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shares
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pure
<div style="text-align:justify;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>3.      Transactions with Related Parties:</b></font></div>
<div style="text-align:justify;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div>
<div style="text-align:justify;text-indent:56.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Details of the Company's transactions with related parties are discussed in Note 3 of the Company's consolidated financial statements for the year ended December 31, 2014, included in the Company's annual report on Form 20-F. In addition to those transactions, three of the Excel Vessels (Christine (tbr Star Martha), Star Pauline and Star Despoina), which were acquired with attached time charters, are managed by Maryville Maritime Inc. (“Maryville”), a subsidiary of Excel.  Maryville is managing these three vessels until the expiration of their existing time charter agreements (two of which expired in August 2015 and one which expires in October 2015) at a monthly fee of $17.5 per vessel.</font></div>
<div style="text-align:justify;text-indent:56.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Transactions and balances with related parties are analyzed as follows:</font></div>
<div style="text-align:justify;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Balance Sheet</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:24px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>December 31,<br/> 2014</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>June 30,<br/>2015</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Assets</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Oceanbulk Maritime S.A. and its affiliates</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">241</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">667</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Product Shipping & Trading S.A.</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">4</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">4</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Total Assets</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">245</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">671</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Liabilities</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Interchart Shipping Inc. </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">6</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">6</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Combine Marine Ltd.</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">9</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Management and Directors Fees</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">462</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">314</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Managed Vessels of Oceanbulk Shipping LLC</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">9</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">7</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Oceanbulk Sellers (Note 13) </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">1,689</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">50</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Maryville Maritime Inc.</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">514</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Total Liabilities</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2,166</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">900</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Excel Vessel Bridge Facility outstanding balance</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:24px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>December 31,<br/>2014</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>June 30, <br/>2015</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Excel Vessel Bridge Facility - current portion</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">8,168</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Excel Vessel Bridge Facility - non- current portion</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">47,993</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Total Excel Vessel Bridge Facility </b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>56,161</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>-</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b> Capitalized Expenses</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>December 31, <br/>2014</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>June 30, <br/>2015</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Advances for vessels under construction and acquisition of vessels </b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Oceanbulk Maritime S.A.- commission fee for newbuilding vessels</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">1,038</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">1,557</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Statements of Operations</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:34px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" colspan="5" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:229px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Six month period ended <br/>June 30,</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>2014</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>2015</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Voyage expenses-Interchart </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(385</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">) </font></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(1,650</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">) </font></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Executive directors consultancy fees </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(286</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">) </font></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(317</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">) </font></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Non-executive directors compensation </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(71</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">) </font></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(79</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">) </font></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Office rent - Combine Marine Ltd. </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(21</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">) </font></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(17</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">) </font></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Management fee expense - Maryville Maritime Inc.</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:center;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:center;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">-</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:center;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:20px;"><div style="text-align:center;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(315</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:16px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">) </font></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Interest on Excel Vessel Bridge Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">                                 -   </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(220</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">) </font></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Management fee income - Oceanbulk Maritime S.A. </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">93</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:24px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Management fee income - Managed Vessels of Oceanbulk Shipping <br/>LLC </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">1,299</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Management fee income Product Shipping & Trading S.A. </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">62</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
</table>
<div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div>
<div style="text-align:justify;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div>
<div style="text-align:justify;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div>
<div style="text-align:justify;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div>
<div style="text-align:justify;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div>
<div style="text-align:justify;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div>
<div style="text-align:justify;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"><b> </b></font></div>
<div style="text-align:justify;"></div>
<div style="text-align:justify;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>13.      Commitments and Contingencies:</b></font></div>
<div style="text-align:justify;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div>
<div style="text-align:justify;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div>
<div style="text-align:justify;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>a)  Lease commitments</b></font></div>
<div style="text-align:justify;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div>
<div style="text-align:justify;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The following table sets forth inflows or outflows, related to the Company's leases, as at June 30, 2015.</font></div>
<div style="text-align:justify;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:198px;height:9px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" colspan="7" style=" border:solid #000000 0.0px;width:419px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Twelve month periods ending June 30,</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:198px;height:17px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>plus inflows/ minus outflows</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:62px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Total</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>2016</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>2017</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>2018</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>2019</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>2020</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:78px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>2021 and <br/>thereafter</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:198px;height:10px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Future, minimum, non-cancellable charter revenue (1) </i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:62px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>$48,008</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>$47,258</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>$750</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>$ -</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>$ -</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>$ -</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:78px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>$ -</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:198px;height:17px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Bareboat capital leases - upfront hire & handling <br/>fees (2) </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:62px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">(13,613</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">)(12,269)</font></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">(1,344</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">)-</font></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:78px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:198px;height:10px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Bareboat commitments charter hire (3) </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:62px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">(364,854</font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:51px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">)(4,803)</font></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">(26,123</font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:56px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">)(27,219)</font></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">(27,151</font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:56px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">)(27,488)</font></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:78px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">(252,070</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">) </font></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:198px;height:10px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Total </b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:62px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>($330,459)</b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:51px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>$30,186</b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>($26,717)</b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>($27,219)</b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>($27,151)</b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>($27,488)</b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:78px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>($252,070)</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:198px;height:10px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:62px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:51px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:78px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:198px;height:9px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:62px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:78px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" colspan="8" style=" border:solid #000000 0.0px;width:617px;height:35px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(1)  The amounts represent the minimum contractual charter revenues to be generated from the existing, as of June 30, 2015, non-cancellable time and freight charter until their expiration, net of address commission, assuming no off-hire days other than those related to scheduled interim and special surveys of the vessels.</font></div><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div><div style="text-align:justify;text-indent:0.0px;"></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" colspan="8" style=" border:solid #000000 0.0px;width:617px;height:35px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(2) The amounts represent the Company's commitments under the bareboat lease arrangements representing the upfront hire and handling fees for those vessels being, as of June 30, 2015, under construction. </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:198px;height:4px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:62px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:78px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" colspan="8" style=" border:solid #000000 0.0px;width:617px;height:9px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(3)  The amounts represent the Company's commitments under the bareboat lease arrangements representing the charter hire for those vessels being, as of June 30, 2015, under construction. The bareboat charter hire is comprised of fixed and variable portion, the variable portion is calculated based on the 6-month Libor rate of 0.4449%, as of June 30, 2015 (please refer to Note 6).</font></div><div style="text-align:justify;text-indent:0.0px;"></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td style="width:198px;"></td>
<td style="width:62px;"></td>
<td style="width:51px;"></td>
<td style="width:56px;"></td>
<td style="width:56px;"></td>
<td style="width:56px;"></td>
<td style="width:56px;"></td>
<td style="width:78px;"></td>
<td style="width:14px;"></td>
</tr>
</table>
<div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div>
<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>b)  Legal proceedings</b></font></div>
<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;text-indent:40.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company's vessels.  The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure.  Currently, management is not aware of any such claims or contingent liabilities, for which it has not accrued for, requiring disclosure in the accompanying unaudited interim condensed consolidated financial statements.</font></div>
<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;text-indent:40.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The Company's vessels are covered for pollution in the amount of $1 billion of insurance per vessel per incident, by the Protection and Indemnity (P&I) Association in which the Company's vessels are entered. The Company's vessels are subject to calls payable to their P&I Association and may be subject to supplemental calls which are based on estimates of premium income and anticipated and paid claims.  Such estimates are adjusted each year by the board of directors of the P&I Association until the closing of the relevant policy year, which generally occurs within three years from the end of the policy year.  Supplemental calls, if any, are expensed when they are announced and according to the period they relate to. The Company is not aware of any supplemental calls in respect of any policy years other than those that have already been recorded in its condensed consolidated financial statements. </font></div>
<div style="text-align:justify;text-indent:40.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;text-indent:40.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">As described on Item 8 of the Company's the Annual Report on Form 20-F for the fiscal year ended December 31, 2014, filed with the SEC on April 8, 2015, on October 23, 2014, a purported shareholder of the Company filed a derivative and putative class action lawsuit in New York state court against the Company's Chief Executive Officer, members of its Board of Directors and several of its shareholders and related entities, and on March 4, 2015, the Company and the other defendants moved to dismiss the complaint. A judgment on the motion to dismiss is expected to be completed by October 2015. The motion is pending.  All discovery deadlines have been stayed pending resolution of the motion.</font></div>
<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>c)  Contingencies relating to Heron</b></font></div>
<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:8.0px;line-height:1.08;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Following the completion of the Merger, Oceanbulk Shipping became a wholly owned subsidiary of the Company. Oceanbulk Shipping owned an outstanding loan receivable of $23,680 from Heron, which was convertible into 50% of Heron's equity. After the conversion of the loan, on November 5, 2014, Heron became a 50-50 joint venture between Oceanbulk Shipping and ABY Group Holding Limited, and Oceanbulk Shipping shares joint control over Heron with ABY Group Holding Limited. Based on the applicable related agreements, neither party will entirely control Heron. In addition, any operational and other decisions with respect to Heron will need to be jointly agreed between Oceanbulk Shipping and ABY Group Holding Limited. As of June 30, 2015, all vessels previously owned by Heron had 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 local authorities permit, until that occurs, contingencies to the Company may arise. However, the pre-transaction investors in Heron will effectively remain as ultimate beneficial owners of Heron, until Heron is dissolved on the basis that, according to the Merger Agreement, any cash received from the final liquidation of Heron will be transferred to the Sellers. As further disclosed in Note 9 of the Company's consolidated financial statements for the year ended December 31, 2014, included in the Company's annual report on Form 20-F, the Company entered into a loan agreement with CiT Finance LLC for an amount of $25,311, to finance the cash portion of the acquisition of the Heron Vessels and drew this amount in December 2014, upon the acquisition of the Heron Vessels. As of December 31, 2014 and June 30, 2015, the Company had an outstanding payable of $1,689 and 50, respectively, to the Sellers which is included under “Due to related parties” in the accompanying balance sheets.</font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"></div>
<div style="text-align:justify;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:198px;height:9px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" colspan="7" style=" border:solid #000000 0.0px;width:419px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Twelve month periods ending June 30,</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:198px;height:17px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>plus inflows/ minus outflows</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:62px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Total</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>2016</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>2017</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>2018</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>2019</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>2020</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:78px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>2021 and <br/>thereafter</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:198px;height:10px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Future, minimum, non-cancellable charter revenue (1) </i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:62px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>$48,008</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>$47,258</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>$750</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>$ -</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>$ -</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>$ -</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:78px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>$ -</i></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:198px;height:17px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Bareboat capital leases - upfront hire & handling <br/>fees (2) </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:62px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">(13,613</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">)(12,269)</font></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">(1,344</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">)-</font></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:78px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:198px;height:10px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Bareboat commitments charter hire (3) </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:62px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">(364,854</font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:51px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">)(4,803)</font></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">(26,123</font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:56px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">)(27,219)</font></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">(27,151</font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:56px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">)(27,488)</font></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:78px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">(252,070</font></div></td><td valign="bottom"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:198px;height:10px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Total </b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:62px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>($330,459)</b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:51px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>$30,186</b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>($26,717)</b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>($27,219)</b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>($27,151)</b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:56px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>($27,488)</b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:78px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>($252,070)</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:198px;height:10px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:62px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:51px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:78px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:198px;height:9px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:62px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:78px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" colspan="8" style=" border:solid #000000 0.0px;width:617px;height:35px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(1)  The amounts represent the minimum contractual charter revenues to be generated from the existing, as of June 30, 2015, non-cancellable time and freight charter until their expiration, net of address commission, assuming no off-hire days other than those related to scheduled interim and special surveys of the vessels.</font></div><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div><div style="text-align:justify;text-indent:0.0px;"></div></td>
</tr>
<tr>
<td valign="top" colspan="8" style=" border:solid #000000 0.0px;width:617px;height:35px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(2) The amounts represent the Company's commitments under the bareboat lease arrangements representing the upfront hire and handling fees for those vessels being, as of June 30, 2015, under construction. </font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:198px;height:4px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:62px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:51px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:56px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:78px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" colspan="8" style=" border:solid #000000 0.0px;width:617px;height:9px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(3)  The amounts represent the Company's commitments under the bareboat lease arrangements representing the charter hire for those vessels being, as of June 30, 2015, under construction. The bareboat charter hire is comprised of fixed and variable portion, the variable portion is calculated based on the 6-month Libor rate of 0.4449%, as of June 30, 2015 (please refer to Note 6).</font></div><div style="text-align:justify;text-indent:0.0px;"></div></td>
</tr>
<tr>
<td style="width:198px;"></td>
<td style="width:62px;"></td>
<td style="width:51px;"></td>
<td style="width:56px;"></td>
<td style="width:56px;"></td>
<td style="width:56px;"></td>
<td style="width:56px;"></td>
<td style="width:78px;"></td>
</tr>
</table>
