&#38;I Association and may be subject to supplemental calls which are based on estimates of premium income and anticipated and paid claims. Such estimates are adjusted each year by the Board of Directors of the P&#38;I Association until the closing of the relevant policy year, which generally occurs within three years from the end of the policy year. Supplemental calls, if any, are expensed when they are announced and according to the period they relate to. The Company is not aware of any supplemental calls in respect of any policy years other than those that have already been recorded in its consolidated financial statements.</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Other contingencies:</p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-indent: 0cm"><b>Contingencies relating to Heron</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">On July 11, 2014, Oceanbulk Shipping became a wholly owned subsidiary of the Company. Oceanbulk Shipping owned a convertible loan, which was convertible into 50% of Heron Ventures Ltd&#8217;s&#160;(&#8220;Heron&#8221;)&#160;equity. After the conversion of the loan, on November 5, 2014, Heron was a 50-50 joint venture between Oceanbulk Shipping and ABY Group Holding Limited, and Oceanbulk Shipping shared joint control over Heron with ABY Group Holding Limited. Based on the applicable related agreements, neither party will entirely control Heron. In addition, any operational and other decisions with respect to Heron will need to be jointly agreed between Oceanbulk Shipping and ABY Group Holding Limited. As of December 31, 2017, all vessels previously owned by Heron have been either sold or distributed to its equity holders. While Oceanbulk Shipping and ABY Group Holding Limited intend that Heron eventually will be dissolved shortly after receiving permission from local authorities in Malta, until that occurs, contingencies to the Company may arise. However, the pre-transaction investors in Heron effectively remain as ultimate beneficial owners of Heron, until Heron is dissolved on the basis that, according to the agreement governing the Merger, any cash received or paid by the Company from the final liquidation of Heron will be settled accordingly by the pre-Merger investors in Oceanbulk (the &#8220;Oceanbulk Sellers&#8221;). The Company had no outstanding balance with the Oceanbulk Sellers as of December 31, 2017. In July 2018, ABY Group Holding Limited transferred to ABY Floriana Limited its interests to Heron.</p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Commitments:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt">The following table sets forth inflows and outflows, related to the Company&#8217;s charter party arrangements and other commitments, as of December&#160;31, 2019.</p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td colspan="19" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">Twelve month periods ending December 31,</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: justify; width: 37%">+ inflows/ - outflows</td> <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: justify; width: 2%">&#160;</td> <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: justify; width: 2%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 7%">Total</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 1%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 2%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 5%">2020</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 1%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 1%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 6%">2021</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 1%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 1%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 7%">2022</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 1%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 1%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 6%">2023</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 1%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 1%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 6%">2024</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 1%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 1%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 9%">2025 and thereafter</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Future, minimum, non-cancellable charter revenue (1)&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">15,349</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">15,349</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; background-color: #CCECFF; font: 10pt Times New Roman, Times, Serif">Future, minimum, charter-in hire payments (2)</td> <td style="text-align: justify; background-color: #CCECFF; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; background-color: #CCECFF; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">(3,894)</td> <td style="text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">(3,894)</td> <td style="text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Vessel scrubbers (3)</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(48,634)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(48,634)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Office rent</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,223)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(327)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(329)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(314)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(210)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(43)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Total&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(38,402)</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(37,506)</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(329)</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(314)</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(210)</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(43)</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> </table> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <!--><div style="margin-top: 3pt; margin-bottom: 3pt; width: 25%; font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid">&#160;</div></div><!--> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif">(1)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">The amounts represent the minimum contractual charter revenues to be generated from the existing, as of December&#160;31, 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> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif">(2)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">The amounts represent the Company&#8217;s commitments under the existing, as of December&#160;31, 2019, time charter-in arrangements for third party vessels.</td></tr></table> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif">(3)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">The amounts represent the Company&#8217;s commitments for its vessels scrubber retrofitting program that the Company entered into in 2018 and 2019. For the respective payments, the Company has obtained financing of $149,765 of which $46,227 remains undrawn as of December 31, 2019 (Note 9).</td></tr></table> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: middle"><td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: justify">&#160;</td> <td colspan="19" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: center">Twelve month periods ending December 31,</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF"> <td style="font-style: italic; text-align: justify; width: 37%">+ inflows/ - outflows</td> <td style="font-style: italic; text-align: justify; width: 2%">&#160;</td> <td style="font-style: italic; text-align: justify; width: 2%">&#160;</td> <td style="font-weight: bold; text-align: right; width: 7%">Total</td> <td style="font-weight: bold; text-align: right; width: 1%">&#160;</td> <td style="font-weight: bold; text-align: right; width: 2%">&#160;</td> <td style="font-weight: bold; text-align: right; width: 5%">2020</td> <td style="font-weight: bold; text-align: right; width: 1%">&#160;</td> <td style="font-weight: bold; text-align: right; width: 1%">&#160;</td> <td style="font-weight: bold; text-align: right; width: 6%">2021</td> <td style="font-weight: bold; text-align: right; width: 1%">&#160;</td> <td style="font-weight: bold; text-align: right; width: 1%">&#160;</td> <td style="font-weight: bold; text-align: right; width: 7%">2022</td> <td style="font-weight: bold; text-align: right; width: 1%">&#160;</td> <td style="font-weight: bold; text-align: right; width: 1%">&#160;</td> <td style="font-weight: bold; text-align: right; width: 6%">2023</td> <td style="font-weight: bold; text-align: right; width: 1%">&#160;</td> <td style="font-weight: bold; text-align: right; width: 1%">&#160;</td> <td style="font-weight: bold; text-align: right; width: 6%">2024</td> <td style="font-weight: bold; text-align: right; width: 1%">&#160;</td> <td style="font-weight: bold; text-align: right; width: 1%">&#160;</td> <td style="font-weight: bold; text-align: right; width: 9%">2025 and thereafter</td></tr> <tr style="vertical-align: middle"> <td style="text-align: justify">Future, minimum, non-cancellable charter revenue (1)&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">$</td> <td style="text-align: right">15,349</td> <td style="text-align: right">&#160;</td> <td style="text-align: justify">$</td> <td style="text-align: right">15,349</td> <td style="text-align: right">&#160;</td> <td style="text-align: justify">$</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: justify">$</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: justify">$</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: justify">$</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: justify">$</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle"> <td style="text-align: justify; background-color: #CCECFF">Future, minimum, charter-in hire payments (2)</td> <td style="text-align: justify; background-color: #CCECFF">&#160;</td> <td style="text-align: justify; background-color: #CCECFF">&#160;</td> <td style="text-align: right; background-color: #CCEEFF">(3,894)</td> <td style="text-align: right; background-color: #CCEEFF">&#160;</td> <td style="text-align: justify; background-color: #CCEEFF">&#160;</td> <td style="text-align: right; background-color: #CCEEFF">(3,894)</td> <td style="text-align: right; background-color: #CCEEFF">&#160;</td> <td style="text-align: justify; background-color: #CCEEFF">&#160;</td> <td style="text-align: right; background-color: #CCEEFF">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; background-color: #CCEEFF">&#160;</td> <td style="text-align: justify; background-color: #CCEEFF">&#160;</td> <td style="text-align: right; background-color: #CCEEFF">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; background-color: #CCEEFF">&#160;</td> <td style="text-align: justify; background-color: #CCEEFF">&#160;</td> <td style="text-align: right; background-color: #CCEEFF">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; background-color: #CCEEFF">&#160;</td> <td style="text-align: justify; background-color: #CCEEFF">&#160;</td> <td style="text-align: right; background-color: #CCEEFF">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; background-color: #CCEEFF">&#160;</td> <td style="text-align: justify; background-color: #CCEEFF">&#160;</td> <td style="text-align: right; background-color: #CCEEFF">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: justify">Vessel scrubbers (3)</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: right">(48,634)</td> <td style="text-align: right">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: right">(48,634)</td> <td style="text-align: right">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: justify">Office rent</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: right">(1,223)</td> <td style="text-align: right">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: right">(327)</td> <td style="text-align: right">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: right">(329)</td> <td style="text-align: right">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: right">(314)</td> <td style="text-align: right">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: right">(210)</td> <td style="text-align: right">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: right">(43)</td> <td style="text-align: right">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle"> <td style="font-weight: bold; text-align: justify">Total&#160;</td> <td style="font-weight: bold; text-align: justify">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(38,402)</td> <td style="font-weight: bold; text-align: right">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(37,506)</td> <td style="font-weight: bold; text-align: right">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(329)</td> <td style="font-weight: bold; text-align: right">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(314)</td> <td style="font-weight: bold; text-align: right">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(210)</td> <td style="font-weight: bold; text-align: right">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(43)</td> <td style="font-weight: bold; text-align: right">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> </table> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Voyage and Vessel operating expenses:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">The amounts in the consolidated statements of operations are analyzed as follows:</p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; background-color: white">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right; background-color: white">&#160;</td> <td colspan="8" style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">Years ended December 31,&#160;</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="width: 48%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 3%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right; width: 3%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right; width: 11%">2017</td> <td style="width: 3%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right; width: 3%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right; width: 12%">2018</td> <td style="width: 3%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right; width: 3%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: right; width: 11%">2019</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif">Voyage&#160;&#160;expenses</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Port charges&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">21,060</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">37,215</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">63,576</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Bunkers</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">34,997</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">72,287</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">146,089</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Commissions &#8211; third parties&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">3,438</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">6,179</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">6,828</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Commissions &#8211; related parties (Note 3)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">3,300</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">3,400</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">3,850</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Miscellaneous</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,887</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2,515</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2,619</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif">Total voyage expenses&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">64,682</td> <td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">121,596</td> <td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">222,962</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif">Vessel operating expenses</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Crew wages and related costs&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">63,074</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">80,360</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">103,701</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Insurances</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">6,314</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">7,544</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">10,311</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Maintenance, repairs, spares and stores</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">18,589</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">26,368</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">25,675</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Lubricants</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">7,016</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">8,494</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">9,833</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Tonnage taxes</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2,565</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,506</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2,087</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Pre-delivery and Pre-joining expenses</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,925</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,234</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,507</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Miscellaneous</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,945</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">3,366</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">6,948</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif">Total vessel operating expenses&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">101,428</td> <td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">128,872</td> <td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">160,062</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&#160;</p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"><tr><td style="font-size: 11pt; vertical-align: middle; background-color: white"></td> <td style="font-size: 11pt; vertical-align: middle; text-align: right; background-color: white">&#160;</td> <td colspan="8" style="font-weight: bold; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">Years ended December 31,&#160;</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="width: 48%">&#160;</td> <td style="font-weight: bold; text-align: right; width: 3%">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right; width: 3%">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right; width: 11%">2017</td> <td style="width: 3%">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right; width: 3%">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right; width: 12%">2018</td> <td style="width: 3%">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right; width: 3%">&#160;</td> <td style="font-weight: bold; border-bottom: black 1pt solid; text-align: right; width: 11%">2019</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="font-weight: bold">Voyage&#160;&#160;expenses</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="font-weight: bold">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="font-weight: bold">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td></tr> <tr style="vertical-align: middle; background-color: white"> <td>Port charges&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">$</td> <td style="text-align: right">21,060</td> <td>&#160;</td> <td style="text-align: right">$</td> <td style="text-align: right">37,215</td> <td>&#160;</td> <td style="text-align: right">$</td> <td style="text-align: right">63,576</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td>Bunkers</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">34,997</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">72,287</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">146,089</td></tr> <tr style="vertical-align: middle; background-color: white"> <td>Commissions &#8211; third parties&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">3,438</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">6,179</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">6,828</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td>Commissions &#8211; related parties (Note 3)</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">3,300</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">3,400</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">3,850</td></tr> <tr style="vertical-align: middle"> <td>Miscellaneous</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">1,887</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">2,515</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">2,619</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="font-weight: bold">Total voyage expenses&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td> <td style="font-weight: bold; text-align: right">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">64,682</td> <td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">121,596</td> <td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">222,962</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: middle; background-color: #CCEEFF"><td style="font-weight: bold">Vessel operating expenses</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="font-weight: bold">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="font-weight: bold">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td></tr> <tr style="vertical-align: middle"> <td>Crew wages and related costs&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">$</td> <td style="text-align: right">63,074</td> <td>&#160;</td> <td style="text-align: right">$</td> <td style="text-align: right">80,360</td> <td>&#160;</td> <td style="text-align: right">$</td> <td style="text-align: right">103,701</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td>Insurances</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">6,314</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">7,544</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">10,311</td></tr> <tr style="vertical-align: middle"> <td>Maintenance, repairs, spares and stores</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">18,589</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">26,368</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">25,675</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td>Lubricants</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">7,016</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">8,494</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">9,833</td></tr> <tr style="vertical-align: middle"> <td>Tonnage taxes</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">2,565</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">1,506</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">2,087</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td>Pre-delivery and Pre-joining expenses</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">1,925</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">1,234</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">1,507</td></tr> <tr style="vertical-align: middle"> <td>Miscellaneous</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">1,945</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">3,366</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">6,948</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="font-weight: bold">Total vessel operating expenses&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td> <td style="font-weight: bold; text-align: right">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">101,428</td> <td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">128,872</td> <td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">160,062</td></tr></table> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Fair Value Measurements and Hedging:</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 same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">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; text-align: justify">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; text-align: justify">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">In addition, ASC 815, &#8220;Derivatives and Hedging&#8221; requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the balance sheet.</p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Fair value on a recurring basis:</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 144pt; text-indent: -144pt">Interest rate swaps:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Company from time to time enters into interest rate derivative contracts to manage interest costs and risk associated with changing interest rates with respect to its variable interest loans and credit facilities.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-indent: -36pt">Interest rate swaps &#8211; (continued):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As of December 2018 and 2019, the Company had no interest rate swaps open positions.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 144pt; text-indent: -144pt">Forward Freight Agreements (&#8220;FFAs&#8221;) and Bunker Swaps:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">During the years ended December 31, 2017, 2018 and 2019, the Company entered into a certain number of FFAs on the Capesize, Panamax and Supramax indices. The results of the Company&#8217;s FFAs during the years ended December 31, 2017, 2018 and 2019 and the valuation of the Company&#8217;s open position as at December 31, 2018 and 2019 are presented in the tables below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0cm">During the years ended December&#160;31, 2017, 2018 and 2019, the Company entered into a certain number of bunker swaps. In December 2019, the Company also entered into a bunker swap with ING Bank N.V. to hedge 84,000 metric tons or approximately 10% of its estimated annual fuel consumption by selling the 2020 Singapore spread between Very Low-Sulfur Fuel Oil (VLSFO) &#8211; High-Sulfur Fuel Oil (HSFO) at $266 per ton. The effective date of the swap is January 1, 2020 and the maturity date is December 31, 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The results of the Company&#8217;s bunker swaps and the valuation of the Company&#8217;s open position as at December&#160;31, 2018 and 2019 are presented in the tables below.</p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif">The amount of Gain/ (Loss) on derivative financial instruments, forward freight agreements and bunker swaps recognized in the consolidated statements of operations are analyzed as follows:</p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td colspan="7" style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Years ended December 31,&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: bottom; width: 59%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; width: 3%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center; width: 10%">2017</td> <td style="vertical-align: bottom; width: 3%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center; width: 10%">2018</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center; width: 2%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center; width: 2%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center; width: 11%">2019</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle">Consolidated Statement of Operations</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left">Gain/(loss) on derivative financial instruments, net</td> <td style="padding-left: 12px; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-left: 12px; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">Unrealized gain/(loss) after de-designation of accounting hedging relationship (April 1, 2015)&#160;</td> <td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2,802</td> <td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">140</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;$&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 24px; text-align: left; background-color: white; font: 10pt Times New Roman, Times, Serif">Realized gain/(loss) after de-designation of accounting hedging relationship (April 1, 2015)&#160;</td> <td style="padding-left: 24px; text-align: left; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(2,556)</td> <td style="padding-left: 24px; text-align: left; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(141)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">Write-off of unrealized losses related to forecasted transactions which are no longer considered probable reclassified from other comprehensive income/(loss)&#160;&#160;</td> <td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;708</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">Ineffective portion of cash flow hedges&#160;</td> <td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Total Gain/(loss) on derivative financial instruments, net&#160;</td> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">246</td> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">707</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;$&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left">Interest and finance costs</td> <td style="padding-left: 12px; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-left: 12px; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-left: 12px; font: italic bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 36px; text-align: left; font: 10pt Times New Roman, Times, Serif">Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss)&#160;(Note 9)</td> <td style="padding-left: 36px; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(852)</td> <td style="padding-left: 36px; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">3</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-left: 36px; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Total Gain/(loss) recognized&#160;</td> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(852)</td> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">3</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify">Gain/(loss) on forward freight agreements and bunker swaps</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif">Realized gain/(loss) on forward freight agreements</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">(877)</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">(599)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">6,043</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif">Realized gain/(loss) on bunker swaps</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,491</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">(1,386)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: middle; text-align: justify; font: 10pt Times New Roman, Times, Serif">Unrealized gain/(loss) on forward freight agreements</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white; font: 10pt Times New Roman, Times, Serif">(24)</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white; font: 10pt Times New Roman, Times, Serif">520</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white; font: 10pt Times New Roman, Times, Serif">(321)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: middle; text-align: justify; background-color: #CCECFF; font: 10pt Times New Roman, Times, Serif">Unrealized gain/(loss) on bunker swaps</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCECFF">&#160;</td> <td style="vertical-align: middle; border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; background-color: #CCECFF">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;60</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCECFF">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">(1,859)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCECFF">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCECFF">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">75</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify">Total Gain/(loss) recognized</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="vertical-align: middle; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(841)</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(447)</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">4,411</td></tr> </table> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></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&#8217;s financial instruments as of December 31, 2018 and 2019, based on Level 1 quoted market prices in active markets.