<div></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Balance Sheet</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:24px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>December 31,<br/> 2014</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>June 30,<br/>2015</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Assets</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Oceanbulk Maritime S.A. and its affiliates</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">241</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">667</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Product Shipping & Trading S.A.</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">4</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">4</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Total Assets</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">245</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">671</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Liabilities</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Interchart Shipping Inc. </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">6</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">6</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Combine Marine Ltd.</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">9</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Management and Directors Fees</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">462</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">314</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Managed Vessels of Oceanbulk Shipping LLC</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">9</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">7</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Oceanbulk Sellers (Note 13) </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">1,689</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">50</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Maryville Maritime Inc.</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">514</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Total Liabilities</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">2,166</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">900</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Excel Vessel Bridge Facility outstanding balance</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:24px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>December 31,<br/>2014</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>June 30, <br/>2015</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Excel Vessel Bridge Facility - current portion</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">8,168</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Excel Vessel Bridge Facility - non- current portion</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">47,993</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Total Excel Vessel Bridge Facility </b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>56,161</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>-</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b> Capitalized Expenses</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>December 31, <br/>2014</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>June 30, <br/>2015</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Advances for vessels under construction and acquisition of vessels </b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Oceanbulk Maritime S.A.- commission fee for newbuilding vessels</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">1,038</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">1,557</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Statements of Operations</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:34px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" colspan="5" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:229px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Six month period ended <br/>June 30,</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>2014</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>2015</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Voyage expenses-Interchart </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(385</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">) </font></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(1,650</font></div></td><td valign="bottom"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Executive directors consultancy fees </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(286</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">) </font></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(317</font></div></td><td valign="bottom"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Non-executive directors compensation </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(71</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">) </font></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(79</font></div></td><td valign="bottom"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Office rent - Combine Marine Ltd. </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(21</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">) </font></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(17</font></div></td><td valign="bottom"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Management fee expense - Maryville Maritime Inc.</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:center;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:center;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">-</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:center;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:20px;"><div style="text-align:center;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(315</font></div></td><td valign="middle"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Interest on Excel Vessel Bridge Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">                                 -   </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">(220</font></div></td><td valign="bottom"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Management fee income - Oceanbulk Maritime S.A. </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">93</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:24px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Management fee income - Managed Vessels of Oceanbulk Shipping <br/>LLC </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">1,299</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Management fee income Product Shipping & Trading S.A. </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">62</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:357px;height:12px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:106px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:64px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
</table>
<div></div>
<div style="margin-top:12.0px;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>12.</b>      <b>Equity Incentive Plans:</b></font></div>
<div style="text-align:justify;margin-bottom:6.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Details of the Company's 2013 and 2014 Equity Incentive Plans and share awards granted up to December 31, 2014 are discussed in Note 14 of the Company's consolidated financial statements for the year ended December 31, 2014, included in the Company's annual report on Form 20-F, filed with the SEC on April 8, 2015.</font></div>
<div style="text-align:justify;margin-bottom:6.0px;text-indent:53.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On April 13, 2015 the Company's Board of Directors adopted the 2015 Equity Incentive Plan and reserved for issuance 1,400,000 common shares thereunder. In addition, on the same date, 676,150 restricted common shares were granted to certain directors, former directors, officers and employees, which will vest on April 13, 2016. The fair value of each restricted share was $3.55, which was determined by reference to the closing price of the Company's common shares on the grant date. </font></div>
<div style="text-align:justify;margin-bottom:6.0px;text-indent:53.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On April 13, 2015, the Company's Board of Directors also added share options to the Company's executive compensation strategy in order to attract and retain executives and to motivate them to execute the Company's business plan. On the same date, the Board of Directors granted share purchase options of up to 521,250 common shares to certain executive officers, at an option exercise price of $5.50 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.  </font></div>
<div style="text-align:justify;margin-bottom:6.0px;text-indent:53.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">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:</font></div>
<div style="text-align:justify;margin-left: 48.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>- Option type:</i> Bermudan call option</font></div>
<div style="text-align:justify;margin-left: 48.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>- Grant Date: </i>April 13, 2015 </font></div>
<div style="text-align:justify;margin-left: 48.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>- Expected term:</i> Given the absence of expected dividend payments (discussed below), the Company expects that it is optimal for the holders of the granted options to avoid early exercise of the options. As a result, the Company assumes that the expected term of the options is their contractual term (i.e. five years from the grant date). </font></div>
<div style="text-align:justify;margin-left: 48.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><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 is based on historical volatility for the two years preceding the grant date, was 59.274%.</font></div>
<div style="text-align:justify;margin-left: 48.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>- Expected dividends:</i> The Company does not currently pay any dividends to its shareholders, and the Company'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 currently in the dry bulk industry, the Company's management determined for purposes of this calculation that the Company is not expected to pay dividends before the expiration of the share options.</font></div>
<div style="text-align:justify;margin-left: 48.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>- Dilution adjustment: </i>Compared to the number of common shares outstanding, the Company's management considers the overall number of shares covered by the options as immaterial, so no dilution adjustment was incorporated in the valuation model.</font></div>
<div style="text-align:justify;margin-left: 48.0px;margin-bottom:6.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><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 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%.</font></div>
<div style="text-align:justify;margin-bottom:6.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">All non vested shares and options vest according to the terms and conditions of the applicable agreements with the Company. 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. Share options have no voting or other shareholder rights.</font></div>
<div style="text-align:justify;margin-bottom:6.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The Company currently expects that there will be no forfeitures of non-vested shares or options.  The shares which are issued in accordance with the terms of the Company's equity incentive plans or awards remain restricted until they vest.  For the six month periods ended June 30, 2014 and 2015, total share based compensation cost was $1,903 and $1,407, respectively, and is included under “General and administrative expenses” in the accompanying unaudited interim condensed consolidated statements of operations.</font></div>
<div style="text-align:justify;margin-bottom:6.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">A summary of the status of the Company's non-vested share options and restricted shares as of June 30, 2015 and the movement during the six month periods ended June 30, 2014 and 2015, respectively, is presented below.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style=" margin-left: 54.7px;pt;border-collapse: collapse; border: none">
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:253px;height:11px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:58px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:98px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:253px;height:34px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:58px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Shares</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:center;text-indent:0.0px;"> </div></td>
<td valign="middle" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:119px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Weighted average exercise price</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:center;text-indent:0.0px;"> </div></td>
<td valign="middle" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:75px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Weighted Average Grant Date Fair Value</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:253px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Options</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:98px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:253px;height:11px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Outstanding at January 1, 2015</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                   -   </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                            -   </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                                   -   </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:253px;height:11px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Granted</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">         521,250 </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:98px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">5.5</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                            1.4121 </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:253px;height:12px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Outstanding as of June 30, 2015</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:58px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>521,250</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:98px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>5.5</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:54px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>1.4121</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:253px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:58px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:98px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
</table>
<div><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style=" margin-left: 34.7px;pt;border-collapse: collapse; border: none">
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:364px;height:38px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:43px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Number of shares</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Weighted Average Grant Date Fair Value</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:364px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:43px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:364px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Unvested as at January 1, 2014</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:43px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">276,667</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">7.46</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:364px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Granted</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:43px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">402,167</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">10.86</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:364px;height:13px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Vested</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:43px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(266,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">) </font></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">7.65</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:364px;height:13px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Unvested as at June 30, 2014</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:43px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">412,834</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">10.65</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:364px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:43px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:67px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:87px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:364px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:43px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:87px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:364px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Unvested as at January 1, 2015</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:43px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">394,167</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">10.86</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:364px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Granted</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:43px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">676,150</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">3.55</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:364px;height:13px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Vested</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:43px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(394,167</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">) </font></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">10.86</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:364px;height:13px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Unvested as at June 30, 2015</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:43px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">676,150</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">3.55</font></div></td>
</tr>
</table>
<div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The estimated compensation cost relating to non-vested share option and restricted share awards not yet recognized was $704 and $1,884, respectively, as of June 30, 2015 and is expected to be recognized over the weighted average period of 4.79 years and 0.79 years, respectively.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style=" margin-left: 34.7px;pt;border-collapse: collapse; border: none">
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:364px;height:38px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:43px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Number of shares</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Weighted Average Grant Date Fair Value</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:364px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:43px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:364px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Unvested as at January 1, 2014</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:43px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">276,667</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">7.46</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:364px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Granted</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:43px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">402,167</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">10.86</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:364px;height:13px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Vested</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:43px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(266,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">) </font></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">7.65</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:364px;height:13px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Unvested as at June 30, 2014</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:43px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">412,834</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">10.65</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:364px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:43px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:67px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:87px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:364px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:43px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:87px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:364px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Unvested as at January 1, 2015</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:43px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">394,167</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">10.86</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:364px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Granted</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:43px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">676,150</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">3.55</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:364px;height:13px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Vested</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:43px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(394,167</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">) </font></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">10.86</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:364px;height:13px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Unvested as at June 30, 2015</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:43px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">676,150</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">3.55</font></div></td>
</tr>
</table>
<div></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style=" margin-left: 54.7px;pt;border-collapse: collapse; border: none">
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:253px;height:11px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:58px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:98px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:253px;height:34px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:58px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Shares</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:center;text-indent:0.0px;"> </div></td>
<td valign="middle" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:119px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Weighted average exercise price</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:center;text-indent:0.0px;"> </div></td>
<td valign="middle" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:75px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Weighted Average Grant Date Fair Value</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:253px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Options</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:98px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:253px;height:11px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Outstanding at January 1, 2015</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                   -   </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                            -   </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                                   -   </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:253px;height:11px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Granted</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">         521,250 </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:98px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">5.5</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                            1.4121 </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:253px;height:12px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Outstanding as of June 30, 2015</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:58px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>521,250</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:98px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>5.5</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div><div style="text-indent:0.0px;"></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:54px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>1.4121</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:253px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:58px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:98px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:54px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
</table>
<div></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>15.      Subsequent Events:</b></font></div>
<div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-left: 60.0px;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>a) Negotiated vessel delivery delays</b></font></div>
<div style="text-align:justify;margin-left: 37.8px;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The Company has recently reached an agreement in principle with certain shipyards to further defer the delivery of certain of its newbuilding vessels for periods ranging from one to five months. These agreements are subject to execution of final documentation by both parties. </font></div>
<div style="text-align:justify;margin-left: 60.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>b) Agreement to reduce the purchase price of certain newbuilding vessels </b></font></div>
<div style="text-align:justify;margin-left: 37.8px;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">In July 2015, the Company has reached an agreement in principle with certain shipyards to reduce the purchase price of certain of its newbuilding vessels. The aggregate reduction agreed was $25,828 and will be set off against the remaining newbuilding payments. These agreements are subject to execution of final documentation by both parties.</font></div>
<div style="text-align:justify;margin-left: 60.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>c) Sale of </b><i><b>Star Natalie</b></i><b> and </b><i><b>Star Claudia</b></i></font></div>
<div style="text-align:justify;margin-left: 37.8px;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On August 6, 2015 and August 10, 2015 the Company entered into separate agreements with third parties to sell the vessels <i>Star Natalie</i> and <i>Star Claudia</i>, respectively, at market terms. The vessels were delivered to their new owners on August 26, 2015, and September 2, 2015, respectively.</font></div>
<div style="text-align:justify;margin-left: 60.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>d) Sale of </b><i><b>Maiden Voyage</b></i><b> and agreement to charter back the vessel for two years</b></font></div>
<div style="text-align:justify;margin-left: 37.8px;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On May 28, 2015, the Company entered into an agreement with a third party to sell the vessel <i>Maiden Voyage</i>, at market terms. The Company has agreed to charter back the vessel for a period of two years. The vessel was delivered to its new owners on September 15, 2015, and the Company became the charterer of the vessel on the same date (please see Note 5).</font></div>
<div style="text-align:justify;margin-left: 60.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>e) Vessel deliveries</b></font></div>
<div style="text-align:justify;margin-left: 64.3px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(i) On July 15, 2015, the Company took delivery of the Newcastlemax vessels <i>Goliath</i> (ex HN 167) and <i>Maharaj </i>(ex HN 184). The delivery instalments of $75, 364 million were partially financed by $60,600 drawn down under the DNB-SEB-CEXIM $227,500 Facility, and the remaining amount was financed by using existing cash.</font></div>
<div style="text-align:justify;margin-left: 64.3px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(ii) On July 22, 2015, the Company took delivery of the Ultramax vessel <i>Star Aquarius</i> (ex HN 5040). The delivery instalment of $20,359 was partially financed by $15,237 million drawn under the NIBC $32,000 Facility and the remaining amount was financed by using existing cash.</font></div>
<div style="text-align:justify;margin-left: 64.3px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(iii) On August 7, 2015, the Company took delivery of the Ultramax vessel <i>Star Pisces</i> (ex HN 5043). The delivery instalment of $20,351 was partially financed by $15,237 million drawn under the NIBC $32,000 Facility, and the remaining amount was financed by using existing cash.</font></div>
<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-left: 60.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>f) Financing of HN 1343 (tbn </b><i><b>Star Leo</b></i><b>)</b></font></div>
<div style="text-align:justify;margin-left: 42.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On August 31, 2015, the Company entered into a 10-year lease arrangement with CSSC to finance up to $40,000 for the delivery installment of the HN 1343 (tbn <i>Star Leo</i>).</font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>14.</b>      <b>Fair value measurements:</b></font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">. The Company recognizes all derivative instruments as either assets or liabilities at fair value on its consolidated balance sheets in accordance with ASC Topic 815, “<i>Derivatives and Hedging</i>”.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b><u>Fair value on a recurring basis:</u></b></font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Interest rate swaps</b></font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The Company enters into interest rate swap transactions to manage interest costs and risk associated with changing interest rates with respect to its variable interest loans and credit facilities.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">In June 2013, the Company entered into two interest rate swap agreements with Credit Agricole Corporate and Investment Bank (the “Credit Agricole Swaps”) to fix forward its floating interest rate liabilities under the two tranches of the Credit Agricole $70,000 Facility. The Credit Agricole Swaps were based on an amortizing notional amount beginning from $26,840 and $28,628, for the Star Borealis and Star Polaris tranches, respectively, of the Credit Agricole $70,000 Facility. The Credit Agricole Swaps were effective by November and August 2014, respectively, and mature in August and November 2018. Under the terms of the Credit Agricole Swaps, the Company pays on a quarterly basis a fixed rate of 1.705% and 1.720% per annum, respectively, while receiving a variable amount equal to the three month LIBOR, both applied on the notional amount of the swaps outstanding at each settlement date. As of June 30, 2015, the notional amount of these swaps was $25,869 and $27,129, for the Star Borealis and the Star Polaris, respectively.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">In addition, on April 28, 2014, the Company entered into two interest rate swap agreements (the “HSH Swaps”) to fix forward 50% of its floating interest rate liabilities for the HSH Nordbank $35,000 Facility. The HSH Swaps came into effect in September 2014 and mature in September 2018. Under the terms of the HSH Swaps, the Company pays on a quarterly basis a fixed rate of 1.765% per annum, while receiving a variable amount equal to the three month LIBOR, both applied on the notional amount of the swaps outstanding at each settlement date. As of June 30, 2015, the notional amount of these swaps was $15,990.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Up to August 31, 2014, the Credit Agricole Swaps and the HSH Swaps were not designated as accounting hedges. As a result, the changes in their fair value at each reporting period up to that date, were reported in earnings under “Gain/(Loss) on derivative financial instruments, net”. On August 31, 2014 the Company designated the Credit Agricole Swaps and the HSH Swaps as cash flow hedges in accordance with ASC 815, “<i>Derivatives and Hedging</i>”. Accordingly, in the accompanying unaudited statement of operations for the relevant period, the effective portion of these cash flow hedges is reported in “Accumulated other comprehensive loss”, while the ineffective portion of these cash flow hedges is reported under “Gain / (Loss) on derivative financial instruments, net”.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">As part of the Merger, the Company acquired five swap agreements that Oceanbulk Shipping had entered during the third quarter of 2013 with Goldman Sachs Bank USA (the “Goldman Sachs Swaps”).  The Goldman Sachs Swaps were effective by October 2014 and mature in April 2018. Under their terms, Oceanbulk Shipping makes quarterly payments to the counterparty at fixed rates ranging between 1.79% and 2.07% per annum, based on an aggregate notional amount that varies. From July 1, 2015 to October 1, 2015, this notional amount reached an upper limit of $461,264. The counterparty makes quarterly floating rate payments at three-month LIBOR to the Company based on the same notional amount. Upon the completion of the Merger, on July 11, 2014, the Company re-designated the Goldman Sachs Swaps as cash flow hedges in accordance with ASC 815. Accordingly, the effective portion of these cash flow hedges from that date and until March 31, 2015 (see below) were reported in “Accumulated other comprehensive loss”, while the ineffective portion of these cash flow hedges was reported as gain under “Gain /(Loss) on derivative financial instruments, net”, in the statement of operations for the relevant period. As of June 30, 2015, the notional amount of these swaps was $343,533.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Due to (i) changes in the timing of delivery of some of the Company's newbuilding vessels and, by extension, the timing of some of the forecasted transactions, (ii) changes in LIBOR curves, and (iii) the sale of some of the Company's vessels in the second quarter of 2015 whose loans had been designated as hedged items, the “highly effective” criterion of the hedging effectiveness test for the Goldman Sachs Swaps was not satisfied for the quarter ended June 30, 2015, based on the Company's documented method for assessing hedge effectiveness. As a result, the hedging relationship related to the Goldman Sachs Swaps no longer qualify for special hedge accounting, and as of April 1, 2015, the Company de-designated the cash flow hedge related to the Goldman Sachs Swaps. As a result, changes in the fair value of these swaps since the date of de-designation, April 1, 2015, were reported in earnings under “Gain / (Loss) on derivative financial instruments, net”. The amount already reported up to March 31, 2015 in “Accumulated other comprehensive loss” with respect to the corresponding swaps of $3,639 will remain there and will be reclassified to earnings when the hedged forecasted transaction impacts the Company's earnings (i.e., when the hedged loan interest is incurred), except for $227 related to loans of the sold vessels discussed above that were written down to earnings in the period ended June 30, 2015, for which the forecasted transactions are no longer expected to occur.</font></div>
<div style="text-align:justify;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The amount recognized in Other comprehensive income/(loss) is derived from the effective portion of unrealized losses from cash flow hedges. </font></div>
<div style="text-align:justify;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The amounts of Gain /(Loss) on derivative financial instruments recognized in the accompanying unaudited interim condensed consolidated statements of operations are analyzed as follows:</font></div>
<div style="margin-left: 14.4px;text-indent:-13.3px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Unaudited Condensed Consolidated Statement of Operations</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>June 30,</b></font></div><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2014</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>June 30,</b></font></div><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2015</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Gain/(loss) on derivative instruments, net</b></i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 24.0px;text-indent:-12.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Unrealized gains/(losses) from the Credit Agricole Swaps and the HSH Swaps before hedging designation (August 31, 2014)      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$      (819)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $       —</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 24.0px;text-indent:-12.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Unrealized gains/(losses) from the Goldman Sachs Swaps after de-designation of accounting hedging relationship (April 1, 2015)      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">—</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">             883</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 24.0px;text-indent:-12.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Realized gains/(losses) from the Goldman Sachs Swaps after de-designation of accounting hedging relationship (April 1, 2015)      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">—</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">             (1,344)</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 24.0px;text-indent:-12.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Write-off of unrealized losses related to forecasted transactions which are no longer considered probable reclassified from other comprehensive income/(loss)       </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">—</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(227</font></div></td><td valign="bottom"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 14.4px;text-indent:-1.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Ineffective portion of cash flow hedges      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">—</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">—</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total Gains/(Losses) on derivative instruments, net</b>      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$       (819)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $      (688)</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Interest and finance costs</b></i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 30.0px;text-indent:-17.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Reclassification adjustments of interest rate swap loss transferred to Interest and finance costs from Other comprehensive income/(loss)      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">—</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(1,491</font></div></td><td valign="bottom"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total Gains/(Losses) recognized</b>      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $      —</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $      (1,491)</font></div></td>
</tr>
</table>
<div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">An amount of approximately ($1,061) is expected to be reclassified into earnings during the following 12-month period when realized.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">In relation to the above interest rate swap agreements designated as cash flow hedges and the corresponding amount recorded in “Accumulated other comprehensive loss” as of June 30, 2015, and in accordance with ASC 815 “<i>Derivatives and Hedging - Timing and Probability of the Hedged Forecasted Transaction</i>,” the management of the Company considered the creditworthiness of its counterparties and the expectations of the forecasted transactions and determined that no events have occurred that would make the forecasted transaction not probable.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis.  This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values.  The statement requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:</font></div>
<div style="text-align:justify;margin-left: 120.0px;margin-bottom:12.0px;text-indent:-72.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><u>Level 1:</u>      Quoted market prices in active markets for identical assets or liabilities</font></div>
<div style="text-align:justify;margin-left: 120.0px;margin-bottom:12.0px;text-indent:-72.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><u>Level 2:</u>      Observable market-based inputs or unobservable inputs that are corroborated by market data</font></div>
<div style="text-align:justify;margin-left: 120.0px;margin-bottom:12.0px;text-indent:-72.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><u>Level 3:</u>      Unobservable inputs that are not corroborated by market data</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The following table summarizes the valuation of the Company's financial instruments as of December 31, 2014 and June 30, 2015 based on Level 2 observable inputs of the fair value hierarchy such as interest rate curves.</font></div>
<div style="text-align:justify;margin-left: 14.4px;text-indent:-13.3px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:290px;"><div style="text-align:justify;margin-left: 14.4px;text-indent:-13.3px;"> </div></td>
<td valign="top" colspan="4" style=" border:solid #000000 0.0px;width:375px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Significant Other Observable Inputs (Level 2)</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:290px;"><div style="text-align:justify;margin-left: 14.4px;text-indent:-13.3px;"> </div></td>
<td valign="bottom" colspan="2" style=" border:solid #000000 0.0px;width:187px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>December 31, 2014</b></font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:187px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>June 30, 2015</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:290px;"><div style="text-align:justify;margin-left: 14.4px;text-indent:-13.3px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(not designated as cash flow hedges)</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:84px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(designated as cash flow hedges)</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(not designated as cash flow hedges)</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:83px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(designated as cash flow hedges)</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:290px;"><div style="text-align:justify;margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>ASSETS</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:84px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:83px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:290px;"><div style="text-align:justify;margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Interest rate swaps - asset position      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $      —</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:84px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $      —</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $      —</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:83px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $      —</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:290px;"><div style="text-align:justify;margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total</b>            </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      <b>$</b>      —</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:84px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      <b>$</b>      —</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      <b>$</b>      —</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:83px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      <b>$</b>      —</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:290px;"><div style="text-align:justify;margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>LIABILITIES</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:84px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:83px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:290px;"><div style="text-align:justify;margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Interest rate swaps - liability position      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $       —</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:84px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $       7,732</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $      9,819</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:83px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $      1,081</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:290px;"><div style="text-align:justify;margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total</b>      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      <b>$</b>      <b>—</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:84px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      <b>$</b>      <b>7,732</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      <b>$</b>      <b>9,819</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:83px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      <b>$</b>      <b>1,081</b></font></div></td>
</tr>
<tr>
<td style="width:290px;"></td>
<td style="width:103px;"></td>
<td style="width:84px;"></td>
<td style="width:103px;"></td>
<td style="width:83px;"></td>
</tr>
</table>
<div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">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, bearing interest at variable interest rates, approximates their recorded values as of June 30, 2015.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The 8.00% 2019 Notes have a fixed rate, and their estimated fair value, determined through Level 1 inputs of the fair value hierarchy (quoted price on NASDAQ under the ticker symbol SBLKL), is approximately $44,360 as of June 30, 2015.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>11.</b>      <b>Earnings / Loss per Share:</b></font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">All shares issued (including the restricted shares issued under the Company's equity incentive plans) are the Company's common shares and have equal rights to vote and participate in dividends. The restricted shares issued under the Company's equity incentive plans are subject to forfeiture provisions set forth in the applicable award agreements. The calculation of basic earnings per share does not consider the non-vested shares as outstanding until the time-based vesting restriction has lapsed.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The Company calculates basic and diluted earnings / loss per share as follows:</font></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" colspan="5" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:241px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Six month period ended June 30, </b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2014</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2015</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Income / (Loss):</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Net  income / (loss)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(3,870</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">) </font></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(105,197</font></div></td><td valign="middle"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">  </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Basic  earnings/  (loss) per share:</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Weighted average common shares outstanding, basic</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">28,973,621 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">171,736,658 </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Basic earnings  (loss) per share</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(0.13)</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(0.61)</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Effect of dilutive securities:</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Dilutive effect of non-vested shares</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                          -   </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Weighted average common shares outstanding, diluted</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">28,973,621 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">171,736,658 </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Diluted  earnings / (loss) per share</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:133.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(0.13)</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(0.61)</b></font></div></td>
</tr>
<tr>
<td style="width:303px;"></td>
<td style="width:115px;"></td>
<td style="width:19px;"></td>
<td style="width:81px;"></td>
<td style="width:37px;"></td>
<td style="width:16px;"></td>
<td style="width:86px;"></td>
</tr>
</table>
<div><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">For the six month periods ended June 30, 2014 and 2015, and on the basis that the Company incurred a net loss, the effect of 412,834 and 676,150, respectively, non-vested shares, as well as the effect of 521,250 non-vested share options as of June 30, 2015, would be anti-dilutive; therefore “Basic earnings / (loss) per share” equals “Diluted earnings  / (loss) per share”.</font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>10.</b>      <b>Management fees</b></font></div>
<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      As of January 1, 2015, the Company engaged Ship Procurement Services S.A. (“SPS”), an unaffiliated third party company, to provide to its fleet certain procurement services at a daily fee of $0.295 per vessel. Total management fees to SPS for the six month period ended June 30, 2015, were $3,748 and are included in Management fees in the accompanying unaudited interim condensed statement of operations. In addition, Management fees for the six month period ended June 30, 2015 also include $315 of fees incurred pursuant to the management agreement with Maryville discussed in Note 3. </font></div>
<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div>
<div style="text-align:justify;text-indent:0.0px;"></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>9.</b>      <b>Preferred and Common Shares and Additional Paid in Capital:</b></font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Details of the Company's Preferred and Common Shares are discussed in Note 10 of the Company's consolidated financial statements for the year ended December 31, 2014, included in the Company's annual report on Form 20-F, filed with the SEC on April 8, 2015.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">During the six month period ended June 30, 2014, 22,598 common shares were issued, as part of the consideration for the acquisition of 33% of the total outstanding common stock of Interchart.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">During the six month period ended June 30, 2014, the Company issued 394,167 common shares under its 2014 Equity Incentive Plan, 8,000 common shares, which were granted to certain directors of the Company and 9,333 common shares to the Company's former Chief Executive Officer, representing the first installment of his minimum guaranteed incentive award in accordance with his consultancy agreement.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">In August 2014, the Company agreed to issue the Excel Vessel Share Consideration of 29,917,312 common shares under the terms of the Excel Transactions. During the six month period ended June 30, 2015, the Company issued 4,257,887 common shares as part of the Excel Vessel Share Consideration following the deliveries of the last six Excel Vessels (Note 1).</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Equity offerings </b></i></font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On January 14, 2015, the Company completed a primary underwritten public offering of 49,000,418 of its common shares, at a price of $5.00 per share. The aggregate proceeds to the Company, net of underwriters commissions and offering expenses, were  $242,211.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On May 18, 2015, the Company completed a primary underwritten public offering of 56,250,000 common shares, at a price of $3.20 per share. The aggregate proceeds to the Company, net of underwriters commissions and offering expenses, were $175,586. </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>8.</b>      <b>Long-term Debt:</b></font></div>
<div style="text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The table below presents outstanding amounts under the Company's bank loans and notes as of December 31, 2014 and June 30, 2015:</font></div>
<div style="text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:26px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>December 31, 2014</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>June 30, 2015</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Commerzbank $120,000 and $26,000 facilities</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">74,680</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">44,417</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Credit Agricole Corporate and Investment Bank $70,000 facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">54,968</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">52,998</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">ABN AMRO Bank N.V. $31,000 facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">12,800</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                 -   </font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">HSH Nordbank AG $64,500 facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">29,600</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">24,547</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">HSH Nordbank AG $35,000 facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">33,187</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">31,979</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Deutsche Bank AG $39,000 facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">36,660</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">35,100</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">ABN $87,458 Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">76,689</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">71,740</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Deutsche Bank $85,000 Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,708</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">79,875</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">HSBC $86,600 Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">83,490</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">80,380</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">CEXIM $57,360 Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">HSBC $20,000 Dioriga Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">19,300</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">18,600</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">NIBC $32,000 Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">BNP $32,480 Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">32,480</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">31,406</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Excel Vessel Bridge Facility </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">56,161</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                 -   </font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">DVB $24,750 Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">24,750</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">22,950</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Excel Vessel CiT Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">30,000</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Sinosure Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">37,366</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Citi Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">51,478</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">87,329</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Heron Vessels Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">24,567</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">21,589</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">DNB $120,000 Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">88,275</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">106,712</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">DVB $31,000 Deep Blue Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">28,680</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">DNB-SEB-CEXIM 227,500 Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">32,400</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8.00% 2019 Notes</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">50,000</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">50,000</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:13px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>861,793</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>858,068</b></font></div></td>