</p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: middle; background-color: #CCECFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td colspan="4" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Quoted Prices in Active Markets for Identical Assets (Level 1)</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2018</td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2019</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; width: 40%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 17%">(not designated as cash flow hedges)</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 14%">(designated as cash flow hedges)</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 14%">(not designated as cash flow hedges)</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 14%">(designated as cash flow hedges)</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">ASSETS</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; background-color: #CCECFF; font: 10pt Times New Roman, Times, Serif">Forward freight agreements - asset position&#160;</td> <td style="text-align: justify; background-color: #CCECFF; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;537</td> <td style="text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;216</td> <td style="text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Total&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;537</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;216</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">LIABILITIES</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="vertical-align: middle; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Bunker swaps - liability position&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,799</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,724</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Total&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,799</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,724</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> </table> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The carrying values of temporary cash investments, restricted cash, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. 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 December&#160;31, 2019, due to the variable interest rate nature thereof.</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">The 2022 Notes have a fixed rate, and their estimated fair value as of December&#160;31, 2018 and 2019, determined through Level 1 inputs of the fair value hierarchy (quoted price on NASDAQ under the ticker symbol SBLKZ), was approximately $49,800 and $51,360, respectively.</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><i>Fair value hedge designation</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In order to mitigate its exposure to the foreign currency risk arising from its commitments in connection with its vessels&#8217; scrubber retrofitting program, denominated in Euro, in early April 2018 the Company converted some of its cash held in US dollars to Euro in an amount sufficient to cover 100% of its fixed orders and approximately 50% of its then optional orders with respect to the scrubber retrofitting program. During the fourth quarter of 2018 an additional amount of cash in USD was converted to Euro with the total amount of Euro converted being approximately &#8364;70.8 million, of which approximately &#8364;20.5 million was related to the fixed orders at the time of designation. This amount is being held until the payments under the contracts for scrubbers (or &#8220;unrecognized firm commitment&#8221;) are made. The Euro conversions corresponding to the fixed orders at that time were designated, on April 3, 2018, as a fair value hedge with the portion of the unrecognized firm commitment corresponding to the fixed orders being the &#8220;hedged item&#8221; and the Euro deposits corresponding to the fixed orders being the &#8220;Hedging Instrument&#8221;. Because the critical terms (currency, timing, and notional amounts) of the hedged item and the hedging instrument match in all material respects, the hedge is considered to highly offset changes in the fair value of the unrecognized firm commitment attributable to changes in the USD/Euro exchange rates. The foreign exchange loss recognized from the re-measurement of the total Euro conversions discussed above during the year ended December 31, 2018 was $3,159 and is included in &#8220;Interest and other income/(loss)&#8221; in the consolidated statement of operations. The cumulative amount of fair value hedging adjustment that was attributable to the aforementioned hedge during the year ended December 31, 2018 was $1,609 and is reflected within &#8220;Vessels and other fixed assets, net&#8221;, in the consolidated balance sheet, following the recognition of the corresponding firm commitment during the year. The corresponding gain of $1,609 recognized from April 3, 2018 to December 31, 2018 is recorded within &#8220;Interest and other income/(loss)&#8221; in the consolidated statement of operations. The ineffective portion of the aforementioned hedge as of December 31, 2018 was $39 and is reflected within &#8220;Interest and other income/(loss)&#8221; in the consolidated statement of operations. As of December 31, 2018, the entire amount of &#8364;20.5 million Euro conversions associated with this hedging relationship had been used and no such hedging relationship was designated in 2019.</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Fair value on a nonrecurring basis</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Company reviewed, in 2017, 2018 and 2019 the recoverability of the carrying amount of its vessels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">The Company&#8217;s impairment analysis as of December&#160;31, 2017, indicated that the carrying amount of the Company&#8217;s vessels, was recoverable, and therefore, the Company concluded that no impairment charge was necessary.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As further disclosed in Note 5, during 2018 and 2019, the Company recognized impairment losses of $17,784 and $3,411, respectively, related to the agreed and intended sale of certain operating vessels. The carrying value of the respective vessels was written down to the fair value as determined by reference to their agreed or negotiated sale prices (Level 2).</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">The following table summarizes the valuation of these assets measured at fair value on a non-recurring basis as of December&#160;31, 2018:</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td rowspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 40%">Long-lived assets held and used</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 15%">Quoted Prices in Active Markets for Identical Assets</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 16%">Significant Other Observable Inputs</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 14%">Significant Unobservable Inputs</td> <td rowspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 14%">Impairment loss</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">(Level 1)</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">(Level 2)</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">(Level 3)&#160;</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: italic 10pt Times New Roman, Times, Serif; text-align: left">Held for sale</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,949</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,606</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: italic 10pt Times New Roman, Times, Serif; text-align: left">Vessels, net&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,893</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;16,178</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">TOTAL&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;20,842</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,784</td></tr> </table> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The table following table summarizes the valuation of these assets measured at fair value on a non-recurring basis as of December&#160;31, 2019:</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td rowspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 40%">Long-lived assets held and used</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 17%">Quoted Prices in Active Markets for Identical Assets</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 14%">Significant Other Observable Inputs</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 14%">Significant Unobservable Inputs</td> <td rowspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 14%">Impairment loss</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">(Level 1)</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">(Level 2)</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">(Level 3)&#160;</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: italic 10pt Times New Roman, Times, Serif; text-align: left">Vessels, net&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;24,475</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,411</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">TOTAL&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;24,475</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,411</td></tr> </table> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">21.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subsequent Events:</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif">a)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">On February 19, 2020, the Company declared a quarterly cash dividend of $0.05 per share which was paid on March 12, 2020, to all shareholders of record&#160;as of March 2, 2020 (&#8220;Record Date&#8221;). The ex-dividend date was February 28, 2020.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">&#160;</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif">b)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">In January 2020, the Company entered into a committed term sheet with Danish Ship Finance A/S for a loan of up to $55.0 million (the &#8220;DSF $55.0 million Facility&#8221;). The facility will be available in two tranches of up to $27.5 million each, and will be used to refinance the outstanding amounts under the lease agreements of <i>Star Eleni </i>and <i>Star Leo (Note 7)</i>. The two tranches are expected to be drawn on or about March 30, 2020 and will mature five years after the drawdown. The Danish $55.0 million Facility will be secured by first priority mortgages on the two vessels.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">&#160;</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif">c)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">In February 2020, the Company executed the definitive loan documentation with HSBC France for an amount of up to $30.0 million in order to finance working capital requirements (the &#8220;HSBC Working Capital Facility&#8221;) (Note 9). In February 2020, an amount of $8,834 was drawn under the HSBC Working Capital Facility. In addition, on March 23, 2020 an amount of $13,123 was drawn under the HSBC Working Capital Facility and an additional amount of $2,225 is expected to be drawn on or about March 30, 2020.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">&#160;</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif">d)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">In 2020 the Company entered into bunker swaps with ING Bank N.V. and Intercontinental Exchange, Inc (&#8220;ICE&#8221;) to hedge in aggregate 70,000 metric tons of its estimated fuel consumption by selling the Singapore spread between VLSFO &#8211; HSFO at an average price of $146 per ton for the period from March to December 2020&#160;(7,000 metric tons per month). The effective date of these swaps is March 1, 2020 and the maturity date is December 31, 2020. In addition, in 2020 the Company entered into a bunker swap with ING Bank N.V. to hedge in aggregate 24,000 metric tons of its estimated fuel consumption by selling the Singapore spread between VLSFO &#8211; HSFO at an average price of $106 per ton for the period from January to December 2021 (2,000 metric tons per month). The effective date of these swaps is January 1, 2021 and the maturity date is December 31, 2021.</td></tr></table> <p style="margin-top: 0; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif">e)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">In March 2020, the Company entered into various interest rate derivative contracts with ING Bank N.V (&#8220;ING&#8221;), DNB Bank ASA (&#8220;DNB&#8221;) and Skandinaviska Enskilda Banken AB (&#8220;SEB&#8221;) to fix forward some of its floating interest rate liabilities the major terms of which are provided below:</td></tr></table> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; width: 13%">Counterparty</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: left; width: 12%">Inception</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; width: 13%">Expiry</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; width: 10%">Fixed Rate</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; width: 33%">Amortizing Notional amount</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; width: 19%">Average Annual amortization</td></tr> <tr style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">ING</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">29-Mar-20</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">29-Mar-26</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">0.70%</td> <td style="font: 10pt Times New Roman, Times, Serif">from $29.96 mil to $17.65 mil</td> <td style="font: 10pt Times New Roman, Times, Serif">$1.2 million</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">DNB</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">30-Mar-20</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">28-Sep-23</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">0.64%</td> <td style="font: 10pt Times New Roman, Times, Serif">from $128.91 mil to $51.02 mil</td> <td style="font: 10pt Times New Roman, Times, Serif">$6.0 million</td></tr> <tr style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">SEB</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">30-Mar-20</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">28-Sep-23</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">0.63%</td> <td style="font: 10pt Times New Roman, Times, Serif">from $51.57 mil to $20.41 mil</td> <td style="font: 10pt Times New Roman, Times, Serif">$2.4 million</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">ING</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">2-Apr-20</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">2-Oct-25</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">0.70%</td> <td style="font: 10pt Times New Roman, Times, Serif">from $19.69 mil to $9.84 mil</td> <td style="font: 10pt Times New Roman, Times, Serif">$1.9 million</td></tr> <tr style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">ING</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">2-Apr-20</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">2-Oct-25</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">0.70%</td> <td style="font: 10pt Times New Roman, Times, Serif">from $19.69 mil to $9.84 mil</td> <td style="font: 10pt Times New Roman, Times, Serif">$1.9 million</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">ING</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">3-Apr-20</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">3-Apr-23</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">0.68%</td> <td style="font: 10pt Times New Roman, Times, Serif">from $16.16 mil to $12.74 mil</td> <td style="font: 10pt Times New Roman, Times, Serif">$0.3 million</td></tr> <tr style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">SEB</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">30-Apr-20</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">30-Jan-25</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">0.73%</td> <td style="font: 10pt Times New Roman, Times, Serif">from $29.44 mil to $19.25 mil</td> <td style="font: 10pt Times New Roman, Times, Serif">$2.7 million</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">SEB</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">30-Apr-20</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">30-Jan-25</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">0.73%</td> <td style="font: 10pt Times New Roman, Times, Serif">from $29.44 mil to $19.25 mil</td> <td style="font: 10pt Times New Roman, Times, Serif">$2.7 million</td></tr> </table> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif">f)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">On March 11, 2020, the World Health Organization declared the 2019 Novel Coronavirus (the &#8220;Covid-19&#8221;) outbreak a pandemic. In response to the outbreak, many countries, ports and organizations, including those where the Company conducts a large part of its operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions. Such measures have and will likely continue to cause severe trade disruptions. The extent to which Covid-19 will impact the Company&#8217;s results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the virus and the actions to contain or treat its impact, among others. Accordingly, an estimate of the impact cannot be made at this time.</td></tr></table> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"><tr style="background-color: #CCEEFF"><td style="vertical-align: bottom">&#160;</td> <td colspan="7" style="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Years ended December 31,&#160;</td></tr> <tr> <td style="vertical-align: bottom; width: 59%">&#160;</td> <td style="vertical-align: bottom; width: 3%">&#160;</td> <td style="font-weight: bold; vertical-align: middle; text-align: center; width: 10%">2017</td> <td style="vertical-align: bottom; width: 3%">&#160;</td> <td style="font-weight: bold; vertical-align: middle; text-align: center; width: 10%">2018</td> <td style="font-weight: bold; vertical-align: middle; text-align: center; width: 2%">&#160;</td> <td style="font-weight: bold; vertical-align: middle; text-align: center; width: 2%">&#160;</td> <td style="font-weight: bold; vertical-align: middle; text-align: center; width: 11%">2019</td></tr> <tr style="background-color: #CCEEFF"> <td style="font-weight: bold; vertical-align: middle">Consolidated Statement of Operations</td> <td style="font-weight: bold; vertical-align: middle">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="font-weight: bold; vertical-align: middle">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td></tr> <tr style="vertical-align: middle"> <td style="padding-left: 12px; font-weight: bold; font-style: italic; text-align: left">Gain/(loss) on derivative financial instruments, net</td> <td style="padding-left: 12px; font-weight: bold; font-style: italic; text-align: left">&#160;</td> <td>&#160;</td> <td style="padding-left: 12px; font-weight: bold; font-style: italic; text-align: left">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 24px; text-align: left">Unrealized gain/(loss) after de-designation of accounting hedging relationship (April 1, 2015)&#160;</td> <td style="padding-left: 24px; text-align: left">$</td> <td style="text-align: right">2,802</td> <td style="padding-left: 24px; text-align: left">$</td> <td style="text-align: right">140</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;$&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle"> <td style="padding-left: 24px; text-align: left; background-color: white">Realized gain/(loss) after de-designation of accounting hedging relationship (April 1, 2015)&#160;</td> <td style="padding-left: 24px; text-align: left; background-color: white">&#160;</td> <td style="text-align: right">(2,556)</td> <td style="padding-left: 24px; text-align: left; background-color: white">&#160;</td> <td style="text-align: right">(141)</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 24px; text-align: left">Write-off of unrealized losses related to forecasted transactions which are no longer considered probable reclassified from other comprehensive income/(loss)&#160;&#160;</td> <td style="padding-left: 24px; text-align: left">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="padding-left: 24px; text-align: left">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;708</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="padding-left: 24px; text-align: left">Ineffective portion of cash flow hedges&#160;</td> <td style="padding-left: 24px; text-align: left">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="padding-left: 24px; text-align: left">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; font-weight: bold; text-align: left">Total Gain/(loss) on derivative financial instruments, net&#160;</td> <td style="padding-left: 12px; font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">246</td> <td style="padding-left: 12px; font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">707</td> <td style="font-weight: bold; text-align: right">&#160;</td> <td style="font-weight: bold; text-align: right">&#160;$&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="padding-left: 12px; font-weight: bold; text-align: left">&#160;</td> <td style="padding-left: 12px; font-weight: bold; text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="padding-left: 12px; font-weight: bold; text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="padding-left: 12px; font-weight: bold; text-align: left">&#160;</td> <td style="text-align: right">&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; font-weight: bold; font-style: italic; text-align: left">Interest and finance costs</td> <td style="padding-left: 12px; font-weight: bold; font-style: italic; text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="padding-left: 12px; font-weight: bold; font-style: italic; text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="padding-left: 12px; font-weight: bold; font-style: italic; text-align: left">&#160;</td> <td style="text-align: right">&#160;</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="padding-left: 36px; text-align: left">Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss)&#160;(Note 9)</td> <td style="padding-left: 36px; text-align: left">&#160;</td> <td style="text-align: right">(852)</td> <td style="padding-left: 36px; text-align: left">&#160;</td> <td style="text-align: right">3</td> <td style="text-align: right">&#160;</td> <td style="padding-left: 36px; text-align: left">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; font-weight: bold; text-align: left">Total Gain/(loss) recognized&#160;</td> <td style="padding-left: 12px; font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(852)</td> <td style="padding-left: 12px; font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">3</td> <td style="text-align: right">&#160;</td> <td style="padding-left: 12px; font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: middle">&#160;</td> <td style="vertical-align: middle">&#160;</td> <td style="vertical-align: bottom; text-align: right">&#160;</td> <td style="vertical-align: middle">&#160;</td> <td style="vertical-align: bottom; text-align: right">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; text-align: right">&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="font-weight: bold; vertical-align: middle; text-align: justify">Gain/(loss) on forward freight agreements and bunker swaps</td> <td style="font-size: 11pt; vertical-align: bottom; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;</td> <td style="font-size: 11pt; vertical-align: bottom; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;</td> <td style="font-size: 11pt; vertical-align: bottom; text-align: right">&#160;</td> <td style="font-size: 11pt; vertical-align: bottom; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;</td></tr> <tr style="background-color: white"> <td style="vertical-align: middle; text-align: justify">Realized gain/(loss) on forward freight agreements</td> <td style="vertical-align: middle; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right">(877)</td> <td style="vertical-align: middle; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right">(599)</td> <td style="font-size: 11pt; vertical-align: bottom; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right">6,043</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle; text-align: justify">Realized gain/(loss) on bunker swaps</td> <td style="vertical-align: middle; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,491</td> <td style="font-size: 11pt; vertical-align: bottom; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right">(1,386)</td></tr> <tr> <td style="vertical-align: middle; text-align: justify">Unrealized gain/(loss) on forward freight agreements</td> <td style="vertical-align: middle; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white">(24)</td> <td style="vertical-align: middle; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white">520</td> <td style="font-size: 11pt; vertical-align: bottom; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white">(321)</td></tr> <tr> <td style="vertical-align: middle; text-align: justify; background-color: #CCECFF">Unrealized gain/(loss) on bunker swaps</td> <td style="font-size: 11pt; vertical-align: bottom; background-color: #CCECFF">&#160;</td> <td style="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: #CCECFF">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;60</td> <td style="font-size: 11pt; vertical-align: bottom; background-color: #CCECFF">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: #CCEEFF">(1,859)</td> <td style="font-size: 11pt; vertical-align: bottom; background-color: #CCECFF">&#160;</td> <td style="font-size: 11pt; vertical-align: bottom; background-color: #CCECFF">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: #CCEEFF">75</td></tr> <tr> <td style="font-weight: bold; vertical-align: middle; text-align: justify">Total Gain/(loss) recognized</td> <td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(841)</td> <td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(447)</td> <td style="font-size: 11pt; vertical-align: bottom; text-align: right">&#160;</td> <td style="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4,411</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: middle; background-color: #CCECFF; font: 10pt Times New Roman, Times, Serif"><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td colspan="4" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Quoted Prices in Active Markets for Identical Assets (Level 1)</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2018</td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2019</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; width: 40%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 17%">(not designated as cash flow hedges)</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 14%">(designated as cash flow hedges)</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 14%">(not designated as cash flow hedges)</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 14%">(designated as cash flow hedges)</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">ASSETS</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; background-color: #CCECFF; font: 10pt Times New Roman, Times, Serif">Forward freight agreements - asset position&#160;</td> <td style="text-align: justify; background-color: #CCECFF; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;537</td> <td