</tr>
</table>
<div><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Details of the Company's credit facilities and debt securities are discussed in Note 9 of the Company's consolidated financial statements for the year ended December 31, 2014, included in the Company's annual report on Form 20-F, except for the following:</font></div>
<div style="text-align:justify;margin-left: 48.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>a) Prepayment of the Excel Vessel Bridge Facility</b>: On January 29, 2015, the Company fully prepaid the Excel Vessel Bridge Facility.</font></div>
<div style="margin-left: 48.0px;text-indent:0.0px;"><font style="font-family:Arial;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-left: 48.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>b) DVB $31,000 Deep Blue Facility</b>: On May 21, 2015, the Company entered into an agreement with DVB Bank SE (the “DVB $31,000 Deep Blue Facility”) for up to $31,000 to partially finance the construction cost of <i>Deep Blue</i> (ex-HN 5017), a Capesize bulk carrier, under construction by Japan Marine United Corporation. The Company drew $28,680 in May 2015, upon the vessel's delivery to the Company. The facility will be repaid in 24 equal, consecutive, quarterly principal installments of $476.5 each, with the first become becoming due and payable three months from the drawdown date, and a balloon installment of $17,245 payable simultaneously with the 24<sup>th</sup> instalment in May 2021. The DVB $31,000 Deep Blue Facility is secured by a first priority mortgage over the financed vessel and general and specific assignments and is guaranteed by Star Bulk Carriers Corp.</font></div>
<div style="text-align:justify;margin-left: 48.0px;text-indent:0.0px;"><font style="font-family:Arial;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-left: 48.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>c) BNP committed term sheet</b>: On March 13, 2015, the Company entered into a committed term sheet with BNP Paribas for up to $39,500 to finance two vessels, the newbuilding vessel HN5056 (tbn <i>Megalodon</i>) and the 2004-built Panamax vessel <i>Star Emily</i>.</font></div>
<div style="margin-left: 48.0px;text-indent:0.0px;"><font style="font-family:Arial;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-left: 48.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>d) DNB-SEB-CEXIM $227,500 Facility</b>: On March 31, 2015, the Company entered into an agreement with DNB Bank ASA as facility agent, security agent account bank and bookrunner, DNB Bank ASA and the Export-Import Bank of China (CEXIM) as mandated lead arrangers and DNB Bank ASA, Skandinaviska Enskilda Banken AB (SEB) and CEXIM as original lenders (the “DNB-SEB-CEXIM $227,500 Facility”) for up to $227,500 to partially finance the construction of seven newbuilding vessels, HN166 (tbn <i>Gargantua</i>), HN167 (tbn <i>Goliath</i>), HN1338 (tbn <i>Star Aries</i>), HN184 (tbn <i>Maharaj</i>), HN1339 (tbn <i>Star Taurus</i>), HN1342 (tbn <i>Star Gemini</i>) and HN198 (tbn <i>Star Poseidon</i>). The financing will be available in seven separate tranches, one for each newbuilding vessel. The first tranche of $32,400 was drawn in April, 2015, upon the delivery of the vessel <i>Gargantua</i> (ex-HN 166) to the Company. This tranche will be repaid in 24 equal, consecutive, quarterly principal installments of $508.4 each, with the first becoming due and payable three months from the drawdown date and a balloon installment of $20,198 payable simultaneously with the 24<sup>th</sup> instalment in April 2021. The DNB-SEB-CEXIM $227,500 Facility is secured by a first priority cross-collateralized mortgage over the financed vessels and general and specific assignments and is guaranteed by Star Bulk Carriers Corp.</font></div>
<div style="text-align:justify;margin-left: 48.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-left: 48.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>e) ABN AMRO Bank N.V. $31,000 Facility</b>: On March 31, 2015, the Company and ABN AMRO signed a third supplemental agreement and agreed to revise certain financial covenants governing this facility. In June 2015, this facility was fully repaid following the sale of the vessels <i>Star Big</i> and <i>Star Mega.</i> (Note 5)</font></div>
<div style="text-align:justify;margin-left: 48.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-left: 48.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>f) Restructuring Agreement - Commerzbank $120,000 and $26,000 Facilities</b>: On March 30, 2015, the Company and Commerzbank AG signed a second supplemental agreement. Under the supplemental agreement, the Company agreed to (i) prepay Commerzbank AG $3,000, (ii) amend some of the financial covenants governing this facility, and (iii) change the repayment date relative to Commerzbank $26,000 tranche from September 7, 2016 to July 31, 2015. The tranche of Commerzbank $26,000 was fully repaid in June 2015.</font></div>
<div style="margin-left: 48.0px;text-indent:0.0px;"><font style="font-family:Arial;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-left: 48.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>g) Excel Vessel CiT Facility: </b>On June 10, 2015, the Company fully repaid the Excel Vessel CiT Facility.</font></div>
<div style="margin-left: 48.0px;text-indent:0.0px;"><font style="font-family:Arial;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-left: 48.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>h) Amendment of Financial Covenants</b>: During the second quarter of 2015 the Company reached agreements with all of its lenders to amend certain financial covenants included in its loan facilities.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Under the DNB-SEB-CEXIM $227,500 Facility, the Company is not allowed to pay dividends until December 2017, if the Company's liquid funds are not greater than $200,000 or $2,000 per fleet vessel. Under its other loan agreements, the Company is not allowed to pay dividends until December 31, 2016.  In any event, the Company may not pay dividends or distributions if an event of default has occurred and is continuing or would result from such dividend or distribution.</font></div>
<div style="margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Furthermore, the Company's credit facilities contain financial covenants requiring the Company to maintain various financial ratios, including:</font></div>
<div style="margin-left: 48.0px;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> - a minimum percentage of aggregate vessel value to loans secured;</font></div>
<div style="margin-left: 48.0px;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> - a maximum ratio of total liabilities to market value adjusted total assets;</font></div>
<div style="margin-left: 48.0px;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> - a minimum EBITDA to interest coverage ratio; </font></div>
<div style="margin-left: 48.0px;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> - a minimum liquidity; and</font></div>
<div style="margin-left: 48.0px;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> - a minimum equity ratio.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">As of December 31, 2014 and June 30, 2015 the Company was required to maintain minimum liquidity, not legally restricted, of $35,400 and $35,200, respectively, which is included within “Cash and cash equivalents” in the accompanying balance sheets.  In addition, as of December 31, 2014 and June 30, 2015 the Company was required to maintain minimum liquidity, legally restricted, of $13,972 and $13,789, respectively, which is included within “Restricted cash” in the accompanying balance sheets.  </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">As of December 31, 2014 and June 30, 2015, the Company was in compliance with the applicable financial and other covenants contained in its debt agreements.</font></div>
<div style="margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The principal payments required to be made after June 30, 2015, for all the then outstanding debt, are as follows:</font></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Twelve month periods ending</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:29px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Amount</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2016</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:29px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">93,128</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2017</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:29px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">140,554</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2018</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:29px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">89,780</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2019</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:29px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">203,411</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2020</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:29px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">215,902</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2021 and thereafter</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:13.3px;"> </div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:29px;"><div style="text-indent:13.3px;"> </div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">115,293</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:13px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total (including 8% 2019 Notes)</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:29px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>858,068</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:14px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Excluding 8.00% 2019 Notes</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:29px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">50,000</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:13px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total Long term debt</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:29px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>808,068</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:13px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Long term debt - current portion</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:29px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">93,128</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Long term debt - non-current portion</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">714,940</font></div></td>
</tr>
</table>
<div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-top:12.0px;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">At June 30, 2015, 56 of the Company's owned vessels, having a net carrying value of $1,528,386, were subject to first-priority mortgages as collateral to its loan facilities. </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">For the six month periods ended June 30, 2014 and 2015, the Company's existing debt agreements bore interest at a weighted-average rate of approximately 3.33% and 3.30%, respectively.  </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">All of the Company's bank loans bear interest at LIBOR plus a margin. The amounts of “Interest and finance costs” included in the accompanying consolidated statements of operations are analyzed as follows:</font></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="middle" rowspan="2" style=" border:solid #000000 0.0px;width:417px;height:36px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:220px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Six month period ended <br/>June 30,</b></font></div><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">            <b>2014                             2015</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:94px;height:12px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:30px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:417px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Interest on long term debt </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$3,936 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:30px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$16,991 </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:417px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Less: Interest capitalized </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(1,252</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:30px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">) </font></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(6,221</font></div></td><td valign="middle"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:417px;height:38px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Reclassification adjustments of interest rate swap loss transferred to Interest and finance costs from Other Comprehensive Income </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                     -   </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:30px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">               1,491 </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:417px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Amortization of loan expenses </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                  284 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:30px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">               1,199 </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:417px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Other bank and finance charges </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">89</font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:30px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">411</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:417px;height:13px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Interest and finance costs</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$3,057 </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:30px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$13,871 </b></font></div></td>
</tr>
<tr>
<td style="width:417px;"></td>
<td style="width:94px;"></td>
<td style="width:30px;"></td>
<td style="width:94px;"></td>
</tr>
</table>
<div align="justify"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">In connection with the prepayment of the Excel Vessel Bridge Facility, the Excel Vessel CiT Facility, the ABN AMRO $31,000 Facility and the Commerzbank 26,000 Facility, $974 of unamortized deferred finance charges was written off and included under “Loss on debt extinguishment” in the accompanying consolidated statement of operations for the six month period ended June 30, 2015.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>7.</b>      <b>Fair value of Above Market Acquired Time Charters:</b></font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The amortization of fair value of above market acquired time charters for the six months ended June 30, 2014 and 2015 was $3,149 and $7,071, respectively.  It relates to (i) the vessels <i>Star Big</i> and <i>Star Mega</i>, which were acquired in 2011, (ii) the vessels <i>Amami</i> and <i>Medredeus</i>, which were acquired as part of the Merger with time charters attached, and (iii) three Excel Vessels (<i>Christine (tbr Star Martha), Star Pauline and Star Despoina</i>), which were acquired as part of the Excel Transactions each with a time charter. Such amortization is included under “Voyage revenues” in the accompanying unaudited interim condensed consolidated statements of operations. The accumulated amortization of these above market time charters as of December 31, 2014 and June 30, 2015 was $21,200 and $28,271, respectively. </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The estimated aggregate amortization expense of the above market acquired time charters until their expiration is analyzed as follows:</font></div>
<div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      </font></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style=" margin-left: 34.7px;pt;border-collapse: collapse; border: none">
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:341px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Twelve month periods ending</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:112px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Amount</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:341px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2016</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:112px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2,723</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:341px;height:13px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:112px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2,723</b></font></div></td>
</tr>
</table>
<div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">As described in Note 5 above, in the second quarter of 2015, the Company entered into an agreement with a third party to sell the vessel <i>Star Big</i>. In view of its planned sale, its above market acquired time charter was early terminated, and the unamortized balance relating to this vessel of $2,114 at June 30, 2015 was written-off and reflected under “Loss on time charter agreement termination” in the accompanying unaudited interim condensed statement of operations for the six month period ended June 30, 2015. </font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>6.</b>      <b>Advances for vessels under construction and acquisition of vessels:</b></font></div>
<div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style=" margin-left: 34.7px;pt;border-collapse: collapse; border: none">
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:264px;height:39px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><br/><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>December 31, 2014</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:79px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>June 30, 2015</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:264px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:79px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:264px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pre-delivery yard installments </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">270,947</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:79px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">206,997</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:264px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Fair value adjustment (Note 1)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">137,923</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:79px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">86,400</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:264px;height:25px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Bareboat capital leases - upfront hire and handling fees</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">31,467</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:79px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">44,551</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:264px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Capitalized interest and finance costs</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">10,654</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:79px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">14,636</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:264px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Other capitalized costs (Note 3)  </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">3,542</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:79px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">4,554</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:264px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Advances for secondhand vessels</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">79</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:79px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:264px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Impairment charge</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                         -   </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:79px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(19,467</font></div></td><td valign="middle"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:264px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>454,612</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:79px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>337,671</b></font></div></td>
</tr>
</table>
<div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">As summarized in the relevant table of Note 1, as of June 30, 2015 the Company was party to 25 newbuilding contracts for the construction of dry bulk carriers of various types, 14 of which were assumed as part of the Merger and the Pappas Transaction.  As of June 30, 2015, the total aggregate remaining contracted price for the 25 newbuilding vessels plus agreed additional amounts was $577,868 (giving effect to the renegotiated prices and delivery dates of certain of the Company's newbuilding vessels disclosed in Notes 15(a) and (b)), payable in periodic installments up to their deliveries, of which $500,681 is payable during the next twelve months ending June 30, 2016 and the remaining $77,187 is payable during the twelve months ending June 30, 2017.  </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On February 17, 2014, the Company entered into separate bareboat charter party contracts with CSSC (Hong Kong) Shipping Company Limited, or CSSC, an affiliate of Shanghai Waigaoqiao Shipbuilding Co., Ltd. (“SWS”), a Chinese shipyard, to bareboat charter for ten years two fuel efficient newbuilding Newcastlemax dry bulk vessels (the 'CSSC Vessels”), each with a cargo carrying capacity of 208,000 dwt. The vessels are being constructed pursuant to shipbuilding contracts entered into between two pairings of affiliates of SWS. Each pair has one shipyard party (each, an “SWS Builder”) and one ship-owning entity (each an “SWS Owner”). Delivery to the Company of each vessel is deemed to occur upon delivery of the vessel to the SWS Owner from the corresponding SWS Builder. Pursuant to the terms of the bareboat charters, the Company is required to pay upfront fees, corresponding to the pre-delivery installments to the shipyard. An amount of $47,200 and $46,400, respectively, for the construction cost of each vessel, corresponding to the last pre-delivery and delivery installment to the shipyard, will be financed by the relevant SWS Owner, to whom the Company will pay a daily bareboat charter hire rate payable monthly plus a variable amount. In addition, the Company will pay an installment of $300 plus an additional amount of $669 for agreed extra costs for both vessels. In addition, the Company is also obliged to pay an amount of $936 representing handling fees in two installments. The first installment of $462 was paid upon the signing of the bareboat charters, and the second installment is due in one year. Under the terms of the bareboat charters, the Company has the option to purchase the CSSC Vessels at any time, such option being exercisable on a monthly basis against pre-determined, amortizing-during-the-charter-period prices whilst it has a respective obligation of purchasing the vessels at the expiration of the bareboat term at a purchase price of $14,160 and $13,919, respectively. Upon the earlier of the exercise of the purchase options or the expiration of the bareboat charters, the Company will own the CSSC Vessels.  </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">In addition, following the completion of the Merger and the Pappas Transactions, the Company assumed bareboat charters with respect to five newbuilding vessels being built at SWS for subsidiaries of Oceanbulk at the time of Merger. </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> On December 27, 2013, subsidiaries of Oceanbulk had entered into separate bareboat charter party contracts with affiliates of SWS for ten-year bareboat charters of five newbuilding 208,000 dwt Newcastlemax vessels. The vessels are being constructed pursuant to shipbuilding contracts entered into between five pairings of affiliates of SWS.  Each pair has one shipyard party (each, an “SWS Builder”) and one ship-owning entity (each an “SWS Owner”). Delivery of each vessel to the Company is deemed to occur upon delivery of the vessel to the SWS Owner from the corresponding SWS Builder. Pursuant to the terms of the bareboat charter, the Company is required to pay upfront fees, corresponding to the pre-delivery installments to the shipyard. An amount of $46,400 for the construction cost of each vessel, corresponding to the delivery installment to the shipyard, will be financed by the relevant SWS Owner, to whom the Company will pay a daily bareboat charter hire rate payable monthly plus a variable amount payable every six months and a one-time handling fee of $464. In addition, the Company will pay for the five newbuilding vessels an aggregate amount of $1,680 for agreed extra costs. After each vessel's delivery, the Company has monthly purchase options to acquire the vessel at pre-determined, amortizing-during-the-charter-period prices. At the end of the ten-year charter period for each vessel, the Company has the obligation to purchase the vessel at a purchase price of $13,919. Upon the earlier of the exercise of the purchase options or the expiration of the bareboat charters, the Company will own the five vessels.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Based on applicable accounting guidance, the Company determined that the bareboat charters with the affiliates of SWS and CSSC should be classified as capital leases. Therefore, the amount of $15,669 paid during the six months ended June 30, 2015, representing the installments for the upfront hire and handling fees of the newbuilding vessels, including for those vessel delivered during this period, has been capitalized. In addition, based on the lease agreement provisions, the Company is not deemed to bear substantially all of the construction period risk and therefore is not considered the owner of the vessels during the construction period. Therefore, each of the above bareboat charters is not considered a sales type lease and will not be accounted for as a sale and leaseback transaction upon the delivery of each newbuilding vessel to the Company, when the lease term is deemed to begin.  At that time the Company will recognize the appropriate financial liability and financial asset in accordance with the applicable capital lease accounting guidance.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">During the six month period ended June 30, 2015, the Company entered into a cancellation agreement with a shipyard for the cancellation of a shipbuilding contract for a newbuilding vessel, which was previously scheduled to be delivered to the Company in June 2016 under a bareboat charter agreement. Under this cancellation agreement, the Company has no obligation to compensate the shipyard or the bareboat charterer for this cancelled vessel. In connection with the respective cancellation an impairment of $3,009 was recorded, which includes a $2,500 write-off of the fair value adjustment recognized upon the Merger. (Note 1).</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">During the six month period ended June 30, 2015, the Company entered into an agreement with a third party to sell one of its newbuilding vessels upon its delivery to the Company, which is expected to take place in 2016. In connection with this sale, an impairment charge of $16,458 was recorded, which includes a $11,300 write-off of the fair value adjustment recognized upon the Merger (Note 1).</font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"></div>