style="text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;216</td> <td style="text-align: right; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Total&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;537</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;216</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">LIABILITIES</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="vertical-align: middle; background-color: White; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Bunker swaps - liability position&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,799</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,724</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Total&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,799</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,724</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: middle; background-color: #CCEEFF"><td rowspan="2" style="font-weight: bold; text-align: left; width: 40%">Long-lived assets held and used</td> <td style="font-weight: bold; text-align: left; width: 1%">&#160;</td> <td style="font-weight: bold; text-align: center; width: 17%">Quoted Prices in Active Markets for Identical Assets</td> <td style="font-weight: bold; text-align: center; width: 14%">Significant Other Observable Inputs</td> <td style="font-weight: bold; text-align: center; width: 14%">Significant Unobservable Inputs</td> <td rowspan="2" style="font-weight: bold; text-align: center; width: 14%">Impairment loss</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="font-weight: bold; text-align: left">&#160;</td> <td style="font-weight: bold; text-align: center">(Level 1)</td> <td style="font-weight: bold; text-align: center">(Level 2)</td> <td style="font-weight: bold; text-align: center">(Level 3)&#160;</td></tr> <tr style="vertical-align: middle"> <td style="padding-left: 12px; font-style: italic; text-align: left">Held for sale</td> <td style="font-weight: bold; text-align: left">&#160;</td> <td style="text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5,949</td> <td style="text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,606</td></tr> <tr style="vertical-align: middle"> <td style="padding-left: 12px; font-style: italic; text-align: left">Vessels, net&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14,893</td> <td style="text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;16,178</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; font-weight: bold; text-align: left">TOTAL&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;20,842</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,784</td></tr> </table> <p style="margin: 0; text-align: justify">&#160;</p> <p style="margin: 0; text-align: justify"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td rowspan="2" style="font-weight: bold; text-align: left; width: 40%">Long-lived assets held and used</td> <td style="font-weight: bold; text-align: left; width: 1%">&#160;</td> <td style="font-weight: bold; text-align: center; width: 17%">Quoted Prices in Active Markets for Identical Assets</td> <td style="font-weight: bold; text-align: center; width: 14%">Significant Other Observable Inputs</td> <td style="font-weight: bold; text-align: center; width: 14%">Significant Unobservable Inputs</td> <td rowspan="2" style="font-weight: bold; text-align: center; width: 14%">Impairment loss</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="font-weight: bold; text-align: left">&#160;</td> <td style="font-weight: bold; text-align: center">(Level 1)</td> <td style="font-weight: bold; text-align: center">(Level 2)</td> <td style="font-weight: bold; text-align: center">(Level 3)&#160;</td></tr> <tr style="vertical-align: middle"> <td style="padding-left: 12px; font-style: italic; text-align: left">Vessels, net&#160;</td> <td>&#160;</td> <td style="text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;24,475</td> <td style="text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,411</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; font-weight: bold; text-align: left">TOTAL&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;24,475</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,411</td></tr> </table> <p style="margin: 0; text-align: justify">&#160;</p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"><tr style="background-color: #CCEEFF"><td style="vertical-align: bottom; text-align: right; width: 5%">&#160;</td> <td style="vertical-align: bottom; width: 32%">&#160;</td> <td style="vertical-align: bottom; width: 28%">&#160;</td> <td style="vertical-align: bottom; text-align: center; width: 11%">&#160;</td> <td style="font-weight: bold; vertical-align: middle; text-align: center; width: 18%">Date</td> <td style="vertical-align: bottom; width: 6%">&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&#160;</td> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: justify">Wholly Owned Subsidiaries</td> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: justify">Vessel Name</td> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">DWT</td> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Delivered to Star Bulk</td> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Year Built</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center">1 </td> <td style="text-align: justify">Sea Diamond Shipping LLC</td> <td style="font-style: italic; text-align: justify">Goliath&#160;</td> <td style="text-align: right">209,537</td> <td style="text-align: center">July 15, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">2</td> <td style="text-align: justify">Pearl Shiptrade LLC</td> <td style="font-style: italic; text-align: justify">Gargantua&#160;</td> <td style="text-align: right">209,529</td> <td style="text-align: center">April 2, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center; background-color: white">3</td> <td style="text-align: justify">Star Ennea LLC</td> <td style="font-style: italic; text-align: justify">Star Poseidon</td> <td style="text-align: right">209,475</td> <td style="text-align: center">February 26,&#160;2016</td> <td style="text-align: center">2016</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">4</td> <td style="text-align: justify">Coral Cape Shipping LLC</td> <td style="font-style: italic; text-align: justify">Maharaj</td> <td style="text-align: right">209,472</td> <td style="text-align: center">July 15, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center; background-color: white">5</td> <td style="text-align: justify">Star Castle&#160;II LLC</td> <td style="font-style: italic; text-align: justify">Star Leo (1)</td> <td style="text-align: right">207,939</td> <td style="text-align: center">May 14, 2018</td> <td style="text-align: center">2018</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">6</td> <td style="text-align: justify">ABY Eleven Ltd</td> <td style="font-style: italic; text-align: justify">Star Laetitia</td> <td style="text-align: right">207,896</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2017</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">7</td> <td style="text-align: justify">Domus Shipping LLC</td> <td style="font-style: italic; text-align: justify">Star Ariadne</td> <td style="text-align: right">207,812</td> <td style="text-align: center">March 28, 2017</td> <td style="text-align: center">2017</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">8</td> <td style="text-align: justify">Star Breezer LLC</td> <td style="font-style: italic; text-align: justify">Star Virgo</td> <td style="text-align: right">207,810</td> <td style="text-align: center">March 1, 2017</td> <td style="text-align: center">2017</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">9</td> <td style="text-align: justify">Star Seeker LLC</td> <td style="font-style: italic; text-align: justify">Star Libra (1)&#160;</td> <td style="text-align: right">207,765</td> <td style="text-align: center">June 6, 2016</td> <td style="text-align: center">2016</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">10</td> <td style="text-align: justify">ABY Nine Ltd</td> <td style="font-style: italic; text-align: justify">Star Sienna</td> <td style="text-align: right">207,721</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2017</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center; background-color: white">11</td> <td style="text-align: justify">Clearwater Shipping LLC</td> <td style="font-style: italic; text-align: justify">Star Marisa</td> <td style="text-align: right">207,709</td> <td style="text-align: center">March 11 2016</td> <td style="text-align: center">2016</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">12</td> <td style="text-align: justify">ABY Ten Ltd</td> <td style="font-style: italic; text-align: justify">Star Karlie</td> <td style="text-align: right">207,566</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2016</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center; background-color: white">13</td> <td style="text-align: justify">Star Castle&#160;I LLC</td> <td style="font-style: italic; text-align: justify">Star Eleni (1)&#160;</td> <td style="text-align: right">207,555</td> <td style="text-align: center">January 3, 2018</td> <td style="text-align: center">2018</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">14</td> <td style="text-align: justify">Festive Shipping LLC</td> <td style="font-style: italic; text-align: justify">Star Magnanimus</td> <td style="text-align: right">207,490</td> <td style="text-align: center">March 26, 2018</td> <td style="text-align: center">2018</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center; background-color: white">15</td> <td style="text-align: justify; background-color: white">New Era II Shipping LLC</td> <td style="font-style: italic; text-align: justify; background-color: white">Debbie H</td> <td style="text-align: right; background-color: white">206,861</td> <td style="text-align: center">May 28, 2019</td> <td style="text-align: center">2019</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">16</td> <td style="text-align: justify">New Era III Shipping LLC</td> <td style="font-style: italic; text-align: justify">Star Ayesha</td> <td style="text-align: right">206,852</td> <td style="text-align: center">July 15, 2019</td> <td style="text-align: center">2019</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">17</td> <td style="text-align: justify">New Era I Shipping LLC</td> <td style="font-style: italic; text-align: justify">Katie K</td> <td style="text-align: right">206,839</td> <td style="text-align: center">April 16, 2019</td> <td style="text-align: center">2019</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">18</td> <td style="text-align: justify">Cape Ocean Maritime LLC</td> <td style="font-style: italic; text-align: justify">Leviathan&#160;</td> <td style="text-align: right">182,511</td> <td style="text-align: center">September&#160;19, 2014</td> <td style="text-align: center">2014</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">19</td> <td style="text-align: justify">Cape Horizon Shipping LLC</td> <td style="font-style: italic; text-align: justify">Peloreus&#160;</td> <td style="text-align: right">182,496</td> <td style="text-align: center">July&#160;22, 2014</td> <td style="text-align: center">2014</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">20</td> <td style="text-align: justify">Star Nor I LLC</td> <td style="font-style: italic; text-align: justify">Star Claudine (1)</td> <td style="text-align: right">181,258</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">21</td> <td style="text-align: justify">Star Nor II LLC</td> <td style="font-style: italic; text-align: justify">Star Ophelia (1)</td> <td style="text-align: right">180,716</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2010</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">22</td> <td style="text-align: justify">Christine Shipco LLC</td> <td style="font-style: italic; text-align: justify">Star Martha&#160;</td> <td style="text-align: right">180,274</td> <td style="text-align: center">October 31, 2014</td> <td style="text-align: center">2010</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">23</td> <td style="text-align: justify">Sandra Shipco LLC</td> <td style="font-style: italic; text-align: justify">Star Pauline&#160;</td> <td style="text-align: right">180,233</td> <td style="text-align: center">December 29, 2014</td> <td style="text-align: center">2008</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">24</td> <td style="text-align: justify">Pacific Cape Shipping LLC</td> <td style="font-style: italic; text-align: justify">Pantagruel&#160;</td> <td style="text-align: right">180,181</td> <td style="text-align: center">July&#160;11, 2014</td> <td style="text-align: center">2004</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">25</td> <td style="text-align: justify">Star Borealis LLC</td> <td style="font-style: italic; text-align: justify">Star Borealis</td> <td style="text-align: right">179,678</td> <td style="text-align: center">September&#160;9, 2011</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">26</td> <td style="text-align: justify">Star Polaris LLC</td> <td style="font-style: italic; text-align: justify">Star Polaris</td> <td style="text-align: right">179,546</td> <td style="text-align: center">November&#160;14, 2011</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">27</td> <td style="text-align: justify">Star Nor III LLC</td> <td style="font-style: italic; text-align: justify">Star Lyra (1)</td> <td style="text-align: right">179,147</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2009</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">28</td> <td style="text-align: justify">Star Regg II LLC</td> <td style="font-style: italic; text-align: justify">Star Janni</td> <td style="text-align: right">178,978</td> <td style="text-align: center">January 7, 2019</td> <td style="text-align: center">2010</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">29</td> <td style="text-align: justify">Star Regg I LLC</td> <td style="font-style: italic; text-align: justify">Star Marianne</td> <td style="text-align: right">178,906</td> <td style="text-align: center">January 14, 2019</td> <td style="text-align: center">2010</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">30</td> <td style="text-align: justify">Star Trident V LLC</td> <td style="font-style: italic; text-align: justify">Star Angie&#160;</td> <td style="text-align: right">177,931</td> <td style="text-align: center">October 29, 2014</td> <td style="text-align: center">2007</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">31</td> <td style="text-align: justify">Sky Cape Shipping LLC</td> <td style="font-style: italic; text-align: justify">Big Fish&#160;</td> <td style="text-align: right">177,662</td> <td style="text-align: center">July&#160;11, 2014</td> <td style="text-align: center">2004</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">32</td> <td style="text-align: justify">Global Cape Shipping LLC</td> <td style="font-style: italic; text-align: justify">Kymopolia&#160;</td> <td style="text-align: right">176,990</td> <td style="text-align: center">July&#160;11, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">33</td> <td style="text-align: justify">Star Trident XXV Ltd.</td> <td style="font-style: italic; text-align: justify">Star Triumph</td> <td style="text-align: right">176,343</td> <td style="text-align: center">December 8, 2017</td> <td style="text-align: center">2004</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">34</td> <td style="text-align: justify">ABY Fourteen Ltd</td> <td style="font-style: italic; text-align: justify">Star Scarlett</td> <td style="text-align: right">175,800</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2014</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">35</td> <td style="text-align: justify">ABY Fifteen Ltd</td> <td style="font-style: italic; text-align: justify">Star Audrey</td> <td style="text-align: right">175,125</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">36</td> <td style="text-align: justify">Sea Cape Shipping LLC</td> <td style="font-style: italic; text-align: justify">Big Bang&#160;</td> <td style="text-align: right">174,109</td> <td style="text-align: center">July&#160;11, 2014</td> <td style="text-align: center">2007</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">37</td> <td style="text-align: justify">ABY I LLC</td> <td style="font-style: italic; text-align: justify">Star Paola</td> <td style="text-align: right">115,259</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">38</td> <td style="text-align: justify">ABM One Ltd</td> <td style="font-style: italic; text-align: justify">Star Eva</td> <td style="text-align: right">106,659</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2012</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">39</td> <td style="text-align: justify">Nautical Shipping LLC</td> <td style="font-style: italic; text-align: justify">Amami&#160;</td> <td style="text-align: right">98,681</td> <td style="text-align: center">July&#160;11, 2014</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">40</td> <td style="text-align: justify">Majestic Shipping LLC</td> <td style="font-style: italic; text-align: justify">Madredeus&#160;</td> <td style="text-align: right">98,681</td> <td style="text-align: center">July&#160;11, 2014</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">41</td> <td style="text-align: justify">Star Sirius LLC</td> <td style="font-style: italic; text-align: justify">Star Sirius</td> <td style="text-align: right">98,681</td> <td style="text-align: center">March&#160;7, 2014</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">42</td> <td style="text-align: justify">Star Vega LLC</td> <td style="font-style: italic; text-align: justify">Star Vega</td> <td style="text-align: right">98,681</td> <td style="text-align: center">February&#160;13, 2014</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">43</td> <td style="text-align: justify">ABY II LLC</td> <td style="font-style: italic; text-align: justify">Star Aphrodite</td> <td style="text-align: right">92,006</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">44</td> <td style="text-align: justify">Augustea Bulk Carrier Ltd</td> <td style="font-style: italic; text-align: justify">Star Piera</td> <td style="text-align: right">91,952</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2010</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">45</td> <td style="text-align: justify">Augustea Bulk Carrier Ltd</td> <td style="font-style: italic; text-align: justify">Star Despoina</td> <td style="text-align: right">91,945</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2010</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">46</td> <td style="text-align: justify">Star Nor IV LLC</td> <td style="font-style: italic; text-align: justify">Star Electra (1)</td> <td style="text-align: right">83,494</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">47</td> <td style="text-align: justify">Star Alta I LLC</td> <td style="font-style: italic; text-align: justify">Star Angelina&#160;</td> <td style="text-align: right">82,981</td> <td style="text-align: center">December 5, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">48</td> <td style="text-align: justify">Star Alta II LLC</td> <td style="font-style: italic; text-align: justify">Star Gwyneth&#160;</td> <td style="text-align: right">82,790</td> <td style="text-align: center">December 5, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">49</td> <td style="text-align: justify">Star Trident&#160;I LLC</td> <td style="font-style: italic; text-align: justify">Star Kamila&#160;</td> <td style="text-align: right">82,769</td> <td style="text-align: center">September&#160;3, 2014</td> <td style="text-align: center">2005</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">50</td> <td style="text-align: justify">Star Nor VI LLC</td> <td style="font-style: italic; text-align: justify">Star Luna (1)</td> <td style="text-align: right">82,687</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2008</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">51</td> <td style="text-align: justify">Star Nor V LLC</td> <td style="font-style: italic; text-align: justify">Star Bianca (1)</td> <td style="text-align: right">82,672</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2008</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">52</td> <td style="text-align: justify">Grain Shipping LLC</td> <td style="font-style: italic; text-align: justify">Pendulum&#160;</td> <td style="text-align: right">82,619</td> <td style="text-align: center">July&#160;11, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">53</td> <td style="text-align: justify">Star Trident XIX LLC</td> <td style="font-style: italic; text-align: justify">Star Maria&#160;</td> <td style="text-align: right">82,598</td> <td style="text-align: center">November 5, 2014</td> <td style="text-align: center">2007</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">54</td> <td style="text-align: justify">Star Trident XII LLC</td> <td style="font-style: italic; text-align: justify">Star Markella&#160;</td> <td style="text-align: right">82,594</td> <td style="text-align: center">September&#160;29, 2014</td> <td style="text-align: center">2007</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">55</td> <td style="text-align: justify">Star Trident IX LLC</td> <td style="font-style: italic; text-align: justify">Star Danai&#160;</td> <td style="text-align: right">82,574</td> <td style="text-align: center">October 21, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">56</td> <td style="text-align: justify">ABY Seven Ltd</td> <td style="font-style: italic; text-align: justify">Star Jeanette</td> <td style="text-align: right">82,567</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2014</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">57</td> <td style="text-align: justify">Star Trident XI LLC</td> <td style="font-style: italic; text-align: justify">Star Georgia&#160;</td> <td style="text-align: right">82,298</td> <td style="text-align: center">October 14, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">58</td> <td style="text-align: justify">Star Trident VIII LLC</td> <td style="font-style: italic; text-align: justify">Star Sophia&#160;</td> <td style="text-align: right">82,269</td> <td style="text-align: center">October 31, 2014</td> <td style="text-align: center">2007</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">59</td> <td style="text-align: justify">Star Trident XVI LLC</td> <td style="font-style: italic; text-align: justify">Star Mariella&#160;</td> <td style="text-align: right">82,266</td> <td style="text-align: center">September&#160;19, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">60</td> <td style="text-align: justify">Star Trident XIV LLC</td> <td style="font-style: italic; text-align: justify">Star Moira&#160;</td> <td style="text-align: right">82,257</td> <td style="text-align: center">November 19, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">61</td> <td style="text-align: justify">Star Trident XVIII LLC&#160;</td> <td style="font-style: italic; text-align: justify">Star Nina&#160;</td> <td style="text-align: right">82,224</td> <td style="text-align: center">January 5, 2015</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">62</td> <td style="text-align: justify">Star Trident X LLC</td> <td style="font-style: italic; text-align: justify">Star Renee</td> <td style="text-align: right">82,221</td> <td style="text-align: center">December 18, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">63</td> <td style="text-align: justify">Star Trident&#160;II LLC</td> <td style="font-style: italic; text-align: justify">Star Nasia&#160;</td> <td style="text-align: right">82,220</td> <td style="text-align: center">August&#160;29, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">64</td> <td style="text-align: justify">Star Trident XIII LLC</td> <td style="font-style: italic; text-align: justify">Star Laura&#160;</td> <td style="text-align: right">82,209</td> <td style="text-align: center">December 8, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">65</td> <td style="text-align: justify">Star Trident XV LLC</td> <td style="font-style: italic; text-align: justify">Star Jennifer&#160;</td> <td style="text-align: right">82,209</td> <td style="text-align: center">April 15, 2015</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">66</td> <td style="text-align: justify">Star Nor VIII LLC</td> <td style="font-style: italic; text-align: justify">Star Mona (1)</td> <td style="text-align: right">82,188</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2012</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">67</td> <td style="text-align: justify">Star Trident XVII LLC</td> <td style="font-style: italic; text-align: justify">Star Helena&#160;</td> <td style="text-align: right">82,187</td> <td style="text-align: center">December 29, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">68</td> <td style="text-align: justify">Star Nor VII LLC</td> <td style="font-style: italic; text-align: justify">Star Astrid (1)</td> <td style="text-align: right">82,158</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2012</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">69</td> <td style="text-align: justify">Waterfront Two Ltd</td> <td style="font-style: italic; text-align: justify">Star Alessia</td> <td style="text-align: right">81,944</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2017</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">70</td> <td style="text-align: justify">Star Nor IX LLC</td> <td style="font-style: italic; text-align: justify">Star Calypso (1)</td> <td style="text-align: right">81,918</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2014</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">71</td> <td style="text-align: justify">Star Gaia LLC</td> <td style="font-style: italic; text-align: justify">Star Charis</td> <td style="text-align: right">81,711</td> <td style="text-align: center">March 22, 2017</td> <td style="text-align: center">2013</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">72</td> <td style="text-align: justify">Star Elpis LLC</td> <td style="font-style: italic; text-align: justify">Star Suzanna</td> <td style="text-align: right">81,711</td> <td style="text-align: center">May 15, 2017</td> <td style="text-align: center">2013</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">73</td> <td style="text-align: justify">Mineral Shipping LLC</td> <td style="font-style: italic; text-align: justify">Mercurial Virgo&#160;</td> <td style="text-align: right">81,545</td> <td style="text-align: center">July&#160;11, 2014</td> <td style="text-align: center">2013</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">74</td> <td style="text-align: justify">Star Nor X LLC</td> <td style="font-style: italic; text-align: justify">Stardust (1)</td> <td style="text-align: right">81,502</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2011</td></tr> </table> <p style="margin: 0pt"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center; width: 5%">75</td> <td style="text-align: justify; width: 32%">Star Nor XI LLC</td> <td style="font-style: italic; text-align: justify; width: 28%">Star Sky (1)</td> <td style="text-align: right; width: 11%">81,466</td> <td style="text-align: center; width: 18%">July 6, 2018</td> <td style="text-align: center; width: 6%">2010</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">76</td> <td style="text-align: justify">ABY III LLC</td> <td style="font-style: italic; text-align: justify">Star Lydia</td> <td style="text-align: right">81,187</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2013</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">77</td> <td style="text-align: justify">ABY IV LLC</td> <td style="font-style: italic; text-align: justify">Star Nicole</td> <td style="text-align: right">81,120</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2013</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">78</td> <td style="text-align: justify">ABY Three Ltd</td> <td style="font-style: italic; text-align: justify">Star Virginia</td> <td style="text-align: right">81,061</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">79</td> <td style="text-align: justify">Star Nor XII LLC</td> <td style="font-style: italic; text-align: justify">Star Genesis (1)</td> <td style="text-align: right">80,705</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2010</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">80</td> <td style="text-align: justify">Star Nor XIII LLC</td> <td style="font-style: italic; text-align: justify">Star Flame (1)</td> <td style="text-align: right">80,448</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">81</td> <td style="text-align: justify">Star Trident&#160;III LLC</td> <td style="font-style: italic; text-align: justify">Star Iris&#160;</td> <td style="text-align: right">76,466</td> <td style="text-align: center">September&#160;8, 2014</td> <td style="text-align: center">2004</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">82</td> <td style="text-align: justify">Star Trident XX LLC</td> <td style="font-style: italic; text-align: justify">Star Emily&#160;</td> <td style="text-align: right">76,417</td> <td style="text-align: center">September&#160;16, 2014</td> <td style="text-align: center">2004</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">83</td> <td style="text-align: justify">Orion Maritime LLC</td> <td style="font-style: italic; text-align: justify">Idee Fixe (1)</td> <td style="text-align: right">63,458</td> <td style="text-align: center">March 25, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">84</td> <td style="text-align: justify">Primavera Shipping LLC&#160;</td> <td style="font-style: italic; text-align: justify">Roberta (1)</td> <td style="text-align: right">63,426</td> <td style="text-align: center">March 31, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">85</td> <td style="text-align: justify">Success Maritime LLC</td> <td style="font-style: italic; text-align: justify">Laura (1)</td> <td style="text-align: right">63,399</td> <td style="text-align: center">April 7, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">86</td> <td style="text-align: justify">Ultra Shipping LLC</td> <td style="font-style: italic; text-align: justify">Kaley (1)</td> <td style="text-align: right">63,283</td> <td style="text-align: center">June 26, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">87</td> <td style="text-align: justify">Blooming Navigation LLC</td> <td style="font-style: italic; text-align: justify">Kennadi&#160;</td> <td style="text-align: right">63,262</td> <td style="text-align: center">January 8, 2016</td> <td style="text-align: center">2016</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">88</td> <td style="text-align: justify">Jasmine Shipping LLC</td> <td style="font-style: italic; text-align: justify">Mackenzie</td> <td style="text-align: right">63,226</td> <td style="text-align: center">March 2, 2016</td> <td style="text-align: center">2016</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">89</td> <td style="text-align: justify">STAR LIDA I SHIPPING LLC</td> <td style="font-style: italic; text-align: justify">Apus (1)</td> <td style="text-align: right">63,123</td> <td style="text-align: center">July 16, 2019</td> <td style="text-align: center">2014</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">90</td> <td style="text-align: justify">Star Nor XV LLC</td> <td style="font-style: italic; text-align: justify">Star Wave (1)</td> <td style="text-align: right">61,491</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2017</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">91</td> <td style="text-align: justify">Star Challenger&#160;I LLC</td> <td style="font-style: italic; text-align: justify">Star Challenger (1)</td> <td style="text-align: right">61,462</td> <td style="text-align: center">December&#160;12, 2013</td> <td style="text-align: center">2012</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">92</td> <td style="text-align: justify">Star Challenger&#160;II LLC</td> <td style="font-style: italic; text-align: justify">Star Fighter (1)</td> <td style="text-align: right">61,455</td> <td style="text-align: center">December&#160;30, 2013</td> <td style="text-align: center">2013</td></tr> <tr style="background-color: white"> <td style="vertical-align: middle; text-align: center">93</td> <td style="vertical-align: middle; text-align: justify">Star Axe&#160;II LLC</td> <td style="font-style: italic; vertical-align: middle; text-align: justify">Star Lutas</td> <td style="vertical-align: middle; text-align: right">61,347</td> <td style="vertical-align: middle; text-align: center">January 6, 2016</td> <td style="vertical-align: bottom; text-align: center">2016</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">94</td> <td style="text-align: justify">Aurelia Shipping LLC</td> <td style="font-style: italic; text-align: justify">Honey Badger&#160;</td> <td style="text-align: right">61,320</td> <td style="text-align: center">February 27, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">95</td> <td style="text-align: justify">Rainbow Maritime LLC</td> <td style="font-style: italic; text-align: justify">Wolverine&#160;</td> <td style="text-align: right">61,292</td> <td style="text-align: center">February 27, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">96</td> <td style="text-align: justify">Star Axe I LLC</td> <td style="font-style: italic; text-align: justify">Star Antares</td> <td style="text-align: right">61,258</td> <td style="text-align: center">October 9, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">97</td> <td style="text-align: justify">ABY Five Ltd</td> <td style="font-style: italic; text-align: justify">Star Monica</td> <td style="text-align: right">60,935</td> <td style="text-align: center">August 3, 2018</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">98</td> <td style="text-align: justify">Star Asia&#160;I LLC</td> <td style="font-style: italic; text-align: justify">Star Aquarius</td> <td style="text-align: right">60,916</td> <td style="text-align: center">July 22, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">99</td> <td style="text-align: justify">Star Asia&#160;II LLC</td> <td style="font-style: italic; text-align: justify">Star Pisces (1)</td> <td style="text-align: right">60,916</td> <td style="text-align: center">August 7, 2015</td> <td style="text-align: center">2015</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">100</td> <td style="text-align: justify">Star Nor XIV LLC</td> <td style="font-style: italic; text-align: justify">Star Glory (1)</td> <td style="text-align: right">58,680</td> <td style="text-align: center">July 6, 2018</td> <td style="text-align: center">2012</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">101</td> <td style="text-align: justify">STAR LIDA XI SHIPPING LLC</td> <td style="font-style: italic; text-align: justify">Pyxis (1)</td> <td style="text-align: right">56,615</td> <td style="text-align: center">August 19, 2019</td> <td style="text-align: center">2013</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">102</td> <td style="text-align: justify">STAR LIDA VIII SHIPPING LLC&#160;</td> <td style="font-style: italic; text-align: justify">Hydrus (1)</td> <td style="text-align: right">56,604</td> <td style="text-align: center">August 8, 2019</td> <td style="text-align: center">2013</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">103</td> <td style="text-align: justify">STAR LIDA IX SHIPPING LLC</td> <td style="font-style: italic; text-align: justify">Leo (1)</td> <td style="text-align: right">56,582</td> <td style="text-align: center">July 15, 2019</td> <td style="text-align: center">2013</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">104</td> <td style="text-align: justify">Star Trident VII LLC</td> <td style="font-style: italic; text-align: justify">Diva</td> <td style="text-align: right">56,582</td> <td style="text-align: center">July 24, 2017</td> <td style="text-align: center">2011</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">105</td> <td style="text-align: justify">STAR LIDA VI SHIPPING LLC</td> <td style="font-style: italic; text-align: justify">D.Centaurus (1)</td> <td style="text-align: right">56,559</td> <td style="text-align: center">September 18, 2019</td> <td style="text-align: center">2012</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">106</td> <td style="text-align: justify">STAR LIDA VII SHIPPING LLC</td> <td style="font-style: italic; text-align: justify">Hercules (1)</td> <td style="text-align: right">56,545</td> <td style="text-align: center">July 16, 2019</td> <td style="text-align: center">2012</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">107</td> <td style="text-align: justify">STAR LIDA X SHIPPING LLC</td> <td style="font-style: italic; text-align: justify">Pegasus (1)</td> <td style="text-align: right">56,540</td> <td style="text-align: center">July 15, 2019</td> <td style="text-align: center">2013</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">108</td> <td style="text-align: justify">STAR LIDA III SHIPPING LLC</td> <td style="font-style: italic; text-align: justify">Cepheus (1)</td> <td style="text-align: right">56,539</td> <td style="text-align: center">July 16, 2019</td> <td style="text-align: center">2012</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">109</td> <td style="text-align: justify">STAR LIDA IV SHIPPING LLC</td> <td style="font-style: italic; text-align: justify">Columba (1)</td> <td style="text-align: right">56,530</td> <td style="text-align: center">July 23, 2019</td> <td style="text-align: center">2012</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">110</td> <td style="text-align: justify">STAR LIDA V SHIPPING LLC</td> <td style="font-style: italic; text-align: justify">Dorado (1)</td> <td style="text-align: right">56,507</td> <td style="text-align: center">July 16, 2019</td> <td style="text-align: center">2013</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">111</td> <td style="text-align: justify">STAR LIDA II SHIPPING LLC</td> <td style="font-style: italic; text-align: justify">Aquila (1)</td> <td style="text-align: right">56,506</td> <td style="text-align: center">July 15, 2019</td> <td style="text-align: center">2012</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">112</td> <td style="text-align: justify">Star Regg III LLC</td> <td style="font-style: italic; text-align: justify">Star Bright</td> <td style="text-align: right">55,783</td> <td style="text-align: center">October 10, 2018</td> <td style="text-align: center">2010</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">113</td> <td style="text-align: justify">Glory Supra Shipping LLC</td> <td style="font-style: italic; text-align: justify">Strange Attractor&#160;</td> <td style="text-align: right">55,742</td> <td style="text-align: center">July&#160;11, 2014</td> <td style="text-align: center">2006</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">114</td> <td style="text-align: justify">Star Omicron LLC</td> <td style="font-style: italic; text-align: justify">Star Omicron</td> <td style="text-align: right">53,489</td> <td style="text-align: center">April&#160;17, 2008</td> <td style="text-align: center">2005</td></tr> <tr style="vertical-align: middle; background-color: white"> <td style="text-align: center">115</td> <td style="text-align: justify">Star Zeta LLC</td> <td style="font-style: italic; text-align: justify">Star Zeta&#160;</td> <td style="text-align: right">52,994</td> <td style="text-align: center">January&#160;2, 2008</td> <td style="text-align: center">2003</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="text-align: center">116</td> <td style="text-align: justify">Star Theta LLC</td> <td style="font-style: italic; text-align: justify">Star Theta&#160;</td> <td style="text-align: right">52,425</td> <td style="text-align: center">December&#160;6, 2007</td> <td style="text-align: center">2003</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td style="font-weight: bold">Total dwt</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">12,859,300</td> <td style="text-align: left">&#160;</td> <td>&#160;</td></tr> </table> <p style="margin: 0pt">&#160;</p> <p style="margin: 0pt"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr> <td style="vertical-align: middle; text-align: center; width: 5%">&#160;</td> <td style="font-weight: bold; vertical-align: middle; text-align: justify; width: 50%">Wholly Owned Subsidiaries</td> <td style="vertical-align: bottom; width: 5%">&#160;</td> <td style="font-weight: bold; vertical-align: middle; width: 40%">&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF"> <td style="text-align: center">1</td> <td style="text-align: justify">Star Bulk Management Inc.</td> <td style="border-left: Black 0.5pt solid; text-align: center">37</td> <td style="text-align: justify">Cape Confidence Shipping LLC</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center">2</td> <td style="text-align: justify">Starbulk S.A.</td> <td style="border-left: Black 0.5pt solid; text-align: center">38</td> <td style="text-align: justify">Cape Runner Shipping LLC</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF"> <td style="text-align: center">3</td> <td style="text-align: justify">Star Bulk Manning LLC</td> <td style="border-left: Black 0.5pt solid; text-align: center">39</td> <td style="text-align: justify">Olympia Shiptrade LLC</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center">4</td> <td style="text-align: justify">Star Bulk Shipmanagement Company (Cyprus) Limited</td> <td style="border-left: Black 0.5pt solid; text-align: center">40</td> <td style="text-align: justify">Victory Shipping LLC</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF"> <td style="text-align: center">5</td> <td style="text-align: justify">Candia Shipping Limited (ex Optima Shipping Limited)</td> <td style="border-left: Black 0.5pt solid; text-align: center">41</td> <td style="text-align: justify">Star Cape&#160;I LLC</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center">6</td> <td style="text-align: justify">Star Omas LLC&#160;</td> <td style="border-left: Black 0.5pt solid; text-align: center">42</td> <td style="text-align: justify">Star Cape&#160;II LLC</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF"> <td style="text-align: center">7</td> <td style="text-align: justify">Star Synergy LLC&#160;</td> <td style="border-left: Black 0.5pt solid; text-align: center">43</td> <td style="text-align: justify">Positive Shipping Company</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center">8</td> <td style="text-align: justify">Oceanbulk Shipping LLC</td> <td style="border-left: Black 0.5pt solid; text-align: center">44</td> <td style="text-align: justify">OOCape1 Holdings LLC</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF"> <td style="text-align: center">9</td> <td style="text-align: justify">Oceanbulk Carriers LLC</td> <td style="border-left: Black 0.5pt solid; text-align: center">45</td> <td style="text-align: justify">Oday Marine LLC</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center">10</td> <td style="text-align: justify">International Holdings LLC</td> <td style="border-left: Black 0.5pt solid; text-align: center">46</td> <td style="text-align: justify">Searay Maritime LLC</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF"> <td style="text-align: center">11</td> <td style="text-align: justify">Star Ventures LLC</td> <td style="border-left: Black 0.5pt solid; text-align: center">47</td> <td style="text-align: justify">Lowlands Beilun Shipco LLC</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center">12</td> <td style="text-align: justify">Star Logistics LLC (ex Dry Ventures LLC)</td> <td style="border-left: Black 0.5pt solid; text-align: center">48</td> <td style="text-align: justify">Star Trident VI LLC</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF"> <td style="text-align: center">13</td> <td style="text-align: justify">Unity Holding LLC</td> <td style="border-left: Black 0.5pt solid; text-align: center">49</td> <td style="text-align: justify">KMSRX Holdings LLC</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center">14</td> <td style="text-align: justify">Star Bulk (USA) LLC</td> <td style="border-left: Black 0.5pt solid; text-align: center">50</td> <td style="text-align: justify">Dioriga Shipping Co.</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF"> <td style="text-align: center">15</td> <td style="text-align: justify">Star Trident XXI LLC</td> <td style="border-left: Black 0.5pt solid; text-align: center">51</td> <td style="text-align: justify">Star Trident XXX LLC</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center">16</td> <td style="text-align: justify">Star Trident XXIV LLC</td> <td style="border-left: Black 0.5pt solid; text-align: center">52</td> <td style="text-align: justify">Star Trident IV LLC</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF"> <td style="text-align: center">17</td> <td style="text-align: justify">Star Trident XXVII LLC</td> <td style="border-left: Black 0.5pt solid; text-align: center">53</td> <td style="text-align: justify">Pacific Ventures Holdings LLC</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center">18</td> <td style="text-align: justify">Star Trident XXXI LLC</td> <td style="border-left: Black 0.5pt solid; text-align: center">54</td> <td style="text-align: justify">Star Mare LLC</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF"> <td style="text-align: center">19</td> <td style="text-align: justify">Star Trident XXIX LLC&#160;</td> <td style="border-left: Black 0.5pt solid; text-align: center">55</td> <td style="text-align: justify">Star Regg IV LLC</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center">20</td> <td style="text-align: justify">Star Trident XXVIII LLC&#160;</td> <td style="border-left: Black 0.5pt solid; text-align: center">56</td> <td style="text-align: justify">Star Regg V LLC</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF"> <td style="text-align: center">21</td> <td style="text-align: justify">Star Trident XXVI LLC&#160;</td> <td style="border-left: Black 0.5pt solid; text-align: center">57</td> <td style="text-align: justify">Star Regg VI LLC</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center">22</td> <td style="text-align: justify">Star Trident XXII LLC</td> <td style="border-left: Black 0.5pt solid; text-align: center">58</td> <td style="text-align: justify">Star Regg VII LLC</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF"> <td style="text-align: center">23</td> <td style="text-align: justify">Star Trident XXIII LLC</td> <td style="border-left: Black 0.5pt solid; text-align: center">59</td> <td style="text-align: justify">Star Sege Ltd</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center">24</td> <td style="text-align: justify">Star Alpha LLC</td> <td style="border-left: Black 0.5pt solid; text-align: center">60</td> <td style="text-align: justify">Star Gamma LLC</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF"> <td style="text-align: center">25</td> <td style="text-align: justify">Star Bulk Norway AS</td> <td style="border-left: Black 0.5pt solid; text-align: center">61</td> <td style="text-align: justify">Star Delta LLC</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center">26</td> <td style="text-align: justify">Star New Era LLC</td> <td style="border-left: Black 0.5pt solid; text-align: center">62</td> <td style="text-align: justify">Star Epsilon LLC</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF"> <td style="text-align: center">27</td> <td style="text-align: justify">Star Thor LLC</td> <td style="border-left: Black 0.5pt solid; text-align: center">63</td> <td style="text-align: justify">Star Kappa LLC</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center">28</td> <td style="text-align: justify">Star ABY LLC</td> <td style="border-left: Black 0.5pt solid; text-align: center">64</td> <td style="text-align: justify">Star Aurora LLC</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF"> <td style="text-align: center">29</td> <td style="text-align: justify">ABY Group Holding Ltd</td> <td style="border-left: Black 0.5pt solid; text-align: center">65</td> <td style="text-align: justify">Star Uranus LLC</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center">30</td> <td style="text-align: justify">Star Regina LLC</td> <td style="border-left: Black 0.5pt solid; text-align: center">66</td> <td style="text-align: justify">Star Trident VII LLC</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF"> <td style="text-align: center">31</td> <td style="text-align: justify">Star Logistics Management S.A.</td> <td style="border-left: Black 0.5pt solid; text-align: center">67</td> <td style="text-align: justify">Star Trident XII LLC</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center">32</td> <td style="text-align: justify">Gravity Shipping LLC</td> <td style="border-left: Black 0.5pt solid; text-align: center">68</td> <td style="text-align: justify">Star Trident XIII LLC</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF"> <td style="text-align: center">33</td> <td style="text-align: justify">White Sand Shipping LLC&#160;</td> <td style="border-left: Black 0.5pt solid; text-align: center">69</td> <td style="text-align: justify">Star Trident XVI LLC</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center">34</td> <td style="text-align: justify">Premier Voyage LLC</td> <td style="border-left: Black 0.5pt solid; text-align: center">70</td> <td style="text-align: justify">Star Bulk (Singapore) Pte. Ltd</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF"> <td style="text-align: center">35</td> <td style="text-align: justify">L.A. Cape Shipping LLC</td> <td style="border-left: Black 0.5pt solid; text-align: center">71</td> <td style="text-align: justify">Star Bulk Germany GmbH</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center">36</td> <td style="text-align: justify">Star Cosmo LLC</td> <td style="border-left: Black 0.5pt solid; text-align: right">&#160;</td> <td style="text-align: justify">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>a)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Principles of consolidation:</i></b> The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (&#8220;U.S. GAAP&#8221;), which include the accounts of Star Bulk and its wholly owned subsidiaries referred to in Note 1 above. All intercompany balances and transactions have been eliminated on consolidation.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">Star Bulk as the holding company determines whether it has controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under ASC 810 &#8220;Consolidation&#8221;, a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and make financial and operating decisions. Star Bulk consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">Following the provisions of ASC 810 &#8220;Consolidation&#8221;, the Company evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a variable interest entity (&#8220;VIE&#8221;) in its consolidated financial statements. The Company&#8217;s evaluation did not result in an identification of variable interest entities for the years 2017, 2018 and 2019.</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>d)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Comprehensive income/(loss):</i></b> The statement of comprehensive income/(loss) presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. Reclassification adjustments are presented out of accumulated other comprehensive income/(loss) on the face of the statement in which the components of other comprehensive income/(loss) are presented or in the notes to the financial statements. The Company follows the provisions of ASC 220 &#8220;Comprehensive Income&#8221;, and presents items of net income/(loss), items of other comprehensive income/(loss) and total comprehensive income/(loss) in two separate and consecutive statements.</td></tr></table> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>e)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Concentration of credit risk: </i></b>Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and restricted cash, trade accounts receivable and derivative contracts (including freight derivatives, bunker derivatives and interest rate swaps). The Company&#8217;s policy is to place cash and cash equivalents, and restricted cash with financial institutions evaluated as being creditworthy. Cash and cash equivalents and restricted cash are therefore exposed to minimal credit risk. The Company may be exposed to credit risk in the event of non-performance by counter parties to derivative contracts. To manage this risk, the Company has adopted a policy of no exposure in over-the-counter transactions by selecting freight derivatives and bunker swaps that clear through reputable clearing houses, including the London Clearing House (&#8220;LCH&#8221;). The Company performs periodic evaluations of the relative credit standing of those financial institutions with which the Company transacts. In addition the Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers&#8217; financial condition.</td></tr></table> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>f)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Foreign currency transactions: </i></b>The functional currency of the Company is the U.S. Dollar since its vessels operate in the international shipping markets, and therefore primarily transact business in U.S. Dollars. The Company&#8217;s books of accounts are maintained in U.S. Dollars. Transactions involving other currencies during the period are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the consolidated balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are converted into U.S. Dollars at the period-end exchange rates. Resulting gains/(losses) are included in &#8220;Interest and other income/(loss)&#8221; in the consolidated statements of operations.</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: 36pt"><b>h)</b></td><td style="text-align: justify"><b><i>Restricted cash</i>: </b>Restricted cash represents minimum cash deposits or cash collateral deposits required to be maintained with certain banks under the Company&#8217;s borrowing arrangements or derivative contracts, which are legally restricted as to withdrawal or use. In the event that the obligation to maintain such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets. Otherwise, they are classified as non-current assets.</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: 36pt"><b>i)</b></td><td style="text-align: justify"><b><i>Trade accounts receivable, net: </i></b>The amount shown as Trade accounts receivable, net, at each balance sheet date, includes receivables from customers, net of any provision for doubtful debts. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables. During 2018 and 2019 the Company provided for doubtful debt of $722 and $1,607 respectively, which amounts were also written off during the same years.</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: 36pt"><b>j)</b></td><td style="text-align: justify"><b><i>Inventories:</i></b> Inventories consist of lubricants and bunkers, which are stated at the lower of cost or net realizable value, which is the estimated selling prices less reasonably predictable costs of disposal and transportation. Cost is determined by the first in, first out method.</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: 36pt"><b>k)</b></td><td style="text-align: justify"><b><i>Vessels, net:</i></b> Vessels are stated at cost, which consists of the purchase price and any material expenses incurred upon acquisition, such as initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for its initial voyage, less accumulated depreciation and impairment, if any. Any subsequent expenditure, when it does not extend the useful life of the vessel, increase the earning capacity or improve the efficiency or safety of the vessel, is expensed as incurred.</td></tr></table> <p style="margin-top: 0; margin-bottom: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">The cost of each of the Company&#8217;s vessels is depreciated beginning when the vessel is ready for its intended use, on a straight-line basis over the vessel&#8217;s remaining economic useful life, after considering the estimated residual value (vessel&#8217;s residual value is equal to the product of its lightweight tonnage and estimated scrap rate per ton). Management estimates the useful life of the Company&#8217;s vessels to be 25 years from the date of initial delivery from the shipyard. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. The estimated salvage value of each vessel is $0.3 per light weight ton as of December 31, 2019 and 2018, which is based on the historical average demolition prices.</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: 0"></td><td style="width: 36pt"><b>l)</b></td><td style="text-align: justify"><b><i>Advances for vessels under construction and acquisition of vessels:</i></b> Advances made to shipyards or sellers of shipbuilding contracts during construction periods or advances made to sellers of secondhand vessels to be acquired are classified as &#8220;Advances for vessels under construction and acquisition of vessels&#8221; until the date of delivery and acceptance of the vessel, at which date they are reclassified to &#8220;Vessels and other fixed assets, net.&#8221; Advances for vessels under construction also include supervision costs, amounts paid under engineering contracts, and other expenses directly related to the construction of the vessel or the preparation of the vessel for its initial voyage. Interest cost incurred during the construction period of the vessels are also capitalized and included in the vessels&#8217; cost.</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>m)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Fair value of above/below market acquired time charters:</i></b> The Company values any asset or liability arising from the market value of the time charters assumed when a vessel is acquired. Where vessels are acquired with existing time charters, the Company determines the present value of the difference between: (i) the contractual charter rate and (ii) the market rate for a charter of equivalent duration prevailing at the time the vessels are delivered. In discounting the charter rate differences in future periods, the Company uses its Weighted Average Cost of Capital (WACC) adjusted to account for the credit quality of the counterparties, as deemed necessary. Such intangible asset or liability is recognized ratably as an adjustment to revenues over the remaining term of the assumed time charter.</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: 36pt"><b>n)</b></td><td style="text-align: justify"><b><i>Impairment of long-lived assets:</i></b> The Company follows guidance under ASC 360 &#8220;Property, Plant, and Equipment&#8221; related to the impairment or disposal of long-lived assets which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The standard requires that long-lived assets held and used by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of future undiscounted net operating cash flows, excluding interest charges, expected to be generated by the use and eventual disposition of the asset is less than its carrying amount, the Company should record an impairment loss to the extent the asset&#8217;s carrying value exceeds its fair value. The Company determines the fair value of its assets based on management estimates and assumptions and by making use of available market data and taking into consideration agreed sale prices and third party valuations.