<div style="margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>5.       Vessels and Other Fixed Assets, Net:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</font></div>
<div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      </font></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style=" margin-left: 40.0px;pt;border-collapse: collapse; border: none">
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:307px;height:27px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:105px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>December 31, 2014</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>June 30, 2015</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:307px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Cost</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:105px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:307px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Vessels</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:105px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,541,538</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,857,658</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:307px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Fair value adjustment </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:105px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">100,065</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">151,588</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:307px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Other fixed assets</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:105px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,683</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,701</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:307px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Impairment charge</font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:17px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:105px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                              -   </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(8,282</font></div></td><td valign="middle"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:307px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total cost</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:105px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>1,643,286</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2,002,665</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:307px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Accumulated depreciation</font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:17px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:105px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(201,435</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">) </font></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(230,001</font></div></td><td valign="middle"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:307px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Vessels and other fixed assets, net</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:105px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>1,441,851</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>1,772,664</b></font></div></td>
</tr>
</table>
<div><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">As of June 30, 2015 the Company performed an impairment review for its fleet, since certain factors indicated that the carrying amount of its vessels might not be recoverable. Such review did not result in any impairment to the value of the Company's vessels, except for the value of certain vessels that the Company agreed to sell, which vessels were subject to an impairment charge as discussed below.</font></div>
<div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Vessels acquired / disposed during the six month period ended June 30, 2014</b></i></font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On January 24, 2014, the Company entered into two agreements to acquire from Glocal Maritime Ltd, or “Glocal”, an unaffiliated third party, two 98,681 dwt Post-Panamax vessels, <i>Star Vega</i> and <i>Star Sirius</i>, built 2011, for an aggregate purchase price of $60,000. The vessels <i>Star Vega</i> and <i>Star Sirius</i>, were delivered to the Company on February 13, 2014 and March 7, 2014, respectively. The vessels, upon their delivery, were chartered back to Glocal for a daily rate of $15 less brokerage commission of 1.25% until at least June 2016.</font></div>
<div style="text-align:justify;margin-top:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">No vessel disposals took place in the six month period ended June 30, 2014.</font></div>
<div style="text-align:justify;margin-top:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:16.0px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Vessels acquired / disposed during the six month period ended June 30, 2015</b></i></font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Delivery of newbuilding vessels:</i></font></div>
<div style="text-align:justify;margin-left: 96.0px;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(i) On January 8, 2015, the Company took delivery of the vessel <i>Indomitable</i> (ex-HN 5016), for which it had previously made a payment of $34,942 in December 2014. To partially finance the delivery installment of the <i>Indomitable</i>, the Company drew down $32,480 under the BNP $32,480 Facility.</font></div>
<div style="text-align:justify;margin-left: 96.0px;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(ii) On February 27, 2015, the Company took delivery of the vessels <i>Honey Badger</i> (ex-HN 164) and <i>Wolverine</i> (ex-HN 165), for which the Company paid delivery installments of $19,422 each. On March 13, 2015, the Company drew down $38,162 for the financing of both <i>Honey Badger</i> and <i>Wolverine</i> under the Sinosure Facility.</font></div>
<div style="text-align:justify;margin-left: 96.0px;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(iii) On March 25, March 31, April 7, and June 26, 2015, the Company took delivery of the Ultramax vessels <i>Idee Fixe</i> (ex-HN 1063), <i>Roberta</i> (ex-HN 1061), <i>Laura</i> (ex-HN 1062) and <i>Kaley</i> (ex-HN1064), respectively, which are all subject to separate bareboat charter agreements (which are accounted for as capital leases as discussed below) with Jiangsu Yangzijiang Shipbuilding Co. Ltd. (“New Yangzijiang”).</font></div>
<div style="text-align:justify;margin-left: 96.0px;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(iv) On April 2, 2015, the Company took delivery of the Newcastlemax vessel <i>Gargantua</i> (ex-HN 166). The delivery instalment of $37,682 was partially financed by $32,400 drawn under the DNB-SEB-CEXIM $227,500 Facility, while the remaining amount was financed through existing cash. </font></div>
<div style="text-align:justify;margin-left: 96.0px;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(v) On May 27, 2015, the Company took delivery of the Capesize vessel <i>Deep Blue</i> (ex-HN 5017). The delivery installment of $34,982 was partially financed by $28,680 drawn under the DVB $31,000 Deep Blue Facility.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Acquisition of secondhand vessels</i>:</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">During the six month period ended June 30, 2015, the remaining six of the Excel Vessels (<i>Star Nina</i> (ex. <i>Iron Kalypso</i>), <i>Star Nicole</i> (ex. <i>Elinakos</i>), <i>Star Claudia</i> (ex. <i>Happyday</i>), <i>Star Monisha</i> (ex. <i>Iron Beauty</i>), <i>Rodon</i> and <i>Star Jennifer</i> (ex. <i>Ore Hansa</i>) were delivered to the Company in exchange for 4,257,887 common shares and $39,475 in cash, completing the acquisitions of 34 vessels from Excel as further discussed in Note 1 above.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Sale of vessels</i>:</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On January 20, January 28, March 6, and March 19, 2015, the Company entered into separate agreements with third parties to sell four of the recently acquired Excel Vessels <i>Star Julia</i>, <i>Star Tatianna</i>, <i>Rodon </i>and <i>Star Monika</i>, respectively. The vessels were delivered to their new owners on February 4,  February 9, March 12 and April 7, 2015, respectively. As of March 31, 2015, the vessel Star Monika met the criteria for classification as held for sale, and the Company recognized an impairment loss of $1,080. In addition, the vessel <i>Star Kim,</i> which was agreed to be sold in December 2014, was delivered to its new owners on January 21, 2015. In connection with the sale of the vessels <i>Star Julia</i>,<i> Star Tatianna, Star Monika </i>and <i>Star Kim,</i> the Company prepaid an amount of $18,181 under the Excel Vessel CiT Facility. </font></div>
<div style="text-align:justify;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">In addition, on April 17, 2015, May 18, 2015 and June 5, 2015 the Company entered into separate agreements with third parties to sell the vessels <i>Star Big, Star Christianna</i> and <i>Star Mega</i>. The vessels were delivered to their new owners on June 4, 2015, June 23, 2015 and June 17, 2015, respectively.</font></div>
<div style="text-align:justify;text-indent:48.0px;"><font style="font-family:Arial;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">In connection with the aforementioned sales the Company recognized a total net loss on sale of vessels of $13,389, which is separately reflected in the statement of operations for the six month period ended June 30, 2015.</font></div>
<div style="text-align:justify;text-indent:48.0px;"><font style="font-family:Arial;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On May 28, 2015, the Company entered into an agreement with a third party to sell the vessel <i>Maiden Voyage</i>. As part of this transaction, the vessel will be leased back to the Company under a time charter for two years, and Star Bulk will guarantee all the liabilities and responsibilities of the vessel's shipowning entity (Premier Voyage LLC) under this charter. The lease back did not meet the lease classification test for a capital lease and will be accounted for as operating lease. In addition, the vessel did not meet the 'held-for-sale' classification criteria as of June 30, 2015, as it was not considered available for immediate sale in its present condition. In connection with this sale, an impairment charge of $8,282 was recorded, which includes a $4,411 write-off of the fair value adjustment recognized upon the Merger (Note 1). The vessel was delivered to its new owner in September 2015 (Note 15).</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Capital leases</i>:</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On May 17, 2013, subsidiaries of Oceanbulk entered into separate bareboat charter party contracts with affiliates of New Yangzijiang shipyards for eight-year bareboat charters of four newbuilding 64,000 dwt Ultramax vessels being built at New Yangzijiang.  The Company assumed these bareboat charters following the completion of the Merger. The vessels were constructed pursuant to four shipbuilding contracts entered into between four pairings of affiliates of New Yangzijiang.  Each pair had one shipyard party (each, a “New YJ Builder”) and one ship-owning entity (each a “New YJ Owner”).  Delivery of each vessel to the Company was deemed to occur upon delivery of the vessel to the New YJ Owner from the corresponding New YJ Builder. Pursuant to the terms of the bareboat charter, the Company was required to pay upfront fees, corresponding to the pre-delivery installments to the shipyard. An amount of $20,680 for the construction cost of each vessel, corresponding to the delivery installment to the shipyard, as agreed to be financed by the relevant New YJ Owner, to whom the Company will pay a pre-agreed daily bareboat charter hire rate on a 30-days advance basis.  After each vessel's delivery, the Company has monthly purchase options to acquire the vessel at pre-determined, amortizing-during-the-charter-period prices.  On the eighth anniversary of the delivery of each vessel, the Company has the obligation to purchase the vessel at a purchase price of $6,000. Upon the earlier of the exercise of the purchase options or the expiration of the bareboat charters, the Company will own the four vessels. As further discussed above, the Company took delivery of these four vessels during the six month period ended June 30, 2015.  </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Based on applicable accounting guidance, the Company determined that the bareboat charters should be classified as capital leases. At the time of delivery, when the term of the lease was deemed to begin, the Company recorded a financial liability and a financial asset equal to the present value of the minimum lease payments in accordance with the applicable capital lease accounting guidance. The net book value of these vessels (which includes the upfront fees paid by the Company to the lessor during the construction period and the additional amounts paid by the Company to the lessor at the vessel's delivery in form of additional upfront fees, net of accumulated depreciation) recorded as of June 30, 2015 is reflected within “Vessels and other fixed assets, net” in the accompanying unaudited consolidated balance sheet. The charge resulting from amortization of these leased assets is included within “depreciation expense” in the accompanying unaudited statement of operations.  The interest expense on the financial liability related to these capital leases as of June 30, 2015 was $872 and is included within “Interest and finance costs” in the accompanying unaudited statement of operations. As of June 30, 2015 the net book value of the vessels was $123,210, with accumulated amortization of $842. </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The principal payments required to be made after June 30, 2015, for the outstanding capital lease obligations, are as follows:</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style=" margin-left: 33.3px;pt;border-collapse: collapse; border: none">
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Twelve month periods ending</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Amount</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2016</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8,640</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2017</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8,640</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2018</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8,640</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2019</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">9,572</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2020</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">12,370</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2021 and thereafter</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:13.3px;"> </div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-indent:13.3px;"> </div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">58,016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:15px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total capital lease minimum payments</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>105,878</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:16px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Excluding bareboat interest </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">24,198</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:13px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total lease commitments</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>81,680</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:13px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Lease commitments - current portion</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">4,380</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Lease commitments - non-current portion</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">77,300</font></div></td>
</tr>
</table>
<div><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>4.</b>      <b>Inventories:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The amounts shown in the accompanying consolidated balance sheets are analyzed as follows:</font></div>
<div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      </font></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style=" margin-left: 40.0px;pt;border-collapse: collapse; border: none">
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:158px;height:26px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">  </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>December 31, 2014</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:103px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>June 30, 2015</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:158px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Lubricants</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">6,853</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:103px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8,106</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:158px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Bunkers</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">7,515</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:103px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8,585</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:158px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>14,368</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:103px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>16,691</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:158px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:103px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
</table>
<div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div>
<div style="text-align:justify;text-indent:0.0px;"></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2.</b>      <b>Significant accounting policies and recent accounting pronouncements:</b></font></div>
<div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">A summary of the Company's significant accounting policies is included in Note 2 to the Company's consolidated financial statements included in the Annual Report on Form 20-F for the fiscal year ended December 31, 2014, filed with the SEC on April 8, 2015. There have been no changes to the Company's significant accounting policies in the six month period ended June 30, 2015, except for the following:</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Vessel, net: </b>Effective January 1, 2015, and following management's reassessment of the residual value of the Company's vessels, the estimated scrap value per light weight tonnage was increased from $0.2 to $0.3. The current value of $0.3 was based on the historical average demolition prices prevailing in the market. The effect of this change in accounting estimate, which pursuant to Accounting Standards Codification ('ASC') 250 “Accounting Changes and Error Corrections” was applied prospectively and did not require retrospective application, was to decrease the depreciation expense and the net loss for the six month period ended June 30, 2015, by $3,273 or $0.02 loss per basic and diluted share.   </font></div>
<div style="text-align:justify;text-indent:48.0px;"><font style="font-family:TimesNewRoman-Bold;font-size:13.3px;color:#000000; "><b>Vessels under capital lease:</b></font><font style="font-family:TimesNewRoman;font-size:13.3px;color:#000000; "> The Company has entered into certain leasing agreements for the leasing of various vessels. Leases of vessels, are classified as capital leases when they satisfy the criteria for capital lease classification under ASC 840 “Leases”. Capital leases are capitalized at the inception of the lease at the lower of the fair value of the leased assets and the present value of the minimum lease payments. Each lease payment is allocated between liability and finance charges to achieve a constant rate on the capital balance outstanding. The interest element of the capital cost is charged to the statement of operations and is included within "Interest and finance costs" in the consolidated statement of operations.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:TimesNewRoman;font-size:13.3px;color:#000000; ">Depreciation of vessels under capital lease is included within "Depreciation" in the consolidated statement of operations. When the ownership of a vessel is transferred at the end of the lease, or there is a bargain purchase option, the vessel is depreciated on a straight-line basis over its useful life as if the vessel was owned. Otherwise</font><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> vessels under capital lease are depreciated on a straight-line basis over the term of the lease.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Share incentive plan awards - Share Options:</b> The fair value of share option grants is determined with reference to option pricing models, and depends on the terms of the granted options. The fair value is recognized (generally as compensation expense) over the requisite service period for all awards that vest. </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Recent accounting pronouncements:</b></i></font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Simplifying the Presentation of Debt Issuance Costs</b></i>: In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ('ASU') No.  2015-03, <i>Interest—Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs. </i>ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. ASU 2015-03 is effective, for public business entities, for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early application is permitted. While the Company has not yet adopted this ASU, its adoption is not expected to have a material effect on the Company's financial statements and accompanying notes.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Revenue from Contracts with Customers</b></i>: On May 28, 2014, the FASB issued ASU No. 2014-09 “<i>Revenue from contracts with customers</i>” with an effective date for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. On August 12, 2015, the FASB issued ASU No. 2015-14 “<i>Revenue from contracts with customers</i>” which defers the effective date of ASU 2014-09 for public business entities to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted. Presently, the Company is assessing what effect the adoption of these ASUs will have on its financial statements and accompanying notes.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Technical Corrections and Improvements</b></i>: In June 2015, FASB issued ASU No.  2015-10, <i>Technical Corrections and Improvements. </i>The amendments in this update cover a wide range of Topics in the ASC. The amendments in this update represent changes to make minor corrections or minor improvements to the ASC that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. Among others, according to the requirements of the ASU, for nonrecurring measurements estimated at a date during the reporting period other than the end of the reporting period, a reporting entity shall clearly indicate that the fair value information presented is not as of the period's end as well as the date or period that the measurement was taken. Transition guidance varies based on the amendments in this update. The amendments in this update that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. All other amendments will be effective upon the issuance of this update. While the Company has not yet adopted this ASU, its adoption is not expected to have a material effect on the Company's financial statements and accompanying notes.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Simplifying the Measurement of Inventory:</b></i></font><font style="font-family:Arial;font-size:13.3px;color:#000000; "><i> </i></font><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">In July 2015, the FASB issued ASU No. 2015-11, “<i>Simplifying the measurement of inventory</i>”. Topic 330, Inventory, currently requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. The amendments in this update require an entity to measure inventory within the scope of this update at the lower of cost and net realizable value.  For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years.. The amendments in this update should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period.  While the Company has not yet adopted this ASU, its adoption is not expected to have a material effect on the Company's financial statements and accompanying notes.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>1.</b>      <b>Basis of Presentation and General Information:</b></font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Bulk Carriers Corp. (“Star Bulk”) is a shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Star Bulk's common shares started trading on the NASDAQ Global Select Market on December 3, 2007, under the ticker symbol “SBLK.” The accompanying unaudited interim condensed consolidated financial statements include the accounts of Star Bulk and its subsidiaries, which are hereinafter collectively referred to as the “Company,” and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information.  Accordingly, they do not include all the information and notes required by U.S. GAAP for annual financial statements.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented.  Operating results for the six months ended June 30, 2015, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2015.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The unaudited interim condensed consolidated financial statements presented in this report should be read in conjunction with the Company's Annual Report on Form 20-F for the year ended December 31, 2014, filed with the SEC on April 8, 2015.  The balance sheet as of December 31, 2014 has been derived from the audited financial statements as of that date, but, pursuant to the requirements for interim financial information, does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>The 2014 Transactions</b></font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On July 11, 2014, the Company, as part of its growth strategy, completed a transaction that resulted in the acquisition of Oceanbulk Shipping LLC (“Oceanbulk Shipping”) and Oceanbulk Carriers LLC (“Oceanbulk Carriers”, and, together with Oceanbulk Shipping, “Oceanbulk”) from Oaktree Dry Bulk Holdings LLC (including affiliated funds, “Oaktree”) and Millennia Holdings LLC (“Millennia Holdings”, and together with Oaktree, the “Sellers”) through the merger of the Company's wholly-owned subsidiaries, Star Synergy LLC and Star Omas LLC, into Oceanbulk's holding companies (the “Merger”).  At the time of the Merger, Oceanbulk owned and operated a fleet of 12 dry bulk carrier vessels and owned contracts for the construction of 25 newbuilding fuel-efficient Eco-type dry bulk vessels at shipyards in Japan and China.  Millennia Holdings is an entity that is affiliated with the family of Mr. Petros Pappas, who became the Company's Chief Executive Officer in connection with the Merger.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The agreement governing the Merger also provided for the acquisition (the “Heron Transaction”) by the Company of two Kamsarmax vessels (the “Heron Vessels”), from Heron Ventures Ltd.  (“Heron”), a limited liability company incorporated in Malta, which was a joint venture between Oceanbulk Shipping and a third party. The Heron Transaction has been reflected in the Company's consolidated financial statements as a purchase of assets.  </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">In addition, concurrently with the Merger, the Company completed a transaction (the “Pappas Transaction”), in which it acquired all of the issued and outstanding shares of Dioriga Shipping Co. and Positive Shipping Company (collectively, the “Pappas Companies”), which were entities owned and controlled by affiliates of the family of Mr. Pappas.  At the time of the Merger, the Pappas Companies owned and operated a dry bulk carrier vessel (<i>Tsu Ebisu</i>) and had a contract for the construction of a newbuilding dry bulk carrier vessel, HN 5016 (<i>Indomitable</i>), which was delivered in January 2015. The Merger, the Heron Transaction and the Pappas Transaction are referred to, together, as the “July 2014 Transactions”.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">A total of 54,104,200 of the Company's common shares were issued to the various selling parties in the July 2014 Transactions, consisting of 48,395,766 common shares consideration for the Merger with Oceanbulk, 3,592,728 common shares consideration for the acquisition of Pappas Companies and 2,115,706 common shares partial consideration for the acquisition of the Heron Vessels.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The results of operations of Oceanbulk and the Pappas Companies have been reflected in the Company's consolidated statement of operations since the acquisition date (July 11, 2014).  As a result, no financial information of Oceanbulk and the Pappas Companies are included in the accompanying statement of operations for the period ended June 30, 2014. </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The following unaudited pro forma consolidated financial information reflects the results of operations for the six month period ended June 30, 2014, as if the Merger and the Pappas Transaction had been consummated on January 1, 2013 and after giving effect to purchase accounting adjustments, including the nonrecurring pro forma reversal of:  (i)  all acquisition-related transaction costs of $2,363 incurred in the six month period ended June 30, 2014 and (ii) the interest expense of $1,816 incurred in the six month period ended June 30, 2014, with respect to the convertible loan owed by Oceanbulk to its members, which was converted into equity because of the Merger, as if the conversion had taken place on January 1, 2013.  These unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been had the Merger and the Pappas Transaction actually taken place on January 1, 2013. In addition, these results are not intended to be a projection of future results and do not reflect any synergies that might be achieved from the combined operations:</font></div>