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">In this respect, management regularly reviews the carrying amount of the vessels, including newbuilding contracts, if any, on a vessel-by-vessel basis, when events and circumstances indicate that the carrying amount of the vessels or newbuilding contracts might not be recoverable (such as vessel sales and purchases, business plans, obsolescence or damage to the asset and overall market conditions). When impairment indicators are present, the Company compares future undiscounted net operating cash flows to the carrying values of the Company&#8217;s vessels to determine if the asset is required to be impaired. In developing its estimates of future undiscounted net operating cash flows, the Company makes assumptions and estimates about vessels&#8217; future performance, with the significant assumptions being related to charter rates, ship operating expenses, vessels&#8217; residual value, fleet utilization and the estimated remaining useful lives of the vessels. These assumptions are based on current market conditions, historical industry and Company&#8217;s specific trends, as well as future expectations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">The future undiscounted net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed vessel days and an estimated daily time charter equivalent rate for the unfixed days over the estimated remaining economic life of each vessel, net of brokerage and address commissions. Estimates of the daily time charter equivalent rate for the unfixed days are based on the current Forward Freight Agreement (&#8220;FFA&#8221;) rates, for the first three-year period, average of FFA rates and historical average rate levels for the fourth year and historical average rate levels of similar size vessels for the period thereafter. The expected cash inflows from charter revenues are based on an assumed fleet utilization rate for the unfixed days over available days, taking also into account expected technical off-hire days. In addition, in light of the Company&#8217;s investment in exhaust gas cleaning systems (&#8220;EGCS&#8221; or &#8220;Scrubbers&#8221;), an estimate of an additional daily revenue for each scrubber fitted vessel was also included, reflecting additional compensation from charterers due to the fuel cost savings that these vessels provide. In assessing expected future cash outflows, management forecasts vessel operating expenses, which are based on the Company&#8217;s internal budget for the first annual period and thereafter assume an annual inflation rate and are capped at the thirteenth year thereafter, vessel expected maintenance costs (for dry docking and special surveys) and management fees. The estimated salvage value of each vessel is $0.3 per light weight ton, in accordance with the Company&#8217;s vessel depreciation policy. The Company uses a probability weighted approach for developing estimates of future cash flows used to test its vessels for recoverability when alternative courses of action are under consideration (i.e. sale or continuing operation of a vessel). If the Company&#8217;s estimate of future undiscounted net operating cash flows for any vessel is lower than the vessel&#8217;s carrying value, the carrying value is written down to the vessel&#8217;s fair market value with a charge recorded under &#8220;Impairment loss&#8221; in the consolidated statement of operations.</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: 0"></td><td style="width: 36pt"><b>o)</b></td><td style="text-align: justify"><b><i>Vessels held for sale:</i></b> The Company classifies a vessel as being held for sale when all of the following criteria, enumerated under ASC 360 &#8220;Property, Plant, and Equipment&#8221;, are met: (i)&#160;management has committed to a plan to sell the vessel; (ii)&#160;the vessel is available for immediate sale in its present condition; (iii)&#160;an active program to locate a buyer and other actions required to complete the plan to sell the vessel have been initiated; (iv)&#160;the sale of the vessel is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; (v)&#160;the vessel is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi)&#160;actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. The resulting difference, if any, is recorded under &#8220;Impairment loss&#8221; in the consolidated statement of operations. The vessels are not depreciated once they meet the criteria to be classified as held for sale.</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: 0"></td><td style="width: 36pt"><b>p)</b></td><td style="text-align: justify"><b><i>Financing costs:</i></b> Fees paid to lenders or required to be paid to third parties on the lenders&#8217; behalf for obtaining new loans, senior notes, for refinancing or amending existing loans or securing leases, are required to be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability, similar to debt discounts. These costs are amortized as interest and finance costs using the effective interest rate method over the duration of the related debt. Any unamortized balance of costs relating to debt repaid or refinanced that meet the criteria for Debt Extinguishment (see Subtopic 470-50), is expensed in the period in which the repayment is made or refinancing occurs<i>. </i>Any unamortized balance of costs relating to debt refinanced that do not meet the criteria for Debt Extinguishment, are amortized over the term of the refinanced debt. Other fees incurred for obtaining loan facilities whose committed loans have not been drawn on or before the balance sheet date are recorded under &#8220;Other non-current assets&#8221;, and are reclassified as a direct deduction from the carrying amount of the loan facilities once financing takes place.</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: 36pt"><b>q)</b></td><td style="text-align: justify"><b><i>Debt Modifications and extinguishments:</i></b> The Company follows the provisions of ASC 470-50, &#8220;Modifications and Extinguishments&#8221; to account for all modifications or extinguishments of debt instruments, except debt that is extinguished through a troubled debt restructuring (see Subtopic 470-60) or a conversion of debt to equity securities of the debtor pursuant to conversion privileges provided in terms of the debt at issuance (see Subtopic 470-20). This Subtopic also provides guidance on whether an exchange of debt instruments with the same creditor constitutes an extinguishment and whether a modification of a debt instrument should be accounted for in the same manner as an extinguishment. In circumstances where an exchange of debt instruments or a modification of a debt instrument does not result in extinguishment accounting, this Subtopic provides guidance on the appropriate accounting treatment.</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: 36pt"><b>s)</b></td> <td style="text-align: justify"><b><i>Dry docking and special survey expenses:</i></b> Dry docking and special survey expenses are expensed when incurred.</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: 36pt"><b>u)</b></td><td style="text-align: justify"><b><i>Fair value measurements: </i></b>The Company follows the provisions of ASC 820, &#8220;Fair Value Measurements and Disclosures&#8221; that defines and provides guidance as to the measurement of fair value. ASC 820 creates a hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets and the lowest priority (Level 3) to unobservable data, for example, the reporting entity&#8217;s own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy (Note 20).</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: 36pt"><b>v)</b></td><td style="text-align: justify"><b><i>Earnings/ (loss) per share:</i></b> Basic earnings or loss per share are calculated by dividing net income or loss available to common shareholders by the basic weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the treasury stock method whereby all of the Company&#8217;s dilutive securities are assumed to be exercised and the proceeds used to repurchase common shares are calculated at the weighted average market price of the Company&#8217;s common shares during the relevant periods. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings per share computation (Note 14).</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: 36pt"><b>w)</b></td><td style="text-align: justify"><b><i>Segment reporting</i></b><i>:</i> The Company reports financial information and evaluates its operations and operating results by total charter revenues and not by the type of vessel, length of vessel employment, customer or type of charter. As a result, management, including the Chief Executive Officer, who is the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet, and thus, the Company has determined that it operates under one reportable segment, that of operating dry bulk vessels. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide, subject to restrictions as per the charter agreement, and, as a result, the disclosure of geographic information is impracticable.</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: 36pt"><b>x)</b></td><td style="text-align: justify"><b><i>Leases:</i></b> On January 1, 2019, the Company adopted ASC 842 Leases (&#8220;ASC 842&#8221;), according to which 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 finance 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 leases. 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.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">The Company elected to use the optional new transition method for the adoption of ASC 842 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&#160;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 0 12pt 36pt; text-align: justify">In addition, in connection with its adoption of ASC 842, the Company elected to use the &#8220;package of 3&#8221; 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 0 0 36pt; text-align: justify">&#160;&#8226; whether any expired or existing contracts are or contain leases;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#8226; any expired or existing lease classifications; and</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#8226; initial direct costs for any existing leases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; 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&#8217;s operating lease right-of-use assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p> <p style="margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">The Company&#8217;s adoption of ASC 842 did not have a material effect on the consolidated financial statements for the reasons discussed below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt"></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="margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt">&#160;As also described in Note 2(t), 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 of the voyage charter are pre-determined, and any change requires the Company&#8217;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 economic benefits from such use. In addition, since none of the criteria for classification as sales-type leases or direct financing leases are met, the Company&#8217;s time charter agreements are classified as operating leases. The duration of the contracts that the Company is entering into depends on the market conditions, with the duration decreasing during weak market conditions. During 2019 in their majority the Company&#8217;s time charter contracts did not exceed the period of 12 months, including optional extension periods. Future minimum rental payments for the existing contracts as of December 31, 2019, are presented in Note 17 below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt">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 but 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 (<i>i.e.</i>, both the lease and non-lease components are earned with the 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 delivered 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&#8217;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 36pt"></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: 0"><tr style="vertical-align: top"> <td style="width: 36pt"></td><td style="width: 18pt">A)</td><td style="text-align: justify">As already discussed in Note 1, during 2018 and 2019 the Company chartered-in a number of third-party vessels to increase its operating capacity in order to satisfy its clients&#8217; needs. All charter-in operating leases that the Company had entered into and were effective as of December 31, 2018 and during the year ended December 31, 2019 are short to medium-term leases (<i>i.e</i>., not exceeding 12 months, including optional extension periods). Please also refer to Note 3 for those charter-in contracts entered into with related parties. The Company elected to use the practical expedient of ASC 842 that allows for time charter-in contracts with an initial term of 12 months or less 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 year ended 2017, 2018 and 2019 amounted to $6,153, $127,618 and $185,311, respectively and are included in Voyage revenues in the consolidated statements of operations, out of which $3,005, $18,661 and $15,253, respectively, constitute sublease income deriving from time charter agreements. Future minimum rental payments for the existing contracts as of December 31, 2019, are presented in Note 17 below.</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">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 financing. The weighted-average discount rate for the Company&#8217;s bareboat charter agreements for the year ended December 31, 2019 was 5.66%. Please refer to Note 7 for the description of the nature of these leases, general terms, covenants included , any variable payments, if any, as well as the purchase obligations they provide for.</td></tr></table> <p style="margin: 0"></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">C)</td><td style="text-align: justify">Each sale and lease back transaction that the Company had entered into as of December 31, 2018 and during the year ended December 31, 2019, involved a purchase obligation and was therefore treated as a 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> <p style="margin: 0"></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">D)</td><td style="text-align: justify">The Company has determined its office rental arrangements are operating leases. The office spaces that the Company leases are mostly located in Athens, Cyprus and Switzerland. Payments under these arrangements are fixed with no variable payments. 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 $1,216 as of December 31, 2019 and are presented within &#8220;Leased buildings, right-of-use assets&#8221; and &#8220;Leased buildings, operating lease liabilities&#8221; in the consolidated balance sheet. The discount rate used is 4%, being the estimated annual incremental borrowing rate for these type of assets. 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 $403 and $352 for the years ended December 31, 2018 and 2019, respectively. The weighted average remaining lease term of the Company&#8217;s office rent arrangements is 3.9 years. Please also refer to Note 3 for office rent agreements entered into with related parties. Future minimum rental payments for existing contracts as of December 31, 2019, are presented in Note 17 below.</td></tr></table> <p style="margin: 0"></p> <p style="margin: 0"></p> <p style="margin: 0">&#160;</p> <p style="margin: 0">&#160;</p> <p style="margin: 0">&#160;</p> <p style="margin: 0">&#160;</p> <p style="margin: 0">&#160;</p> <p style="margin: 0">&#160;</p> <p style="margin: 0"></p> <p style="margin: 0"></p> <p style="margin: 0"></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: 0"></td><td style="width: 36pt"><b>y)</b></td><td><b><i>Derivatives &#38; Hedging:</i></b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt"><b>i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Derivative Financial Instruments:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">The Company enters into derivative and non-derivative financial instruments to manage risks related to fluctuations of interest rates and foreign currency exchange rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">All derivatives are recorded on the Company&#8217;s balance sheet as assets or liabilities and are measured at fair value. The valuation of interest rate swaps is based on Level 2 observable inputs of the fair value hierarchy, such as interest rate curves. The changes in the fair value of derivatives not qualifying for hedge accounting are recognized in earnings. Cash inflows/outflows attributed to derivative instruments are reported within cash flows from operating activities in the consolidated statements of cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">For the purpose of hedge accounting, hedges are classified as:</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: 49.6pt"></td><td style="width: 7.2pt; text-align: justify"><font style="font-family: Symbol">&#183;</font></td><td style="text-align: justify">fair value hedges, when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, which in each case is attributable to a particular risk, including foreign currency risk;</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: 49.6pt"></td><td style="width: 7.2pt"><font style="font-family: Symbol">&#183;</font></td><td style="text-align: justify">cash flow hedges, when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction that could affect earnings; or</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: 49.6pt"></td><td style="width: 7.2pt"><font style="font-family: Symbol">&#183;</font></td><td style="text-align: justify">hedges of a net investment in a foreign operation. This type of hedge is not used by the Company.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">In case the instruments are eligible for hedge accounting, at the inception of a hedge relationship, the Company formally designates and documents the hedge relationship to which the Company wishes to apply hedge accounting and the risk management objective and strategy undertaken for the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the Company will assess the hedging instrument&#8217;s effectiveness in offsetting exposure to changes in the hedged item&#8217;s cash flows or fair value attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in cash flows or fair value and are assessed at each reporting date to determine whether they actually have been highly effective throughout the financial reporting periods for which they were designated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt"><i>Fair value hedges</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">A fair value hedge is a hedge of the exposure to changes in the fair value of a recognized asset or liability, or of an unrecognized firm commitment, which in each case is attributable to a particular risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">The change in the fair value of a hedging instrument is recognized in the consolidated statement of operations. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognized in the consolidated statement of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">For fair value hedges, in which a non-derivative is used as hedging instrument for foreign currency risk of unrecognized firm commitments, the hedging instrument is re- measured based on the movement in functional currency cash flows attributable to the change in spot exchange rates between the functional currency and the currency in which the non-derivative hedging instrument is denominated. An asset or liability is recorded for the unrecognized firm commitment, which equals the foreign exchange gain or loss that is recorded in earnings as a result of the hedge relationship. The resulting asset or liability will eventually be treated as part of the consideration when the firm commitment is recognized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt"><i>Cash Flow hedges</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability or a highly probable forecasted transaction that could affect earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">For derivatives designated as cash flow hedges, the effective portion of the changes in their fair value is recorded in &#8220;Accumulated other comprehensive income / (loss)&#8221; and is subsequently recognized in earnings when the hedged items impact earnings, while the ineffective portion, if any, is recognized immediately in current period earnings under &#8220;Gain / (Loss) on derivative financial instruments, net.&#8221;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt"><i>Discontinuation of hedge relationships</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">The Company discontinues prospectively fair value or cash flow hedge accounting if the hedging instrument expires or is sold, terminated or exercised and it no longer meets all the criteria for hedge accounting or if the Company de-designates the instrument as a cash flow or fair value hedge. As part of a cash flow hedge, at the time the hedging relationship is discontinued, any cumulative gain or loss on the hedging instrument recognized in equity remains in equity until the forecasted transaction occurs or until it becomes probable of not occurring. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in earnings. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is reclassified and recognized in earnings for the year. Similarly, as part of a fair value hedge, if the hedged item is derecognized, the unamortized fair value is recognized immediately in earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><b>ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Forward Freight Agreements and Bunker Swaps:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">In addition, from time to time, the Company may take positions in derivative instruments including forward freight agreements, or FFAs. Generally, FFAs and other derivative instruments may be used to hedge a vessel owner&#8217;s exposure to the charter market for a specified route and period of time. Upon settlement, if the contracted charter rate is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. All of the FFAs are settled on a daily basis through reputable exchanges such as LCH, Singapore Exchange (SGX) or Nasdaq. FFAs are intended to serve as an economic hedge for the Company&#8217;s vessels that are being chartered in the spot market, effectively locking-in an approximate amount of revenue that the Company expects to receive from such vessels for the relevant periods. The Company measures the fair value of all open positions at each reporting date on this basis (Level 2). The Company&#8217;s FFAs do not qualify for hedge accounting and therefore gains or losses are recognized in the consolidated statements of operations under &#8220;(Gain)/Loss on forward freight agreements and bunker swaps.&#8221;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Also, from time to time, the Company enters into bunker swap contracts to manage its exposure to fluctuations of bunker prices associated with the consumption of bunkers by its vessels. Bunker swaps are agreements between two parties to exchange cash flows at a fixed price on bunkers, where volume, time period and price are agreed in advance. The Company&#8217;s bunker swaps are settled through reputable clearing houses, including LCH. The fair value of bunker swaps is the estimated amount that the Company would receive or pay to terminate the swaps at the reporting date (Level 2). The Company&#8217;s bunker swaps do not qualify for hedge accounting and bunker price differentials paid or received under the swap agreements are recognized under &#8220;(Gain)/Loss on forward freight agreements and bunker swaps&#8221;.</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: 0"></td><td style="width: 36pt"><b>z)</b></td><td style="text-align: justify"><b><i>Taxation</i>:</b> The Company follows the provisions of ASC 740-10, &#8220;Accounting for Uncertainty in Income Taxes&#8221; which clarifies the accounting for uncertainty in income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. ASC 740-10 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>b)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Equity method investments:</i></b> Investments in the equity of entities over which the Company exercises significant influence, but does not exercise control are accounted for by the equity method of accounting. Under this method, the Company records such an investment at cost and adjusts the carrying amount for its share of the earnings or losses of the entity subsequent to the date of investment and reports the recognized earnings or losses in income. The Company also evaluates whether a loss in value of an investment that is other than a temporary decline should be recognized. Evidence of a loss in value might include absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. Dividends received reduce the carrying amount of the investment. When the Company&#8217;s share of losses in an entity accounted for by the equity method equals or exceeds its interest in the entity, the Company does not recognize further losses, unless the Company has made advances, incurred obligations and made payments on behalf of the entity.</td></tr></table> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>c)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Use of estimates:</i></b> The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates under different assumptions or conditions.</td></tr></table> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"><b>5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Vessels and other fixed assets, net:</b></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;The amounts in the consolidated balance sheets are analyzed as follows:&#160;</p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="width: 54%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="width: 3%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 12%">Vessel cost</td> <td style="text-align: right; width: 3%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 13%">Accumulated depreciation</td> <td style="text-align: right; width: 3%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 12%">Net Book Value</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif">Balance, December 31, 2017</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,186,856</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-411,775</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,775,081</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">- Transfer from advances for vessels under construction and acquisition of vessels</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;163,138</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;163,138</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">- Acquisitions, improvements and other vessel costs</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;844,474</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;844,474</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">- Vessel disposal/ transfer to Held for sale</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(5,949)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(5,949)</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">- Impairment loss</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;(83,256)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;65,472</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;(17,784)</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">- Depreciation for the period</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;(102,852)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;(102,852)</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif">Balance, December 31, 2018</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,105,263</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-449,155</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,656,108</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">- Transfer from advances for vessels under construction and acquisition of vessels</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;157,589</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;157,589</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">- Acquisitions, improvements and other vessel costs</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;335,671</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;335,671</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">- Vessel disposal</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;(163,049)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;106,899</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;(56,150)</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">- Impairment loss</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;(24,551)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;21,140</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,411)</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">- Depreciation for the period</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;(124,280)</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;(124,280)</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif">Balance, December 31, 2019</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">3,410,923</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;(445,396)</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,965,527</td></tr> </table> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As of December&#160;31, 2019, 80 of the Company&#8217;s 116 vessels, having a net carrying value of $2,166,419, were subject to first-priority mortgages as collateral to their loan facilities (Note 9). The carrying value of the vessels under bareboat lease agreements as of December 31, 2019 was $798,863 (Note 7). In addition, the seven vessels financed under the ABN $115,000 Facility, the two vessels financed under the BNP Facility and the 11 vessels financed under Citi $130,000 Facility also secure the Atradius Facility on a second priority basis. Finally, the eight vessels financed under the HSBC $80,000 Facility secure on a second priority basis the HSBC Working Capital Facility.</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 54pt; text-align: justify; text-indent: -54pt"><i>Vessels acquired/delivered/disposed of during the year ended December 31, 2018</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><i>Delivery of newbuilding and secondhand vessels:</i></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif">(i)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">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 (Note 7). </td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif">(ii)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">During the third quarter of 2018, the Company acquired the 15 Songa Vessels and the 16 Augustea Vessels (Note 3). The Songa Vessel Purchase Transaction and the Augustea Vessel Purchase Transaction were accounted for as asset acquisitions, in accordance with ASU 2017-01,&#160;<i>Business Combinations (Topic 805): Clarifying the Definition of a Business</i>, with the cost of the vessels acquired totaling $452,661 and $327,680, respectively. The cost of the shares issued for the respective transactions was determined by reference to the Company&#8217;s closing share market price on the corresponding closing dates, which was $13.31 per share on July 6, 2018, for the Songa Vessel Purchase Transaction and $14.00 per share on August 3, 2018, for the Augustea Vessel Purchase Transaction.