<div style="margin-left: 14.4px;text-indent:-13.3px;"></div>
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<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:521px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:116px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Six month period ended June 30, 2014</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:521px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pro forma revenues      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:116px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $      73,448</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:521px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pro forma operating loss      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:116px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(4,637</font></div></td><td valign="bottom"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:521px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pro forma net loss      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:116px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(12,270</font></div></td><td valign="bottom"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:521px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pro forma loss per share, basic and diluted      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:116px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $      (0.15)</font></div></td>
</tr>
</table>
<div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">In addition, on August 19, 2014, the Company entered into definitive agreements with Excel Maritime Carriers Ltd.  (“Excel”) pursuant to which (the “Excel Transactions”) the Company acquired 34 operating dry bulk vessels, consisting of six Capesize vessels, 14 sistership Kamsarmax vessels, 12 Panamax vessels and two Handymax vessels (the “Excel Vessels”) for an aggregate consideration of 29,917,312 of its common shares (the “Excel Vessel Share Consideration”) and $288,391 in cash. The last Excel Vessel was delivered to the Company in April 2015. The delivery of each Excel Vessel has been reflected in the Company's financial statements as a purchase of assets.  </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The Excel Transactions along with the July 2014 Transactions are herein collectively referred to as the “2014 Transactions”.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Subsidiaries, Owned Vessels and Newbuilding Contracts</b></font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Below is the list of Star Bulk's subsidiaries, all of which are wholly owned, as of June 30, 2015:</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Vessels in operation at June 30, 2015</b></i></font></div>
<div style="text-align:right;text-indent:0.0px;"></div>
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<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:193px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:146px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:63px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Date</b></font></div></td>
<td valign="bottom" colspan="2" style=" border:solid #000000 0.0px;width:91px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Wholly Owned Subsidiaries</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Vessel Name</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>DWT</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Delivered to Star Bulk</b></font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Year Built</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">1 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Pearl Shiptrade LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Gargantua (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">209,529</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">April 2, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  L.A. Cape Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Deep Blue (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">182,608</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">May 27, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">3 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Cape Ocean Maritime LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Leviathan (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">182,511</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">September 19, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2014</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">4 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Cape Horizon Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Peloreus (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">182,496</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 22, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2014</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">5 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Positive Shipping Company</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Indomitable (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">182,476</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">January 8, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">6 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  OOCAPE1 Holdings LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Obelix (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">181,433</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">7 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Sandra Shipco LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Pauline (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">180,274</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 29, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2008</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">8 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Christine Shipco LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Christine (tbr Star Martha) (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">180,274</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">October 31, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2010</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">9 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Pacific Cape Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Pantagruel (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">180,181</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2004</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">10 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Borealis LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Borealis</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">179,678</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">September 9, 2011</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">11 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Polaris LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Polaris</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">179,600</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">November 14, 2011</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">12 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident V LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Angie (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">177,931</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">October 29, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2007</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">13 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Sky Cape Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Big Fish (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">177,643</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2004</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">14 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Global Cape Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Kymopolia (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">176,990</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">15 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Sea Cape Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Big Bang (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">174,109</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2007</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">16 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Aurora LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Aurora</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">171,199</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">September 8, 2010</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2000</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">17 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Lowlands Beilun Shipco LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Despoina (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">170,162</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 29, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">1999</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">18 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident VII LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Eleonora (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">164,218</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 3, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2001</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">19 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident VI LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Monisha (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">164,218</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">February 2, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2001</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">20 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Nautical Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Amami (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">98,681</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">21 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Majestic Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Madredeus (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">98,681</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">22 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Sirius LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Sirius</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">98,681</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">March 7, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">23 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Vega LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Vega</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">98,681</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">February 13, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">24 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Alta II LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Angelina (3)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,981</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 5, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">25 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Alta I LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Gwyneth (3)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,790</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 5, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">26 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident I LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Kamila </i>(2)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,769</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">September 3, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2005</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">27 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Grain Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Pendulum (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,619</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">28 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XIX LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Maria (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,598</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">November 5, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2007</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">29 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XII LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Markella (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,594</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">September 29, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2007</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">30 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident IX LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Danai (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,574</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">October 21, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">31 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XI LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Georgia (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,298</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">October 14, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">32 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident VIII LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Sophia (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,269</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">October 31, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2007</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">33 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XVI LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Mariella (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,266</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">September 19, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">34 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XIV LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Moira (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,257</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">November 19, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">35 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XVIII LLC </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Nina (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,224</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">January 5, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">36 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident X LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Renee (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,221</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 18, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">37 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident II LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Nasia  (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,220</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">August 29, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">38 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XIII LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Laura (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,209</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 8, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">39 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XV LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Jennifer (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,209</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">April 15, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">40 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XVII LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Helena (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,187</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 29, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">41 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Mineral Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Mercurial Virgo (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">81,545</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2013</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">42 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  KMSRX Holdings LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Magnum Opus (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">81,022</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2014</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">43 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Dioriga Shipping Co.</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Tsu Ebisu (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">81,001</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2014</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">44 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident III LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Iris (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">76,466</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">September 8, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2004</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">45 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident IV LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Aline (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">76,429</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">September 4, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2004</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">46 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XX LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Emily (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">76,417</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">September 16, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2004</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">47 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XXII LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Natalie  (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">73,798</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">August 29, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">1998</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">48 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XXIII LLC </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Nicole (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">73,751</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">January 14, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">1997</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">49 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XXV LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Vanessa (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">72,493</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">November 7, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">1999</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">50 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XXVI LLC </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Claudia (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">71,662</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">January 20, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">1997</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">51 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Spring Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Idee Fixe (1)(4)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">63,458</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">March 25, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">52 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Orion Maritime LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Roberta (1)(4)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">63,426</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">March 31, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">53 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Success Maritime LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Laura (1)(4)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">63,399</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">April 7, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">54 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Ultra Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Kaley (1)(4)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">63,283</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">June 26, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">55 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Challenger I LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Challenger</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">61,462</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 12, 2013</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2012</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">56 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Challenger II LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Fighter</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">61,455</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 30, 2013</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2013</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">57 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Aurelia Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Honey Badger (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">61,297</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">February 27, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">58 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Rainbow Maritime LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Wolverine (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">61,297</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">February 27, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">59 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Premier Voyage LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Maiden Voyage (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">58,722</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2012</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">60 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Glory Supra Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Strange Attractor (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">55,742</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">61 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Omicron LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Omicron</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">53,489</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">April 17, 2008</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2005</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">62 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Gamma LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Gamma</i> (ex <i>C Duckling</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">53,098</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">January 4, 2008</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2002</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">63 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Zeta LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Zeta</i> (ex I <i>Duckling</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">52,994</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">January 2, 2008</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2003</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">64 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Delta LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Delta </i>(ex <i>F Duckling</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">52,434</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">January 2, 2008</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2000</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">65 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Theta LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Theta</i> (ex <i>J Duckling</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">52,425</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 6, 2007</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2003</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">66 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Epsilon LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Epsilon</i> (ex <i>G Duckling</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">52,402</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 3, 2007</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2001</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">67 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Cosmo LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Cosmo</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">52,246</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 1, 2008</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2005</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">68 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Kappa LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Kappa</i> (ex <i>E Duckling</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">52,055</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 14, 2007</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2001</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">69 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XXX LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Michele </i>(2)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">45,588</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">October 14, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">1998</font></div></td>
</tr>
</table>
<div><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div>
<div style="margin-bottom:4.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:12.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(1)      Vessels acquired pursuant to the Merger and the Pappas Transaction</font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:12.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(2)      Vessels acquired pursuant to the Excel Transactions</font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:12.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(3)   Vessels acquired from Heron</font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:12.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(4)      Vessels subject to a capital bareboat lease (Note 5)</font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:12.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:12.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Newbuildings at June 30, 2015</b></i></font></div>
<div style="text-align:center;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div></td>
<td valign="middle" rowspan="2" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Wholly Owned Subsidiaries</b></font></div></td>
<td valign="middle" rowspan="2" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Newbuildings Name</b></font></div></td>
<td valign="middle" rowspan="2" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Type</b></font></div></td>
<td valign="middle" rowspan="2" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>DWT</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Expected Delivery</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Date</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">1 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Sea Diamond Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN NE 167 <i>(</i>tbn<i> Goliath) </i>(Note 15)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">209,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Coral Cape Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN NE 184 <i>(</i>tbn<i> Maharaj) </i>(Note 15)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">209,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">3 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Ennea LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN NE 198 (tbn <i>Star Poseidon</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">209,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">March 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">4 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Clearwater Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1359 (tbn <i>Star Marisa</i>) (1) (2)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">208,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">November 2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">5 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Seeker LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1372 (tbn <i>Star Libra</i>) (2)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">208,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">November 2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">6 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Domus Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1360 (tbn <i>Star Ariadne</i>) (1) (2)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">208,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">February 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">7 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Castle I LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1342 (tbn <i>Star Gemini</i>) (1)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">208,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">March 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">8 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Breezer LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1371 (tbn <i>Star Virgo</i>) (2)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">208,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">February 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">9 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Festive Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1361 (tbn <i>Star Magnanimus</i>) (1) (2)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">208,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">May 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">10 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Castle II LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1343 (tbn <i>Star Leo</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">208,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">March 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">11 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  White Sand Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1363 (tbn <i>Star Chaucer</i>) (1) (2)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">208,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">September 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">12 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Cape Confidence Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 5055 <i>(</i>tbn<i> Behemoth)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Capesize</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">182,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">January 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">13 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Cape Runner Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 5056 <i>(</i>tbn<i> Megalodon)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Capesize</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">182,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">January 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">14 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Olympia Shiptrade LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1312 <i>(</i>tbn<i> Bruno Marks)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Capesize</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">180,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">September 2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">15 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Victory Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1313 <i>(</i>tbn<i> Jenmark)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Capesize</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">180,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">October 2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">16 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Cape I LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1338 (tbn <i>Star Aries</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Capesize</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">180,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">November 2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">17 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Cape II LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1339 (tbn <i>Star Taurus</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Capesize</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">180,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">March 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">18 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Blooming Navigation LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1080 <i>(</i>tbn<i> Kennadi)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">64,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">January 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">19 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Jasmine Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1081 <i>(</i>tbn<i> Mackenzie)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">64,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">February 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">20 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Oday Marine LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1082 <i>(</i>tbn<i> Night Owl)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">64,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">March 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">21 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Searay Maritime LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1083 <i>(</i>tbn<i> Early Bird)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">64,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">April 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">22 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Axe I LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN NE 196 (tbn <i>Star Antares</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">61,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">October 2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">23 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Axe II LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN NE 197 (tbn <i>Star Lutas</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">61,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">January 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">24 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Asia I LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 5040 (tbn <i>Star Aquarius</i>) (Note 15)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">60,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">25 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Asia II LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 5043 (tbn <i>Star Pisces</i>) (Note 15)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">60,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">August 2015</font></div></td>
</tr>
</table>
<div align="justify"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:6.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(1)      Vessels acquired pursuant to the Merger and the Pappas Transaction</font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:12.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(2)      Subject to a capital bareboat lease (Note 6)</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Non-vessel owning subsidiaries at June 30, 2015</b></i></font></div>
<div style="text-align:justify;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Wholly Owned Subsidiaries</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Bulk Management Inc.</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Starbulk S.A.</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Bulk Manning LLC</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Omas LLC (1) </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Synergy LLC (1)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Oceanbulk Shipping LLC</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Oceanbulk Carriers LLC</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">International Holdings LLC</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Unity Holding LLC</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Bulk (USA) LLC</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Trident XXI LLC (2)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Trident XXIV LLC (2)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Trident XXVII LLC (2)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Trident XXXI LLC (2)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Trident XXIX LLC (2)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Trident XXVIII LLC (2)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Lamda LLC (2)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Alpha LLC (2)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Beta LLC (2)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Ypsilon LLC (2)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Mega LLC (2)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Big LLC (2)</font></div></td>
</tr>
</table>
<div align="justify"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:6.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(1)      Entities established to merge with the holding companies of Oceanbulk</font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:12.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(2)      Owning companies of vessels which were sold that currently have no operations</font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Below is the list of the vessels which were under commercial and technical management by Star Bulk's wholly owned subsidiary, Starbulk S.A., during the six month period ended June 30, 2014.  For each vessel, Starbulk S.A. received a fixed management fee of $0.75 per day.</font></div>
<div style="text-align:justify;margin-bottom:12.0px;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:center;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Vessel Owning Company</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Vessel Name</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>DWT</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Effective Date</b></font></div><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>of Management</b></font></div><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Agreement</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Year Built</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Global Cape Shipping LLC (1)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Kymopolia</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">176,990</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">January 30, 2014</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">OOCAPE1 Holdings LLC (1)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Obelix</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">181,433</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">October 19, 2012</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pacific Cape Shipping LLC (1)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Pantagruel</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">180,181</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">October 24, 2013</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2004</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Sea Cape Shipping LLC (1)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Big Bang</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">174,109</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">August 30, 2013</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2007</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Sky Cape Shipping LLC (1)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Big Fish</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">177,662</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">October 18, 2013</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2004</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Majestic Shipping LLC (1)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Madredeus</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">98,681</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">February 4, 2014</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Nautical Shipping LLC (1)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Amami</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">98,681</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">February 4, 2014</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Grain Shipping LLC (1)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Pendulum</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,619</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">February 17, 2014</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Mineral Shipping LLC (1)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Mercurial Virgo</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">81,545</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">February 17, 2014</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Adore Shipping Corp.</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Renascentia (2)</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">74,732</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 20, 2013</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1999</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Hamon Shipping Inc</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Marto</i> (3)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">74,470</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">August 2, 2013</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2001</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Glory Supra Shipping LLC (1)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Strange Attractor</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">55,742</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">September 24, 2013</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Premier Voyage LLC (1)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Maiden Voyage</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">58,722</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">September 28, 2012</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2012</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Serenity Maritime Inc.</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Serenity I</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">53,688</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 11, 2011</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td>
</tr>
</table>
<div align="justify"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:6.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(1)      The respective companies were related parties, please refer to Note 3, which became wholly owned subsidiaries following the completion of the Merger on July 11, 2014, when the respective management agreements were terminated.</font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:6.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(2)      On June 20, 2014, this vessel was sold and the management agreement between Starbulk S.A. and the previous owners was terminated. The Company received management fees for a period of two months following the termination date, in accordance with the terms of the management agreement</font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:12.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(3)      On July 3, 2014, the Company received a notice of termination of the management agreement for the vessel <i>Marto</i>, one of the third-party owned vessels under the Company's management.  The management agreement was terminated upon the vessel's delivery to its new managers, on August 20, 2014.  The Company was entitled to receive management fees for a period of three months following the termination date, in accordance with the terms of the management agreement.</font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"></div>
<div style="text-align:justify;margin-left: 14.4px;text-indent:-13.3px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:290px;"><div style="text-align:justify;margin-left: 14.4px;text-indent:-13.3px;"> </div></td>
<td valign="top" colspan="4" style=" border:solid #000000 0.0px;width:375px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Significant Other Observable Inputs (Level 2)</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:290px;"><div style="text-align:justify;margin-left: 14.4px;text-indent:-13.3px;"> </div></td>
<td valign="bottom" colspan="2" style=" border:solid #000000 0.0px;width:187px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>December 31, 2014</b></font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:187px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>June 30, 2015</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:290px;"><div style="text-align:justify;margin-left: 14.4px;text-indent:-13.3px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(not designated as cash flow hedges)</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:84px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(designated as cash flow hedges)</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(not designated as cash flow hedges)</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:83px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(designated as cash flow hedges)</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:290px;"><div style="text-align:justify;margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>ASSETS</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:84px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:83px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:290px;"><div style="text-align:justify;margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Interest rate swaps - asset position      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $      —</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:84px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $      —</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $      —</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:83px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $      —</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:290px;"><div style="text-align:justify;margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total</b>            </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      <b>$</b>      —</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:84px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      <b>$</b>      —</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      <b>$</b>      —</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:83px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      <b>$</b>      —</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:290px;"><div style="text-align:justify;margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>LIABILITIES</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:84px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:83px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:290px;"><div style="text-align:justify;margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Interest rate swaps - liability position      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $       —</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:84px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $       7,732</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $      9,819</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:83px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $      1,081</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:290px;"><div style="text-align:justify;margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total</b>      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      <b>$</b>      <b>—</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:84px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      <b>$</b>      <b>7,732</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:103px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      <b>$</b>      <b>9,819</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:83px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      <b>$</b>      <b>1,081</b></font></div></td>
</tr>
<tr>
<td style="width:290px;"></td>
<td style="width:103px;"></td>
<td style="width:84px;"></td>
<td style="width:103px;"></td>
<td style="width:83px;"></td>
</tr>
</table>
<div></div>
<div style="margin-left: 14.4px;text-indent:-13.3px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Unaudited Condensed Consolidated Statement of Operations</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>June 30,</b></font></div><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2014</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>June 30,</b></font></div><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2015</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Gain/(loss) on derivative instruments, net</b></i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 24.0px;text-indent:-12.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Unrealized gains/(losses) from the Credit Agricole Swaps and the HSH Swaps before hedging designation (August 31, 2014)      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$      (819)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $       —</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 24.0px;text-indent:-12.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Unrealized gains/(losses) from the Goldman Sachs Swaps after de-designation of accounting hedging relationship (April 1, 2015)      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">—</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">             883</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 24.0px;text-indent:-12.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Realized gains/(losses) from the Goldman Sachs Swaps after de-designation of accounting hedging relationship (April 1, 2015)      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">—</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">             (1,344)</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 24.0px;text-indent:-12.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Write-off of unrealized losses related to forecasted transactions which are no longer considered probable reclassified from other comprehensive income/(loss)       </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">—</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(227</font></div></td><td valign="bottom"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 14.4px;text-indent:-1.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Ineffective portion of cash flow hedges      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">—</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">—</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total Gains/(Losses) on derivative instruments, net</b>      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$       (819)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $      (688)</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Interest and finance costs</b></i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 30.0px;text-indent:-17.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Reclassification adjustments of interest rate swap loss transferred to Interest and finance costs from Other comprehensive income/(loss)      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">—</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(1,491</font></div></td><td valign="bottom"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:442px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total Gains/(Losses) recognized</b>      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $      —</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:97px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $      (1,491)</font></div></td>