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif">(iii)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">On August 27, 2018, the Company entered into a definitive purchase agreement with entities affiliated with E.R. Capital Holding GmbH &#38; Cie. KG, pursuant to which the Company approved the acquisition of three&#160; dry bulk vessels (the &#8220;Step 1 Vessels&#8221;) in 2018. The first of the Step 1 Vessels, <i>Star Bright</i>, was delivered to the Company on October 10, 2018, in exchange for 291,300 common shares and cash consideration of $9,167 with the total acquisition cost being $13,073. The cash consideration of the vessel acquisition was partially financed through the second 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&#8217;s closing share market price on the delivery date, October 10, 2018, of $13.87 per share.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif">(iv)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">On November 16, 2018, the Company took delivery of the Ultramax vessel <i>Star Anna</i>, which has been acquired from a third party for a purchase price of $19,800.</td></tr></table> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0cm">&#160;Sale of vessels/ Vessel held for sale:</p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0cm"></p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0cm">On November 20, 2018, the Company entered into an agreement with a third party to sell the vessel&#160;Star Delta. The vessel was delivered to its new owner on January 8, 2019.&#160;As of December 31, 2018, the vessel&#160;met the criteria for classification as held for sale and is therefore separately presented within &#8220;Vessels held for sale&#8221; in the consolidated balance sheet, at agreed selling price less cost to sell. </p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0cm">In addition, as of December 31, 2018, as part of its strategic goal to dispose the older vessels in its fleet, the Company was in negotiations for the sale of the vessels Star Kappa and Star Aurora. The Company executed the respective sale agreements with third parties in February 2019 (discussed below). None of these two vessels met the criteria to be classified as held for sale as of December 31, 2018.</p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0cm"></p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 54pt; text-align: justify; text-indent: -54pt"><i>Vessels acquired/delivered during the year ended December 31, 2019</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><i>Delivery of newbuilding and secondhand vessels:</i></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif">i)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">On April 16, 2019, May 28, 2019 and July 15, 2019, the Company took delivery of the Newcastlemax vessels <i>Katie K</i> (ex-HN 1388), <i>Debbie H</i> (ex-HN 1389) and <i>Star Ayesha</i> (ex-HN 1390), respectively, (together, the &#8220;OCC Vessels&#8221;) acquired through the OCC Vessel Purchase Transaction (Note 3), which were financed under bareboat leases with CSSC (Note 7). </td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif">ii)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">On January 7 and 14, 2019, the Company took delivery of the Capesize vessels <i>Star Janni </i>and <i>Star Marianne,</i> respectively, the remaining two of the Step 1 Vessels (discussed above). 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&#8217;s closing share market prices of $10.41 and $9.66 on the delivery dates of <i>Star Janni</i> and <i>Star Marianne,</i> respectively.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 10pt Times New Roman, Times, Serif">iii)</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">On May 27, 2019, the Company entered into an en bloc definitive agreement with entities controlled by Delphin Shipping, LLC (&#8220;Delphin&#8221;), an entity affiliated with Kelso &#38; Company, pursuant to which it agreed to acquire 11 operating dry bulk vessels (the &#8220;Delphin Vessels&#8221;). The vessels were delivered to the Company in exchange for an aggregate of 4,503,370 of its common shares and cash consideration of $80,000, with the total acquisition cost being $127,532. The cash consideration was financed through proceeds from a new seven-year finance lease of $91,431 with China Merchants Bank Leasing (&#8220;CMBL&#8221;) (Note 7). All 11 Delphin Vessels were delivered to the Company during the third quarter of 2019. The cost of the shares issued in connection with the acquisition of Delphin Vessels was determined by reference to the Company&#8217;s closing share market prices on each delivery date of the Delphin Vessels.</td></tr></table> <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 6pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">In February 2019, the Company entered into two separate agreements with third parties to sell the vessels&#160;<i>Star Kappa </i>and <i>Star Aurora</i>, which were delivered to their new owners on March 8 and 6, 2019, respectively. On June 21, 2019 and July 8, 2019, the Company entered into two separate agreements with third parties to sell the vessels&#160;<i>Star Anna</i> and <i>Star Gamma</i>, which were delivered to their new owners on September 23 and 5, 2019, respectively. In addition in October 2019, the Company entered into two separate agreements with third parties to sell the vessels <i>Star Cosmo </i>and <i>Star Epsilon</i>, which were delivered to their new owners on December 17 and 9, 2019, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Company decided to sell the respective vessels as part of its strategic goal to dispose the older vessels in its fleet.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">In connection with the aforementioned sales in 2019 and the delivery to the sellers of the vessel <i>Star Delta (discussed above)</i>, the Company recognized an aggregate net loss on sale of $5,493.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 144pt; text-indent: -144pt">Impairment Analysis</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">In light of the economic downturn and the prevailing conditions in the shipping industry, as of December&#160;31, 2017, 2018 and 2019, the Company performed an impairment analysis for each of its operating vessels whose carrying value was above its market value and for each newbuilding (for 2017 and 2018) whose cost on a fully delivered basis, was above its market value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">As part of the agreed and intended sales in 2018, as described above, and by reference to their agreed or negotiated sale prices (Level 2), the Company recognized an impairment loss of $17,784, for the year ended December 31, 2018, which is separately reflected in the consolidated statement of operations (Note 19). Further to that, based on the Company&#8217;s impairment analysis no further impairment loss was considered necessary for the year ended December 31, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">In connection with the sale of Star Gamma and Star Anna in 2019 (discussed above), the Company recognized an aggregate impairment loss of $3,411. The Company&#8217;s annual impairment analysis for the year ended December&#160;31, 2019, did not result in any additional impairment charges.</p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p> 3157000 <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: 36pt"><b>g)</b></td><td style="text-align: justify"><b><i>Cash and cash equivalents: </i></b>The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less or from which cash is readily available without penalty, to be cash equivalents.</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: 36pt"><b>r)</b></td><td style="text-align: justify"><b><i>Share based compensation:</i></b> Share based compensation represents the cost of shares and share options granted to employees, executive officers and to directors, for their services, and is included in &#8220;General and administrative expenses&#8221; in the consolidated statements of operations. The shares are measured at their fair value equal to the market value of the Company&#8217;s common shares on the grant date. The shares that do not contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and a total fair value of such shares is recognized using the accelerated method, which treats an award with multiple vesting dates as multiple awards and results in a front-loading of the costs of the award. Further, the Company accounts for restricted share award forfeitures upon occurrence.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Awards of restricted shares, restricted share units or share options that are subject to performance conditions are also measured at their fair value, which is equal to the market value of the Company&#8217;s common shares on the grant date. If the award is subject only to performance conditions, compensation cost is recognized only if the performance conditions are satisfied (essentially, the requisite service is not considered to have been provided if the performance condition is not achieved). For awards that are subject to performance conditions and future service conditions, if it is probable that the performance condition for these awards will be satisfied, the compensation cost in respect of these awards is recognized over the requisite service period. If it is initially determined that it is not probable that the performance condition will be satisfied and it is later determined that the performance conditions are likely to be satisfied (or vice versa), the effect of the change in estimate is retroactively accounted for in the period of change by recording a cumulative catch-up adjustment to retroactively apply the new estimate. If the award is forfeited because the performance condition is not satisfied, any previously recognized compensation cost is reversed.</p> <p style="font: 10pt EYInterstate-Light; margin: 0 0 0 36pt">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">The fair value of share options grants is determined with reference to option pricing models, and depends on the terms of the granted options. The fair value is recognized (as compensation expense) over the requisite service period for all awards that vest.</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b></b></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b>t)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b><i>Accounting for revenue and related expenses: </i></b>The Company primarily generates its revenues from charterers for the charter hire of its vessels under time charter agreements or voyage charter agreements. Under a time charter agreement a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. Under a voyage charter agreement, a contract is made in the spot market for the use of a vessel for a specific voyage to transport a specified agreed upon cargo at a specified freight rate per ton or occasionally a lump sum amount. Under a voyage charter agreement, the charter party generally has a minimum amount of cargo and the charterer is liable for any short loading of cargo or &#8220;dead&#8221; freight. A minor part of the Company&#8217;s revenues is also generated from pool arrangements, according to which the amount allocated to each pool participant vessel, including the Company&#8217;s vessels, is determined in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool (based on the vessel&#8217;s age, design, consumption and other performance characteristics) as well as the time each vessel has spent in the pool. For those vessels that operated under the pool arrangements during the years ended December 31, 2017, 2018 and 2019 the Company considers itself the principal primarily because of its control over the service to be transferred for the charterer under those charterparties and therefore related revenues and expenses are presented gross.</td></tr></table> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">Under time charter agreements, voyage costs, such as fuel and port charges are borne and paid by the charterer. The Company&#8217;s time charter agreements are classified as operating leases pursuant to ASC 842 &#8220;Leases&#8221;, as further disclosed in Note 2(x).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">As further analyzed in Note 2(x), the Company has determined that its voyage charter agreements do not contain a lease and are therefore considered service contracts that fall under the provisions of ASC 606. The majority of revenue from voyage charter agreements is usually collected in advance. The Company has determined that there is one single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company has concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company&#8217;s performance as the Company performs. Therefore, since the Company&#8217;s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line basis over the voyage days from the loading of cargo to its discharge.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">Demurrage income, which is considered a form of variable consideration, is included in voyage revenues, and represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter agreements. Demurrage income for the years ended December 31, 2017, 2018 and 2019 was not material.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">Under voyage charter agreements, all voyage costs are borne and paid by the Company. Voyage expenses consist primarily of brokerage commissions, bunker consumption, port and canal expenses and agency fees related to the voyage. Pursuant to the provisions of ASC 340-40, &#8220;Other Assets and Deferred Costs &#8211; Contracts with Customers&#8221; for contract costs, all voyage costs are considered contract fulfilment costs because they are directly related to the performance of the voyage contract. Those costs are expensed as incurred, with the exception of those contract fulfilment costs incurred prior to the commencement of loading the cargo on the relevant vessel, which are capitalized to the extent the Company, in its reasonable judgement, determines that they (i) are directly related to a contract, (ii) will be recoverable and (iii) enhance the Company&#8217;s resources by putting the Company&#8217;s vessel in a location to satisfy its performance obligation under a contract. These capitalized contract fulfilment costs are recorded under &#8220;Other current assets&#8221; and are amortized on a straight-line basis as the related performance obligations are satisfied.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 36pt; text-align: justify">The Company adopted ASC 606 on January 1, 2018 using the modified retrospective approach, and has been applied to all voyage contracts not completed as of the date of the initial application. As such, the information prior to January 1, 2018 has not been restated and continues to be reported under the accounting standards in effect for periods prior to January 1, 2018.</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: 0"></td> <td style="width: 36pt"><b><i>aa)</i></b></td> <td style="text-align: justify"><b><i>Offering costs</i>:</b> Expenses directly attributable to an equity offering are deferred and presented against paid-in capital, unless the offering is aborted, in which case they are written-off and charged to earnings.</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: 36pt"><b><i>ab)</i></b></td><td style="text-align: justify"><b><i>Share repurchases</i>:</b> The Company records the repurchase of its common shares at cost based on the settlement dates of repurchase transactions. Until their retirement these common shares are classified as treasury stock, which is a reduction to shareholders&#8217; equity. Treasury shares are included in authorized and issued shares but excluded from outstanding shares.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 35.45pt"><b><i>ac)</i></b></td><td style="text-align: justify"><b><i>Evaluation of purchase transactions: </i></b>When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was purchase of an asset or a business based on the facts and circumstances of the transaction. In accordance with Business Combinations (Topic 805): Clarifying the Definition of a Business, if substantially all of the fair value of the gross assets acquired in an acquisition transaction are concentrated in a single identifiable asset or group of similar identifiable assets, then the set is not a business.&#160;To be considered a business, a set must include an input and a substantive process that together significantly contributes to the ability to create an output. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. For&#160;asset acquisitions, the cost of the acquisition is allocated to individual assets and liabilities on a relative fair value basis. Acquisition costs associated with business combinations are expensed as incurred. Acquisition costs associated with&#160;asset acquisitions&#160;are capitalized.</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; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><b><i></i></b></td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><b><i></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><b><i>Recent accounting pronouncements - not yet adopted:</i>&#160;</b></p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Financial Instruments - Credit Losses (Topic 326)</i></b>: In June 2016, the FASB issued ASU 2016-13- &#8220;Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.&#8221; This standard, including the codification improvements issued in November 2018, requires entities to measure all expected credit losses of financial assets held at a reporting date based on historical experience, current conditions, and reasonable and supportable forecasts in order to record credit losses in a more timely manner. ASU&#160;2016-13&#160;also amends the accounting for credit losses on&#160;available-for-sale&#160;debt securities and purchased financial assets with credit deterioration. Several Codification Improvements have been issued since June 2016 with respect to this topic. For public entities, the amendments of this update are effective for fiscal years beginning after December&#160;15, 2019, including interim periods within those fiscal years. Early application is permitted. The adoption of this ASU is not expected to have a material effect on the Company&#8217;s consolidated financial statements and accompanying notes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"><b>Fair Value Measurement (Topic 820):</b> In August 2018, the FASB issued ASU 2018-13,&#160;&#8220;Fair Value Measurement (Topic 820): Disclosure Framework &#8211; Changes to the disclosure requirements for fair value measurement.&#8221; The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, including the consideration of costs and benefits. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this update and delay adoption of the additional disclosures until their effective date. The adoption of this ASU is not expected to have a material effect on the Company&#8217;s consolidated financial statements and accompanying notes.</p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></p></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></p> 5373000 1269000 -16255000 58352000 -9864000 655000 -3159000 -2259000 -2259000 127101000 The Company may redeem the 2022 Notes in whole, but not in part, at any time at its option, at a redemption price equal to 100% of the principal amount to be redeemed, plus accrued and unpaid interest. false 623892000 875037000 86262000 478807000 113865000 20985000 MH Yes 81393000 69977000 48814000 87617000 73715000 50458000 747667000 519623000 293132000 0 1216000 1216000 1198000 0 1216000 1216000 1198000 4804000 0 0 4804000 4804000 20430000 3145000 29000 23546000 3131000 -3145000 3145000 11831000 8600000 6435000 7422000 7169000 2521000 1021000 8420000 213877000 126262000 273500000 1047780000 609737000 126813000 92896000 5325000 4000 41000 39000 39000 35000 37000 35000 4000 352000 403000 4000 -157589000 -163138000 157589000 157589000 163138000 163138000 163049000 56150000 5949000 5949000 449155000 445396000 411775000 3105263000 3410923000 2186856000 106899000 21140000 65472000 0.05 15253000 18661000 3005000 April 2019 July 2019 10874000 11671000 58112000 11958000 0 12165000 0.0555 52800000 46227000 1260000 46227000 341363 1579195 1020000 9.17 7.49 8.40 true Common Shares, par value $0.01 per share and 8.30% Senior Notes due 2022 false false 4000000 400000 99769 99769 400000 -3481000 2489000 5169000 2020-02-19 2020-03-12 0.05 0.05 2020-03-02 2020-02-28 84000 24000 70000 4804000 2297000 15098000 1 1018000 1753000 65837000 52145000 52145000 540925000 369831000 369831000 180000000 57346000 91431000 16125000 15000000 19600000 2423000 0 2918000 2876000 0.0566 0.04 3-month LIBOR rate of 1.908% 42962000 0 1235000 In December 2019, the Company also entered into a bunker swap with ING Bank N.V. to hedge 84,000 metric tons or approximately 10% of its estimated annual fuel consumption by selling the 2020 Singapore spread between Very Low-Sulfur Fuel Oil (VLSFO) – High-Sulfur Fuel Oil (HSFO) at $266 per ton. The effective date of the swap is January 1, 2020 and the maturity date is December 31, 2020. In addition, in 2020 the Company entered into a bunker swap with ING Bank N.V. to hedge in aggregate 24,000 metric tons of its estimated fuel consumption by selling the Singapore spread between VLSFO – HSFO at an average price of $106 per ton for the period from January to December 2021 (2,000 metric tons per month). The effective date of these swaps is January 1, 2021 and the maturity date is December 31, 2021. In 2020 the Company entered into bunker swaps with ING Bank N.V. and Intercontinental Exchange, Inc (“ICE”) to hedge in aggregate 70,000 metric tons of its estimated fuel consumption by selling the Singapore spread between VLSFO – HSFO at an average price of $146 per ton for the period from March to December 2020 (7,000 metric tons per month). The effective date of these swaps is March 1, 2020 and the maturity date is December 31, 2020. 0.1 2020-01-01 2021-01-01 2020-03-29 2020-04-02 2020-04-02 2020-04-30 2020-04-30 2020-03-30 2020-03-30 2020-04-03 2020-03-01 2020-12-31 2021-12-31 2026-03-29 2025-10-02 2025-10-02 2025-01-30 2025-01-30 2023-09-28 2023-09-28 2023-04-03 2020-12-31 0.0070 0.0070 0.0070 0.0073 0.0073 0.0064 0.0063 0.0068 0 1724000 0 1799000 <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"><b>7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Lease Commitments:</b></p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"><b>&#160;New financing through bareboat leases during the year ended December 31, 2019:&#160;</b></p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">On March 29, 2019, the Company entered into an agreement to sell Star Pisces to SK Shipholding S.A. and simultaneously entered into a seven-year bareboat charter for the vessel. 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&#8217;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 agreement which was concluded in April 2019, was used to pay the remaining amount of $11,671 under the NIBC $32,000 Facility (Note 9).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">On May 22, 2019, the Company entered into an agreement to sell Star Libra to Ocean Trust Co. Ltd. and simultaneously entered into a seven-year bareboat charter for the vessel. 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&#8217;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 agreement which was concluded in July 2019, was used to pay the remaining amount under the previous lease agreement for Star Libra with CSSC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">On July 10, 2019, the Company entered into an agreement to sell Star Challenger to Kyowa Sansho Co. Ltd. and simultaneously entered into an eleven-year bareboat charter party for the vessel. 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&#8217;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 agreement was used to pay the remaining amount of approximately $10,874 under the then existing loan agreement with HSH.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">In order to finance the cash portion of the consideration for the acquisition of the Delphin Vessels (Note 5), in July 2019, the Company entered, for each of the subject vessels, into an agreement to sell each such vessel and simultaneously entered into a seven-year bareboat charter party contract with affiliates of CMBL for the vessel upon delivery of the vessel from Delphin. CMBL agreed to provide an aggregate finance amount of $91,431. Pursuant to the terms of each bareboat charter, the Company pays CMBL a fixed bareboat charter hire rate in quarterly installments plus interest. Under the terms of the bareboat charter, the Company has options to purchase each vessel starting on the first anniversary of such vessel&#8217;s delivery to the Company, at a pre-determined, amortizing purchase price, while it has an obligation to purchase each vessel at the expiration of the bareboat term at a purchase price ranging from $975 to $3,379. In addition the Company has obtained exhaust gas cleaning systems (the &#8220;Delphin Scrubbers&#8221;) for all of the Delphin Vessels which will be financed through an additional amount of $15,000, in aggregate, under the bareboat charter party contracts mentioned above. As of December 31, 2019 no amount for Delphin Scrubbers had been drawn.</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><b>Pre- existing financing through bareboat leases:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Company is party to separate bareboat charter party contracts with affiliates of New Yangzijiang shipyard regarding the Ultramax vessels Idee Fixe, Roberta, Laura and Kaley. Pursuant to the terms of each bareboat charter, the Company pays New Yangzijiang a pre-agreed daily bareboat charter hire rate on a 30-days advance basis. In addition, the Company has monthly purchase options to acquire each vessel at a pre-determined, amortizing-during-the-charter-period price. On the eighth anniversary of the delivery of each vessel, the Company has the obligation to purchase the vessel at a purchase price of $6,000. The Company took delivery of these four vessels during the year ended December&#160;31, 2015.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">In order to finance the cash portion of the consideration related to the Songa Vessel Purchase Transaction (Note 5), in July 2018, the Company entered, for each of the subject vessels, into an agreement to sell each such vessel and simultaneously entered into a bareboat charter party contract with affiliates of CMBL to bareboat charter the vessel for five years upon delivery of the vessel from Songa. CMBL agreed to provide an aggregate finance amount of $180,000; $19,600 to be used to finance the acquisition and installation of exhaust gas cleaning systems for the respective vessels (the &#8220;Songa Scrubbers&#8221;). Pursuant to the terms of each bareboat charter, the Company pays CMBL a fixed bareboat charter hire rate in quarterly installments plus interest. Under the terms of the bareboat charter, the Company has options to purchase each vessel starting on the second anniversary of such vessel&#8217;s delivery to the Company, at a pre-determined, amortizing purchase price, while it has an obligation to purchase each vessel at the expiration of the bareboat term at a purchase price ranging from $2,200 to $8,400. In September and November 2019, the Company drew a total amount of $12,165 out of $19,600 total available amount provided by CMBL for the Songa Scrubbers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">On September 27, 2018, the Company entered, into an agreement to sell the vessels Star Eleni and Star Leo and simultaneously entered into two bareboat charter party contracts with affiliates of CMBL to bareboat charter each one of the respective vessels for five years. CMBL provided in aggregate a finance amount of $57,346, which the Company used to repay the outstanding amount of $58,112 in aggregate, under the then-existing lease agreements of the two vessels with CSSC. Pursuant to the terms of the bareboat charters, the Company pays CMBL a fixed bareboat charter hire rate in quarterly installments plus interest. Under the terms of the bareboat charters, the Company has options to purchase the vessels from year two onwards each at a pre-determined, amortizing purchase price, while it has an obligation to purchase the vessel at the expiration of the bareboat term at a purchase price of $18,231 for vessel Star Eleni and $20,000 for vessel Star Leo.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">In December 2018, the Company sold and simultaneously entered into a bareboat charter party contract with an affiliate of Kyowa Sansho to bareboat charter the vessel Star Fighter for ten years. Pursuant to the terms of the bareboat charter, the Company pays a daily bareboat charter hire rate payable monthly plus a variable amount. Under the terms of the bareboat charter, the Company has an option to purchase the vessel starting on the third anniversary of the vessel&#8217;s delivery to the Company at a pre-determined, amortizing purchases price, while it has an obligation to purchase the vessel at the expiration of the bareboat term at a purchase price of $2,450. The amount of $16,125 provided under the respective agreement was used to pay the remaining amount of approximately $11,958 under the then-existing loan agreement with HSH.</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <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 6pt; text-align: justify">During the twelve-month period ended December 31, 2019, the Company repaid the outstanding amounts under the lease agreements of Star Magnanimus, Star Ariadne, Star Laetitia, Star Sienna, Star Virgo, Star Marisa, Star Karlie, Katie K, Debbie H and Star Ayesha 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, (v) CTBC Facility and (vi) CEXIM $106,470 Facility. In addition the Company repaid the outstanding amount under the lease agreement of Star Alessia (ex-ABY Asia) 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 6pt; text-align: justify">Some of the Company&#8217;s bareboat lease agreements contain financial covenants similar to those included in the Company&#8217;s credit facilities described in detail in Note 9 below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Based on applicable accounting guidance, the Company determined that the sale and lease back transactions described above are in substance merely financing arrangements due to the accompanying purchase obligations included in the Company&#8217;s bareboat agreements and therefore did not derecognize the transferred vessels while the corresponding financing amount under the bareboat agreements was recorded as lease liability and presented as Lease financing. The remaining bareboat lease arrangements have been classified as finance leases and as a result, in accordance with the applicable lease accounting guidance (Note 2), the Company as lessee has recognized a right-of-use asset for each bareboat charter reflected within &#8220;Vessels and other fixed assets, net&#8221; and a corresponding lease liability being reflected within &#8220;Lease financing&#8221;. As of December 31, 2018 and 2019, the net book value of the bareboat chartered vessels, described above, was $992,777 and $798,863, respectively, with accumulated amortization of $51,956, and $72,555 respectively. In addition, the depreciation and amortization, respectively, of these bareboat chartered vessels is included within &#8220;Depreciation expense&#8221; in the consolidated statement of operations. The corresponding interest expense on the lease financing activities related to all bareboat charters for the years December 31, 2017, 2018 and 2019 was $12,590, $26,825 and $27,251, respectively, and is included within &#8220;Interest and finance costs&#8221; in the consolidated statement of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The payments made during the years ended December 31, 2017, 2018 and 2019, in connection with the Company&#8217;s bareboat leases including lease payments, prepayments due to refinancing and lease interest were $20,985, $113,865 and $478,807, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The payments required to be made after December&#160;31, 2019, for the outstanding bareboat lease obligations recognized on the balance sheet, as described above (the variable portion of which is based on the 3-month LIBOR of 1.908% as of December 31, 2019), are as follows:</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 80%">Twelve month periods ending</td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 3%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; width: 3%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">Amount</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: left; font: 10pt Times New Roman, Times, Serif">December 31, 2020</td> <td style="padding-left: 12px; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">69,820</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: left; background-color: white; font: 10pt Times New Roman, Times, Serif">December 31, 2021</td> <td style="padding-left: 12px; text-align: left; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">68,255</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: left; font: 10pt Times New Roman, Times, Serif">December 31, 2022</td> <td style="padding-left: 12px; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">66,144</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: left; background-color: white; font: 10pt Times New Roman, Times, Serif">December 31, 2023</td> <td style="padding-left: 12px; text-align: left; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">137,160</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: left; font: 10pt Times New Roman, Times, Serif">December 31, 2024</td> <td style="padding-left: 12px; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">25,809</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: left; font: 10pt Times New Roman, Times, Serif">December 31, 2025 and thereafter</td> <td style="padding-left: 12px; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">122,318</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Total bareboat lease minimum payments</td> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right">489,506</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: left; font: 10pt Times New Roman, Times, Serif">Unamortized debt issuance costs</td> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;(3,936)</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Total bareboat lease minimum payments, net</td> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right">485,570</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; vertical-align: middle; text-align: left; background-color: white; font: 10pt Times New Roman, Times, Serif">Excluding bareboat lease interest&#160;</td> <td style="padding-left: 12px; vertical-align: middle; text-align: left; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;(63,594)</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; vertical-align: middle; text-align: left; font: 10pt Times New Roman, Times, Serif">Lease commitments &#8211; short term</td> <td style="padding-left: 12px; vertical-align: middle; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">52,145</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; vertical-align: middle; text-align: left; background-color: white; font: 10pt Times New Roman, Times, Serif">Lease commitments &#8211; long term</td> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">369,831</td></tr> </table> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&#160;</p> <p style="margin: 0; font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Voyage revenues:</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">The following table shows the voyage revenues earned from time charters, voyage charters and pool agreements for the years ended December 31, 2017, 2018 and 2019, as presented in the consolidated statements of operation:</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td colspan="5" style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center">Years ended December 31,&#160;</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: middle; width: 38%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; width: 3%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right; width: 19%">2017</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; width: 3%">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right; width: 17%">2018</td> <td style="vertical-align: bottom; width: 3%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right; width: 17%">2019</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">Time charters</td> <td style="font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">240,529</td> <td style="font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">397,499</td> <td style="font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">373,927</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif">Voyage charters</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">102,977</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">253,812</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: middle; text-align: right; font: 10pt Times New Roman, Times, Serif">437,779</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif">Pool revenues</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;574</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;250</td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9,659</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: black 1pt solid; border-bottom: black 2pt double">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: black 1pt solid; border-bottom: black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;344,080</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: black 1pt solid; border-bottom: black 2pt double">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: black 1pt solid; border-bottom: black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;651,561</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: black 1pt solid; border-bottom: black 2pt double">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: black 1pt solid; border-bottom: black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;821,365</td></tr> </table> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The voyage revenues for the year ended December 31, 2017 presented in the consolidated statement of operations have been reduced by address commission of $12,104 which is not reflected in the above analysis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">As of December 31, 2019, trade accounts receivable, net increased by $20,383, and deferred revenue decreased by $3,481 compared to December 31, 2018. These changes were mainly attributable to the timing of collections.</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">Further, as of December 31, 2019, deferred assets related to revenue contracts (included within &#8220;Other current assets&#8221;) increased by $805 compared to December 31, 2018, from $2,054 to $2,859. This change was mainly attributable to the increase in the number of the voyage contracts in progress as of December 31, 2019 and the timing of commencement of revenue recognition. The Company recorded $10,855 as unearned revenue related to voyages in progress as of December 31, 2018, which were recognized in earnings during the year ended December 31, 2019 as the performance obligations were satisfied in that period.</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Long-term debt:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><b>New Financing Activities during the year ended December 31, 2019</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>i) SEB Facility:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">On January 28, 2019, the Company entered into a loan agreement with Skandinaviska Enskilda Banken AB (SEB), (the &#8220;SEB Facility&#8221;), 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 <i>Star Laetitia</i> and <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&#160;2025. Two tranches of approximately $1,260 each, were used to finance the acquisition and installation of scrubber equipment for the respective vessels. The first tranche concerning the vessel <i>Star Sienna</i> was drawn in September 2019 and the second is also expected to be drawn in March 2020. Both tranches 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 0 6pt; text-align: justify"><b>ii) E SUN Facility:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">On January 31, 2019, the Company entered into a loan agreement with E. SUN Commercial Bank, Hong Kong branch, (the &#8220;E.SUN Facility&#8221;), for the financing of an amount of $37,100 which was used to refinance the outstanding amount under the lease agreement of <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&#160;2024. The E.SUN Facility is secured by a first priority mortgage on the vessel <i>Star Ariadne</i>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>iii) Atradius Facility:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">On February 28, 2019, the Company entered into a loan agreement with ABN AMRO Bank N.V. (the &#8220;Atradius Facility&#8221;) for the financing of an amount up to $36,645 that is to 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 &#8220;Atradius&#8221;). As of December 31, 2019, three tranches of $33,311 in aggregate were drawn and the last tranche of $3,331 was drawn in January 2020. The facility is repayable in 10 consecutive semi-annual installments of $3,664 and is secured by a second-priority mortgage on 22 vessels of the Company&#8217;s fleet.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&#160;<b>iv) ING $100,600 Facility:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; 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 &#8220;ING $100,600 Facility&#8221;, 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, respectively, were drawn in March 2019 and April 2019, respectively and used to refinance the outstanding amounts under the lease agreements of <i>Star Magnanimus </i>and <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, respectively, for each of the two vessels, both due seven years after the drawdown date. The remaining two tranches of $1,400 each, were drawn in May 2019 and November 2019 and were used to finance the acquisition and installation of scrubber equipment for the aforementioned vessels. Both tranches are repayable in 16 equal quarterly installments of $88 each. Under the ING $47,800 Facility, two tranches of $22,500, were drawn in October 2018, which are repayable in 28 equal quarterly installments of $469 and a balloon payment of $9,375 payable together with the last installment and used to refinance the outstanding amount under the then existing agreement with Deutsche Bank (the &#8220;Deutsche Bank $85,000 Facility&#8221;) of the vessels <i>Peloreus</i> and <i>Leviathan</i>. In addition under the ING $47,800 Facility two tranches of $1,400 each, were drawn in July 2019 and used to finance the acquisition and installation of scrubber equipment for the vessels <i>Peloreus</i> and <i>Leviathan</i>. The respective tranches are repayable in 16 quarterly installments, of $88 each. The ING $100,600 Facility is secured by a first priority mortgage on the vessels <i>Peloreus</i>, <i>Leviathan</i>, <i>Star Magnanimus</i> and <i>Star Alessia</i>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b></b></p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>v) Citibank $62,600 Facility:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">On May 8, 2019, the Company entered into a loan agreement with Citibank N.A., London Branch (the &#8220;Citibank $62,600 Facility&#8221;). 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 <i>Star Virgo</i> and <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&#160;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 0 6pt; text-align: justify"><b>vi) CTBC Facility:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">On May 24, 2019, the Company entered into a loan agreement with CTBC Bank Co., Ltd, (the &#8220;CTBC Facility&#8221;), for an amount of $35,000, which was used to refinance the outstanding amount under the lease agreement of the <i>Star 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&#160;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 0 6pt; text-align: justify"><b>vii) NTT Facility:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">On July 31, 2019, the Company entered into a loan agreement with a wholly owned subsidiary of NTT Finance Corporation (the &#8220;NTT Facility&#8221;), for an amount of $17,500. The amount was drawn in August 2019 and was used to refinance the outstanding amount of $11,161 of <i>Star Aquarius</i> under the then existing loan with NIBC (the &#8220;NIBC $32,000 Facility&#8221;). The facility is repayable in 27 quarterly principal payments of $313 and a balloon payment of $9,063, which is due in August&#160;2026. The NTT Facility is secured by first priority mortgage on <i>Star Aquarius</i>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>viii) CEXIM $106,470 Facility:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">On September 23, 2019, the Company entered into a loan agreement with China Export-Import Bank (the &#8220;CEXIM $106,470 Facility&#8221;) for an amount of $106,470, which was used to refinance the outstanding amount under the lease agreements of <i>Katie K</i>, <i>Debbie H</i> and <i>Star Ayesha (Note 7).</i> The facility is available in three tranches of $35,490 each, which were drawn in November 2019 and are repayable in 40 equal quarterly installments of $739 and a balloon payment of $5,915 payable together with the last installment. The CEXIM $106,470 Facility is secured by first priority mortgages on the three aforementioned vessels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>ix) HSBC Working Capital Facility:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">In September 2019, the Company entered into a committed term sheet with HSBC France for a revolving facility of an amount up to $30,000 (the &#8220;HSBC Working Capital Facility&#8221;), in order to finance working capital requirements. The agreement is secured by second priority mortgage on the eight vessels which secure the HSBC $80,000 Facility. The execution of customary definitive documentation was made on February 6, 2020 (Note 21).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b></b></p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><b>Pre - Existing Loan Facilities </b></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>i)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>NBG $30,000 Facility:</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">On April 19, 2018, the Company entered into a loan agreement with the National Bank of Greece (the &#8220;NBG $30,000 Facility&#8221;), for the refinancing of the then existing agreement with Commerzbank (the &#8220;Commerzbank $120,000 Facility&#8221;). On May 3, 2018, the Company drew $30,000 under the NBG $30,000 Facility, which was used along with cash on hand to fully repay the outstanding amount of $34,726 under the Commerzbank $120,000 Facility<i>. </i>The NBG $30,000 Facility matures in February 2023. During 2019, an amount of $16,326 in aggregate, was prepaid in connection with the sale of four vessels under the NBG $30,000 Facility (Note 5) and the quarterly installments were amended to $359, and the final balloon payment, which is payable together with the last installment, was amended to $4,516. As of December 31, 2019, the NBG $30,000 Facility is secured by a first priority mortgage on the vessels <i>Star Theta </i>and <i>Star Iris.</i></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>ii)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>Credit Agricole $43,000 Facility:</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">On August 21, 2018, the Company entered into a loan agreement with Credit Agricole Corporate and Investment Bank (the &#8220;Credit Agricole $43,000 Facility&#8221;) for the financing of an aggregate amount of $43,000, to refinance the outstanding amount of $44,100 under the then existing agreement with Credit Agricole (the &#8220;Credit Agricole $70,000 Facility&#8221;). The amount of $43,000 was drawn on August 23, 2018, in two equal tranches of $21,500, each being repayable in 20 equal quarterly installments of $625 and a balloon payment of $9,000, payable together with the last installment. The facility is secured by the vessels <i>Star Borealis</i> and <i>Star Polaris</i>.</p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>iii)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>HSBC $80,000 Facility:</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">On September 26, 2018, the Company entered into a loan agreement with HSBC Bank plc (the &#8220;HSBC $80,000 Facility&#8221;) to refinance the aggregate outstanding amount of $74,647 under the then existing agreement with HSH Nordbank (the &#8220;HSH Nordbank $64,500 Facility&#8221;) and with HSBC Bank plc (the &#8220;HSBC $86,600 Facility&#8221;). The amount of $80,000 was drawn on September 28, 2018. During 2019, an amount of $7,505 in aggregate, was prepaid in connection with the sale of two vessels under the HSBC $80,000 Facility (Note 5) and the quarterly installments were amended to $2,140 and the final balloon payment, which is payable together with the last installment in August 2023, was amended to $29,095. As of December 31, 2019, the facility is secured by the vessels <i>Kymopolia</i>, <i>Mercurial Virgo</i>, <i>Pendulum</i>, <i>Amami</i>, <i>Madredeus</i>, <i>Star Emily, Star Omicron</i>, and <i>Star Zeta</i>.</p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>iv)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><p style="margin-top: 0; margin-bottom: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>DNB $310,000 Facility:</b></p> <p style="margin-top: 0; margin-bottom: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin-top: 0; margin-bottom: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">On September 27, 2018, the Company entered into a loan agreement with DNB Bank ASA (the &#8220;DNB $310,000 Facility&#8221;), for an amount of up to $310,000, available in two tranches. The first tranche of $240,000 was used to refinance the aggregate outstanding amount of $240,440 under the then existing facilities with (i) ABN AMRO (the &#8220;ABN $87,458 Facility&#8221;), (ii) DNB, SEB and CEXIM (the &#8220;DNB-SEB-CEXIM $227,500 Facility&#8221;), (iii) DNB (the &#8220;DNB $120,000 Facility&#8221;), (iv) Deutsche Bank AG (the &#8220;Deutsche Bank AG $39,000 Facility&#8221;) and (v) ABN AMRO Bank N.V.(the &#8220;ABN AMRO Bank N.V $30,844 Facility&#8221;). The loan is secured by a first priority mortgage on <i>Big Bang, Strange Attractor, Big Fish</i>, <i>Pantagruel</i>, <i>Gargantua</i>, <i>Goliath</i>, <i>Maharaj</i>, <i>Star Poseidon</i>, <i>Star Nasia</i>, <i>Diva, Star Danai, Star Renee, Star Markella, Star Laura, Star Moira, Star Jennifer</i>, <i>Star Mariella, Star Helena</i>, <i>Star Maria</i>, <i>Star Sirius</i>, <i>Star Vega</i>, <i>Star Triumph</i>, <i>Star Charis</i>, <i>Star Suzanna</i>, <i>Star Angelina</i> and <i>Star Gwyneth</i>. The first tranche was drawn down on September 28, 2018 and is repayable in 20 equal quarterly installments of $8,696 and a balloon payment of $66,087 payable together with the last installment. During 2019, an amount of $ 51,202 in aggregate, was drawn from the second tranche of $70,000, which was used to finance the acquisition and installation of scrubber equipment for the mortgaged vessels under the DNB $310,000 Facility. The second tranche is repayable in 12 quarterly installments, each in an amount equal to 5.55% of the aggregate amount drawn and the remaining balance will be repaid in the form of a balloon installment in September 2023.</p></td></tr></table> <p style="margin-top: 0; margin-bottom: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>v)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>Citi $130,000 Facility:</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">On October 18, 2018, the Company entered into a loan agreement with Citibank N.A., London Branch (the &#8220;Citi $130,000 Facility&#8221;) for an amount of up to $130,000, to refinance the aggregate outstanding amount of $100,075 under the then existing agreement with Citibank N.A., London Branch (the &#8220;Citi Facility&#8221;) and the existing indebtedness of five of the Augustea Vessels (as described below). The amount under Citi $130,000 Facility was available in two equal tranches of $65,000, which were drawn on October 23, 2018 and November 5, 2018. Each tranche is repayable in 20 equal quarterly installments of $1,825, commencing in January 2019, and a balloon payment along with the last installment in an amount of $28,500. The Citi $130,000 Facility is secured by a first priority mortgage on the vessels <i>Star Pauline</i>, <i>Star Angie</i>, <i>Star Sophia</i>, <i>Star Georgia</i>, <i>Star Kamila</i> and <i>Star Nina</i> and five of the Augustea Vessels <i>Star Eva</i>, Star <i>Paola</i>, <i>Star Aphrodite</i>, <i>Star Lydia</i> and <i>Star Nicole.</i></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>vi)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>ABN $115,000 Facility:</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">On December 17, 2018, the Company entered into a loan agreement with ABN AMRO BANK (the &#8220;ABN $115,000 Facility&#8221;), for an amount of up to $115,000 available in four tranches. The first and the second tranches of $69,525 and $7,900, respectively, were drawn on December 20, 2018. The first tranche was used to refinance the then existing indebtedness of four of the Augustea Vessels <i>Star Virginia, Star Scarlett, Star Jeannette </i>and <i>Star Audrey</i> (as described below) and the second was used to partially finance the acquisition cost of <i>Star Bright</i> (Note 5). The first and the second tranche are repayable in 20 equal quarterly installments of $1,705 and $282 respectively, and balloon payments are due along with the last installment in an amount of $35,428 and $2,260, respectively. The remaining two tranches of $17,875 each, were drawn in January 2019 and were used to partially finance the acquisition cost of <i>Star Marianne</i> and <i>Star Janni </i>(Note 5). Each of the third and the fourth tranche is repayable in 19 equal quarterly installments of $672 and balloon payment along with the last installment in an amount of $5,114. The loan is secured by a first priority mortgage on the four Augustea vessels and the Step 1 Vessels.</p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>vii)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><p style="margin-top: 0; margin-bottom: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>DVB $24,750 Facility:</b></p> <p style="margin-top: 0; margin-bottom: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin-top: 0; margin-bottom: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">On October&#160;30, 2014, the Company and DVB Bank SE, Frankfurt entered into an agreement with respect to a credit facility (the &#8220;DVB $24,750 Facility&#8221;), to partially finance the acquisition of 100% of the equity interests of Christine Shipco LLC, which is the owner of the vessel <i>Star Martha</i>. On October&#160;31, 2014, the Company drew $24,750 which is repayable in 24 consecutive, quarterly principal payments of $900 for each of the first four quarters and of $450 for each of the remaining 20 quarters, and a balloon payment of $12,150 payable simultaneously with the last quarterly installment, which is due in October&#160;2020. The DVB $24,750 Facility is secured by a first priority pledge of the membership interests of the Christine Shipco LLC.&#160;</p> <p style="margin-top: 0; margin-bottom: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p></td></tr></table> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>viii)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>Sinosure Facility:</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">On February&#160;11, 2015, the Company and Deutsche Bank (China) Co., Ltd. Beijing Branch and HSBC Bank plc entered into six seperate agreements with respect to credit facilities (the &#8220;Sinosure Facility&#8221;) for the financing of an aggregate amount of $98,165 to partially finance the construction cost of the newbuilding vessels, <i>Honey Badger</i>, <i>Wolverine</i>, <i>Star Antares</i>, <i>Star Lutas</i>, <i>Kennadi</i>, <i>Mackenzie</i>, (the &#8220;Sinosure Financed Vessels&#8221;). The financing under the Sinosure Facility was available in six separate tranches, one for each of the Sinosure Financed Vessels, and is credit insured (95%) by China Export &#38; Credit Insurance Corporation. Each tranche matures twelve years after each drawdown date and is repayable in 48 equal and consecutive quarterly installments. The Sinosure Facility is secured by a first priority cross collateralized mortgage over the Sinosure Financed Vessels. The vessels <i>Honey Badger</i> and <i>Wolverine</i> were delivered to the Company in February 2015. The vessel <i>Star Antares </i>was delivered to the Company in October 2015<i>. </i>The vessels <i>Star Lutas and Kennadi</i> were delivered to the Company in early January 2016 and the vessel <i>Mackenzie </i>was delivered to the Company in March 2016.</p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>ix)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>Assumed debt as part of the acquisition of Augustea Vessels:</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">As part of the acquisition of the Augustea Vessels the Company assumed debt of approximately $308,279 including finance lease obligations of $127,101 through bareboat leases for four of the Augustea vessels. During the fourth quarter of 2018, the Company used proceeds from (i) the second tranche of Citi $130,000 Facility to refinance the aggregate outstanding amount of $60,790 under the then existing agreement with Credit Suisse for five Augustea Vessels and (ii) the first tranche of ABN $115,000 Facility to refinance the aggregate outstanding amount of $69,907 under the then existing agreement with ABN AMRO for four Augustea Vessels. The remaining three Augustea vessels are financed under the two loan agreements described below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify"><b>a) BNP Facility:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">BNP Paribas provided financing under secured term loan agreement in two tranches, for the vessels <i>Star Despoina</i> and Star <i>Pierra </i>(the &#8220;BNP Facility&#8221;). On August 3, 2018, the date of the acquisition of the Augustea Vessels, the outstanding amount of the first and the second tranche was $15,914 and $14,977, respectively. The outstanding balance of the first tranche is repayable in 16 remaining quarterly installments, the first 15 of which are in an amount of $500 and the sixteenth is in an amount of $8,414. The outstanding balance of the second tranche is repayable in 17 remaining quarterly installments, the first 16 of which of $500 and the seventeenth is in an amount of $6,977. The loan is secured by a first priority mortgage on the two Augustea vessels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify"><b>b) Bank of Tokyo Facility:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">Bank of Tokyo provided financing under secured term loan agreement for the vessel <i>Star Monica</i> (the &#8220;Bank of Tokyo Facility&#8221;). On August 3, 2018, the date of the acquisition of the Augustea Vessels, the outstanding amount of the Bank of Tokyo Facility was $16,000 and is repayable in 17 remaining quarterly installments, the first sixteen of which are in the amount of $346 and the seventeenth&#160;is in an amount of $10,464. The loan is secured by a first priority mortgage on <i>Star Monica</i>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>x)</b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>Issuance of 8.30% 2022 Notes:</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">On November&#160;9, 2017, the Company completed a public offering of $50,000 aggregate principal amount of senior unsecured notes due in 2022 (the &#8220;2022 Notes&#8221;). The 2022 Notes will mature on November&#160;15, 2022. The 2022 Notes are not guaranteed by any of the Company&#8217;s subsidiaries and bear interest at a rate of 8.30% per year, payable quarterly in arrears on the 15th day of February, May, August and November&#160;commencing on February&#160;15, 2018. The Company may redeem the 2022 Notes at its option, in whole or in part, at any time after May&#160;15, 2019, at a redemption price equal to 100% of the principal amount of the 2022 Notes to be redeemed plus accrued and unpaid interest. In addition, the Company may redeem the 2022 Notes in whole, but not in part, at any time at its option, at a redemption price equal to 100% of the principal amount to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date, if certain events occur involving changes in taxation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">In December 2017 the Company used the proceeds from the sale of the 2022 Notes to redeem in full the $50,000 aggregate principal amount of 8.00% Senior Notes due in 2019 (the &#8220;2019 Notes&#8221;) that had been issued in November 2014.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Scrubber Financing:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">During the year ended December 31, 2019, the Company drew down an amount of (i) $33,311 under the Atradius Facility, (ii) $51,202 under the DNB $310,000 Facility, (iii) $1,260 under the SEB Facility, (iv) $5,600 under the ING $100,600 Facility and (v) $12,165 under the CMBL facility (Note 7), to finance the acquisition and installation of scrubber equipment for 10 Songa Vessels. As of December 31, 2019, the undrawn portion of scrubber-related financing under all facilities following these drawdowns stands at $46,227.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Supplemental Agreements executed during the year ended December 31, 2016</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">In July 2017, the Company finalized the execution of all supplemental agreements as per the restructuring letter agreements that it entered into as of August 31, 2016 with all the banks and export credit agencies (the &#8220;Supplemental Agreements&#8221;) providing at that time its senior credit facilities to, among other things, (i)&#160;defer principal payments owed from June&#160;1, 2016 through June&#160;30, 2018 to the due date of the balloon installments of each facility (the &#8220; Deferred Amounts&#8221;), (ii)&#160;waive in full or substantially relax the financial covenants, effective during the period until and including December&#160;31, 2019 and (iii)&#160;implement a cash sweep mechanism pursuant to which excess cash at consolidated level will be applied towards the payment of Deferred Amounts, payable <i>pro rata</i> based on each loan facility&#8217;s and lease agreement&#8217;s outstanding Deferred Amounts relative to the total Deferred Amounts at the end of each quarter. In exchange, the Company agreed to raise additional equity of not less than $50.0 million by September 30, 2016 (which condition was satisfied after the completion of the Company&#8217;s equity offering in September 2016) and impose restrictions on paying dividends until all Deferred Amounts have been repaid (the &#8220;Restructuring&#8221;).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">In accordance with the terms of the Supplemental Agreements, in 2017 the Company distributed pro rata to all parties under the Restructuring (including the lease provider): an amount of $9,768. During the year ended December 31, 2018, the Company made the following payments: (i) in February 2018, an amount of $35,632, representing the excess cash resulting from the cash sweep mechanism as of December&#160;31, 2017, (ii) in May and July 2018 an amount of $30,000 and $22,723, respectively, representing the repayments that were in total at least equivalent to the amortization payments scheduled prior to the commencement of debt amortization holidays for the first and second quarter 2018, as decided by the Company in light of its then improved performance and the improved dry bulk market in general and (iii) in October 2018, the Company repaid all outstanding Deferred Amounts that had been accumulated from June 1, 2016 through September 30, 2018 and were still outstanding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">All of the Company&#8217;s aforementioned facilities are secured by a first-priority ship mortgage on the financed vessels under each facility and general and specific assignments and guaranteed by Star Bulk Carriers Corp except for the Citi $130,000 Facility and BNP Facility which are also guaranteed by Star ABY LLC and the Bank of Tokyo Facility which is only guaranteed by Star ABY LLC.</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>Credit Facilities and Senior Notes Covenants:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Company&#8217;s outstanding credit facilities and senior notes generally contain customary affirmative and negative covenants, on a subsidiary level, including limitations to:</p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#149;</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">pay dividends if there is an event of default under the Company&#8217;s credit facilities;</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#149;</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">incur additional indebtedness, including the issuance of guarantees, refinance or prepay any indebtedness, unless certain conditions exist;</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#149;</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">create liens on Company&#8217;s assets, unless otherwise permitted under Company&#8217;s credit facilities;</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#149;</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">change the flag, class or management of Company&#8217;s vessels or terminate or materially amend the management agreement relating to each vessel;</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#149;</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">acquire new or sell vessels, unless certain conditions exist;</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#149;</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">merge or consolidate with, or transfer all or substantially all Company&#8217;s assets to, another person; or</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#149;</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">enter into a new line of business.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Furthermore, the Company&#8217;s credit facilities and senior notes contain financial covenants 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: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#149;</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">a minimum percentage of aggregate vessel value to secured loans (security cover ratio or &#8220;SCR&#8221;);</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#149;</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">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: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#149;</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">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: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#149;</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">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: 6pt"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 36pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 18pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#149;</td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">a minimum market value adjusted net worth.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As of December 31, 2018 and 2019, the Company was required to maintain minimum liquidity, not legally restricted, of $53,500 and $58,000, respectively, which is included within &#8220;Cash and cash equivalents&#8221; in the consolidated balance sheets. In addition, as of December 31, 2018 and 2019, the Company was required to maintain minimum liquidity, legally restricted, of $8,956 and $ 8,443, respectively, which is included within &#8220;Restricted cash&#8221; 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 December&#160;31, 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">The weighted average interest rate (including the margin) related to the Company&#8217;s existing debt, 2019 Notes and 2022 Notes and bareboat leases for the years ended December 31, 2017, 2018 and 2019 was 4.72%, 5.59% and 5.28%, respectively. The commitment fees incurred during the years ended December 31, 2017, 2018 and 2019, with regards to the Company&#8217;s unused credit facilities were $6, $1,049 and $806, respectively. There are also no undrawn portions as of December 31, 2019 other than those described under the scrubber-related financing discussed above.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The principal payments required to be made after December&#160;31, 2019, are as follows:</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 73%; text-align: justify">Twelve month periods ending</td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 3%; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; width: 3%; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: center; width: 21%">Amount</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: justify; font: 10pt Times New Roman, Times, Serif">December 31, 2020</td> <td style="padding-left: 12px; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;150,350</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: justify; font: 10pt Times New Roman, Times, Serif">December 31, 2021</td> <td style="padding-left: 12px; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;144,621</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: justify; font: 10pt Times New Roman, Times, Serif">December 31, 2022</td> <td style="padding-left: 12px; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;166,764</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: justify; font: 10pt Times New Roman, Times, Serif">December 31, 2023</td> <td style="padding-left: 12px; text-align: justify; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: center; background-color: white; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;361,263</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: justify; font: 10pt Times New Roman, Times, Serif">December 31, 2024</td> <td style="padding-left: 12px; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;116,272</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: justify; font: 10pt Times New Roman, Times, Serif">December 31, 2025 and thereafter</td> <td style="padding-left: 12px; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;186,767</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Total Long term debt</td> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: justify">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: center">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,126,037</td></tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: justify; background-color: white; font: 10pt Times New Roman, Times, Serif">Unamortized debt issuance costs</td> <td style="background-color: white; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="background-color: white; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(15,098)</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Total Long term debt, net</td> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: justify">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: center">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,110,939</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify">Current portion of long term debt</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;150,350</td></tr> <tr style="background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify">Long term debt, net</td> <td style="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;960,589</td></tr> </table> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The 2022 Notes mature in November 2022 and are presented in the consolidated balance sheets as of December&#160;31, 2019, net of unamortized debt issuance costs of $1,179.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">All of the Company&#8217;s bank loans and applicable bareboat leases bear interest at LIBOR plus a margin. The amounts of &#8220;Interest and finance costs&#8221; included in the consolidated statements of operations are analyzed as follows:</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td rowspan="2" style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify">&#160;</td> <td colspan="8" style="font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">Years ended December 31,&#160;</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: justify">2017</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: justify">2018</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: justify">&#160;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: justify">2019</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: justify; width: 60%; font: 10pt Times New Roman, Times, Serif">Interest on financing agreements </td> <td style="padding-left: 12px; text-align: justify; width: 3%; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: justify; width: 11%; font: 10pt Times New Roman, Times, Serif">48,814</td> <td style="text-align: justify; width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-left: 12px; text-align: justify; width: 3%; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: justify; width: 8%; font: 10pt Times New Roman, Times, Serif">69,977</td> <td style="text-align: justify; width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="padding-left: 12px; text-align: justify; width: 3%; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: justify; width: 8%; font: 10pt Times New Roman, Times, Serif">81,393</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Less: Interest capitalized&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">(2,423)</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">(1,753)</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; background-color: white; font: 10pt Times New Roman, Times, Serif">(1,018)</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: justify; font: 10pt Times New Roman, Times, Serif">Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 18)</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">852</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">(3)</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</td></tr> <tr style="vertical-align: middle; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: justify; font: 10pt Times New Roman, Times, Serif">Amortization of debt issuance costs</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">2,660</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">3,253</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">5,590</td></tr> <tr style="vertical-align: middle; background-color: #CCECFF; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; text-align: justify; font: 10pt Times New Roman, Times, Serif">Other bank and finance charges&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">555</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">2,241</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td> <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">1,652</td></tr> <tr style="vertical-align: middle; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Interest and finance costs</td> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">50,458</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">73,715</td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td> <td style="padding-left: 12px; font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">$</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: justify">87,617</td></tr> </table> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">During the years ended December 31, 2017, 2018 and 2019, in connection with the prepayments described above and of lease obligations discussed in Note 7, following (i)&#160;the sale of mortgaged vessels, (ii)&#160;the cancellation of certain loan commitments, (iii) the refinancing agreements entered into in 2018 and 2019 and (iv)&#160;the redemption of the 2019 Notes, as applicable, $1,257, $2,383 and $1,229, respectively, of unamortized debt issuance costs were written off and included under &#8220;Loss on debt extinguishment&#8221; in the consolidated statements of operations. During the year ended December 31, 2019, $2,297 of prepayment fees were incurred for facilities refinanced or repaid as a result of the sale of mortgaged vessels which are also included under &#8220;Loss on debt extinguishment&#8221; in the consolidated statements of operations.</p> <p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: middle; background-color: white"><td style="font-weight: bold; width: 80%">Twelve month periods ending</td> <td style="font-weight: bold; width: 3%">&#160;</td> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; width: 3%">&#160;</td> <td style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; width: 14%">Amount</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; text-align: left">December 31, 2020</td> <td style="padding-left: 12px; text-align: left">&#160;</td> <td style="text-align: right">$</td> <td style="text-align: right">69,820</td></tr> <tr style="vertical-align: middle"> <td style="padding-left: 12px; text-align: left; background-color: white">December 31, 2021</td> <td style="padding-left: 12px; text-align: left; background-color: white">&#160;</td> <td style="text-align: right; background-color: white">&#160;</td> <td style="text-align: right">68,255</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; text-align: left">December 31, 2022</td> <td style="padding-left: 12px; text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">66,144</td></tr> <tr style="vertical-align: middle"> <td style="padding-left: 12px; text-align: left; background-color: white">December 31, 2023</td> <td style="padding-left: 12px; text-align: left; background-color: white">&#160;</td> <td style="text-align: right; background-color: white">&#160;</td> <td style="text-align: right">137,160</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; text-align: left">December 31, 2024</td> <td style="padding-left: 12px; text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">25,809</td></tr> <tr style="vertical-align: middle"> <td style="padding-left: 12px; text-align: left">December 31, 2025 and thereafter</td> <td style="padding-left: 12px; text-align: left">&#160;</td> <td style="text-align: right">&#160;</td> <td style="text-align: right">122,318</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; font-weight: bold; text-align: left">Total bareboat lease minimum payments</td> <td style="padding-left: 12px; font-weight: bold; text-align: left">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right">489,506</td></tr> <tr style="vertical-align: middle"> <td style="padding-left: 12px; text-align: left">Unamortized debt issuance costs</td> <td style="padding-left: 12px; font-weight: bold; text-align: left">&#160;</td> <td style="font-weight: bold; text-align: right">&#160;</td> <td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;(3,936)</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td style="padding-left: 12px; font-weight: bold; text-align: left">Total bareboat lease minimum payments, net</td> <td style="padding-left: 12px; font-weight: bold; text-align: left">&#160;</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right">$</td> <td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: black 2pt double; text-align: right">485,570</td></tr> <tr> <td style="padding-left: 12px; vertical-align: middle; text-align: left; background-color: white">Excluding bareboat lease interest&#160;</td> <td style="padding-left: 12px; vertical-align: middle; text-align: left; background-color: white">&#160;</td> <td style="vertical-align: middle; text-align: right; background-color: white">&#160;</td> <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;(63,594)</td></tr> <tr style="background-color: #CCEEFF"> <td style="padding-left: 12px; vertical-align: middle; text-align: left">Lease commitments &#8211; short term</td> <td style="padding-left: 12px; vertical-align: middle; text-align: left">&#160;</td> <td style="vertical-align: middle; text-align: right">&#160;</td> <td style="vertical-align: bottom; text-align: right">52,145</td></tr> <tr> <td style="padding-left: 12px; vertical-align: middle; text-align: left; background-color: white">Lease commitments &#8211; long term</td> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="vertical-align: bottom; background-color: white">&#160;</td> <td style="vertical-align: bottom; text-align: right">369,831</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: bottom"><td></td> <td style="font: 11pt Calibri, Helvetica, Sans-Serif">&#160;</td> <td colspan="5" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: center">Years ended December 31,&#160;</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle; width: 38%">&#160;</td> <td style="font-weight: bold; vertical-align: middle; width: 3%">&#160;</td> <td style="font-weight: bold; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right; width: 19%">2017</td> <td style="font-weight: bold; vertical-align: middle; width: 5%">&#160;</td> <td style="font-weight: bold; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right; width: 15%">2018</td> <td style="vertical-align: bottom; width: 5%">&#160;</td> <td style="font-weight: bold; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right; width: 15%">2019</td></tr> <tr> <td style="vertical-align: middle">&#160;</td> <td style="vertical-align: middle">&#160;</td> <td style="vertical-align: middle">&#160;</td> <td style="vertical-align: middle">&#160;</td> <td style="vertical-align: middle">&#160;</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom">&#160;</td></tr> <tr style="vertical-align: middle; background-color: #CCEEFF"> <td>Time charters</td> <td>$</td> <td style="text-align: right">240,529</td> <td style="text-align: center">$</td> <td style="text-align: right">397,499</td> <td style="text-align: center">$</td> <td style="text-align: right">373,927</td></tr> <tr> <td style="vertical-align: middle">Voyage charters</td> <td style="vertical-align: middle; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right">102,977</td> <td style="vertical-align: middle; text-align: right">&#160;</td> <td style="vertical-align: middle; text-align: right">253,812</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: middle; text-align: right">437,779</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: middle">Pool revenues</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;574</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;250</td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: bottom; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9,659</td></tr> <tr style="vertical-align: middle"> <td>&#160;</td> <td style="font-weight: bold; border-top: black 1pt solid; border-bottom: black 2pt double">$</td> <td style="font-weight: bold; border-top: black 1pt solid; border-bottom: black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;344,080</td> <td style="font-weight: bold; border-top: black 1pt solid; border-bottom: black 2pt double; text-align: center">$</td> <td style="font-weight: bold; border-top: black 1pt solid; border-bottom: black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;651,561</td> <td style="font-weight: bold; border-top: black 1pt solid; border-bottom: black 2pt double; text-align: center">$</td> <td style="font-weight: bold; border-top: black 1pt solid; border-bottom: black 2pt double; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;821,365</td></tr></table> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: middle; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; width: 14%">Counterparty</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: left; width: 11%">Inception</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; width: 13%">Expiry</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; width: 10%">Fixed Rate</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; width: 33%">Amortizing Notional amount</td> <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; width: 19%">Average Annual amortization</td></tr> <tr style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">ING</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">29-Mar-20</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">29-Mar-26</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">0.70%</td> <td style="font: 10pt Times New Roman, Times, Serif">from $29.96 mil to $17.65 mil</td> <td style="font: 10pt Times New Roman, Times, Serif">$1.2 million</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">DNB</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">30-Mar-20</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">28-Sep-23</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">0.64%</td> <td style="font: 10pt Times New Roman, Times, Serif">from $128.91 mil to $51.02 mil</td> <td style="font: 10pt Times New Roman, Times, Serif">$6.0 million</td></tr> <tr style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">SEB</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">30-Mar-20</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">28-Sep-23</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">0.63%</td> <td style="font: 10pt Times New Roman, Times, Serif">from $51.57 mil to $20.41 mil</td> <td style="font: 10pt Times New Roman, Times, Serif">$2.4 million</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">ING</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">2-Apr-20</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">2-Oct-25</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">0.70%</td> <td style="font: 10pt Times New Roman, Times, Serif">from $19.69 mil to $9.84 mil</td> <td style="font: 10pt Times New Roman, Times, Serif">$1.9 million</td></tr> <tr style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">ING</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">2-Apr-20</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">2-Oct-25</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">0.70%</td> <td style="font: 10pt Times New Roman, Times, Serif">from $19.69 mil to $9.84 mil</td> <td style="font: 10pt Times New Roman, Times, Serif">$1.9 million</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">ING</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">3-Apr-20</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">3-Apr-23</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">0.68%</td> <td style="font: 10pt Times New Roman, Times, Serif">from $16.16 mil to $12.74 mil</td> <td style="font: 10pt Times New Roman, Times, Serif">$0.3 million</td></tr> <tr style="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">SEB</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">30-Apr-20</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">30-Jan-25</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">0.73%</td> <td style="font: 10pt Times New Roman, Times, Serif">from $29.44 mil to $19.25 mil</td> <td style="font: 10pt Times New Roman, Times, Serif">$2.7 million</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif">SEB</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">30-Apr-20</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">30-Jan-25</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">0.73%</td> <td style="font: 10pt Times New Roman, Times, Serif">from $29.44 mil to $19.25 mil</td> <td style="font: 10pt Times New Roman, Times, Serif">$2.7 million</td></tr> </table> <p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p> 16300 15800 336000 0 0 336000 336000 17650000 29960000 19690000 9840000 19690000 9840000 29440000 19250000 29440000 19250000 128910000 51020000 51570000 20410000 16160000 12740000 1200000 1900000 1900000 2700000 2700000 6000000 2400000 300000 10 2 2 27848000 0 0 266000 106000 146000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"> <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td><td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><b><i></i></b></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><b><i>Other accounting pronouncements &#8211; adopted:</i></b></p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif">&#160;</p> <p style="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif">Statement of Cash Flows (230): In November 2016, the FASB issued ASU 2016-18, &#8220;Statement of Cash Flows (230): Restricted Cash&#8221;.&#160; The amendments in this update require that a statement of cash flows explains the change during the period in the total amount of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents.&#160; Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this accounting standard update as of January 1, 2018, and this presentation was applied retrospectively to all periods presented as required by the guidance. The prior periods have been adjusted to conform to current period presentation, which resulted in a) a decrease in cash flows used in operating activities by $216 and an increase in cash flows used in investing activities of $209 for the year ended December 31, 2016 compared to the amounts previously reported of ($33,448) and ($13,216), respectively and b) an increase in cash flows provided by operating activities by $1,834 and an increase in cash flows used in investing activities of $249 for the year ended December 31, 2017 compared to the amounts previously reported of $80,970 and ($126,852), respectively, related to changes in restricted cash amounts. Moreover, the beginning period and the ending period cash balances now include restricted cash.</p></td></tr></table> 2000 7000 2225000 27500000 27500000 Subject to a bareboat charter with purchase obligation at the expiration of the bareboat charter term (Note 7)