</tr>
</table>
<div></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" colspan="5" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:241px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Six month period ended June 30, </b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2014</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2015</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Income / (Loss):</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Net  income / (loss)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(3,870</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">) </font></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(105,197</font></div></td><td valign="middle"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">  </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Basic  earnings/  (loss) per share:</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Weighted average common shares outstanding, basic</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">28,973,621 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">171,736,658 </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Basic earnings  (loss) per share</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(0.13)</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(0.61)</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Effect of dilutive securities:</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Dilutive effect of non-vested shares</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                          -   </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Weighted average common shares outstanding, diluted</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">28,973,621 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">171,736,658 </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:303px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Diluted  earnings / (loss) per share</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:115px;"><div style="text-indent:133.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:19px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:81px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(0.13)</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:37px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:16px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:86px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(0.61)</b></font></div></td>
</tr>
<tr>
<td style="width:303px;"></td>
<td style="width:115px;"></td>
<td style="width:19px;"></td>
<td style="width:81px;"></td>
<td style="width:37px;"></td>
<td style="width:16px;"></td>
<td style="width:86px;"></td>
</tr>
</table>
<div></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="middle" rowspan="2" style=" border:solid #000000 0.0px;width:417px;height:36px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:220px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Six month period ended <br/>June 30,</b></font></div><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">            <b>2014                             2015</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:94px;height:12px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:30px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:417px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Interest on long term debt </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$3,936 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:30px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$16,991 </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:417px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Less: Interest capitalized </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(1,252</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:30px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">) </font></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(6,221</font></div></td><td valign="middle"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:417px;height:38px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Reclassification adjustments of interest rate swap loss transferred to Interest and finance costs from Other Comprehensive Income </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                     -   </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:30px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">               1,491 </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:417px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Amortization of loan expenses </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                  284 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:30px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">               1,199 </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:417px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Other bank and finance charges </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">89</font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:30px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">411</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:417px;height:13px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Interest and finance costs</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$3,057 </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:30px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$13,871 </b></font></div></td>
</tr>
<tr>
<td style="width:417px;"></td>
<td style="width:94px;"></td>
<td style="width:30px;"></td>
<td style="width:94px;"></td>
</tr>
</table>
<div></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Twelve month periods ending</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:29px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Amount</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2016</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:29px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">93,128</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2017</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:29px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">140,554</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2018</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:29px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">89,780</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2019</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:29px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">203,411</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2020</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:29px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">215,902</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2021 and thereafter</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:13.3px;"> </div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:29px;"><div style="text-indent:13.3px;"> </div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">115,293</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:13px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total (including 8% 2019 Notes)</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:29px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>858,068</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:14px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Excluding 8.00% 2019 Notes</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:29px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">50,000</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:13px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total Long term debt</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:29px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>808,068</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:13px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Long term debt - current portion</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:29px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">93,128</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:477px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Long term debt - non-current portion</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:36px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:29px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:93px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">714,940</font></div></td>
</tr>
</table>
<div></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:26px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>December 31, 2014</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>June 30, 2015</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Commerzbank $120,000 and $26,000 facilities</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">74,680</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">44,417</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Credit Agricole Corporate and Investment Bank $70,000 facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">54,968</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">52,998</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">ABN AMRO Bank N.V. $31,000 facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">12,800</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                 -   </font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">HSH Nordbank AG $64,500 facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">29,600</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">24,547</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">HSH Nordbank AG $35,000 facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">33,187</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">31,979</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Deutsche Bank AG $39,000 facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">36,660</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">35,100</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">ABN $87,458 Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">76,689</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">71,740</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Deutsche Bank $85,000 Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,708</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">79,875</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">HSBC $86,600 Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">83,490</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">80,380</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">CEXIM $57,360 Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">HSBC $20,000 Dioriga Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">19,300</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">18,600</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">NIBC $32,000 Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">BNP $32,480 Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">32,480</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">31,406</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Excel Vessel Bridge Facility </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">56,161</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                 -   </font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">DVB $24,750 Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">24,750</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">22,950</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Excel Vessel CiT Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">30,000</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Sinosure Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">37,366</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Citi Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">51,478</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">87,329</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Heron Vessels Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">24,567</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">21,589</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">DNB $120,000 Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">88,275</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">106,712</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">DVB $31,000 Deep Blue Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">28,680</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">DNB-SEB-CEXIM 227,500 Facility</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">-</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">32,400</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8.00% 2019 Notes</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">50,000</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">50,000</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:392px;height:13px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:94px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>861,793</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:23px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:76px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>858,068</b></font></div></td>
</tr>
</table>
<div></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style=" margin-left: 34.7px;pt;border-collapse: collapse; border: none">
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:341px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Twelve month periods ending</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:112px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Amount</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:341px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2016</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:112px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2,723</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:341px;height:13px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:57px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:112px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2,723</b></font></div></td>
</tr>
</table>
<div></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style=" margin-left: 34.7px;pt;border-collapse: collapse; border: none">
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:264px;height:39px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><br/><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>December 31, 2014</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:79px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>June 30, 2015</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:264px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:79px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:264px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pre-delivery yard installments </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">270,947</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:79px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">206,997</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:264px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Fair value adjustment (Note 1)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">137,923</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:79px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">86,400</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:264px;height:25px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Bareboat capital leases - upfront hire and handling fees</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">31,467</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:79px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">44,551</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:264px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Capitalized interest and finance costs</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">10,654</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:79px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">14,636</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:264px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Other capitalized costs (Note 3)  </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">3,542</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:79px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">4,554</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:264px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Advances for secondhand vessels</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">79</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:79px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:264px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Impairment charge</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                         -   </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:79px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(19,467</font></div></td><td valign="middle"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:264px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:102px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>454,612</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:79px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>337,671</b></font></div></td>
</tr>
</table>
<div></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style=" margin-left: 33.3px;pt;border-collapse: collapse; border: none">
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:12px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Twelve month periods ending</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Amount</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2016</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8,640</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2017</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8,640</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2018</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8,640</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2019</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">9,572</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2020</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">12,370</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 30, 2021 and thereafter</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:13.3px;"> </div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-indent:13.3px;"> </div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">58,016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:15px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total capital lease minimum payments</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>105,878</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:16px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Excluding bareboat interest </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">24,198</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:13px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total lease commitments</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>81,680</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:13px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Lease commitments - current portion</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">4,380</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:379px;height:12px;"><div style="text-indent:13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Lease commitments - non-current portion</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:66px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">77,300</font></div></td>
</tr>
</table>
<div></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style=" margin-left: 40.0px;pt;border-collapse: collapse; border: none">
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:307px;height:27px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:105px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>December 31, 2014</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>June 30, 2015</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:307px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Cost</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:105px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:307px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Vessels</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:105px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,541,538</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,857,658</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:307px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Fair value adjustment </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:105px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">100,065</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">151,588</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:307px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Other fixed assets</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:105px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,683</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,701</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:307px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Impairment charge</font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:17px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:105px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">                              -   </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(8,282</font></div></td><td valign="middle"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:307px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total cost</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:105px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>1,643,286</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2,002,665</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:307px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Accumulated depreciation</font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:17px;"><div style="text-indent:0.0px;"> </div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:105px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(201,435</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">) </font></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(230,001</font></div></td><td valign="middle"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:307px;height:14px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Vessels and other fixed assets, net</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:17px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:105px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>1,441,851</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:17px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:104px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>1,772,664</b></font></div></td>
</tr>
</table>
<div></div>
<div style="text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style=" margin-left: 40.0px;pt;border-collapse: collapse; border: none">
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:158px;height:26px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">  </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>December 31, 2014</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:103px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>June 30, 2015</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:158px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Lubricants</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">6,853</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:103px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8,106</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:158px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Bunkers</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">7,515</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:103px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8,585</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:158px;height:13px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>14,368</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td>
<td valign="middle" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:103px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>16,691</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:158px;height:13px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:111px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:21px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:103px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div></td>
</tr>
</table>
<div></div>
<div style="text-align:center;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Vessel Owning Company</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Vessel Name</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>DWT</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Effective Date</b></font></div><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>of Management</b></font></div><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Agreement</b></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Year Built</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Global Cape Shipping LLC (1)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Kymopolia</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">176,990</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">January 30, 2014</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">OOCAPE1 Holdings LLC (1)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Obelix</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">181,433</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">October 19, 2012</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pacific Cape Shipping LLC (1)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Pantagruel</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">180,181</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">October 24, 2013</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2004</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Sea Cape Shipping LLC (1)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Big Bang</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">174,109</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">August 30, 2013</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2007</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Sky Cape Shipping LLC (1)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Big Fish</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">177,662</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">October 18, 2013</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2004</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Majestic Shipping LLC (1)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Madredeus</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">98,681</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">February 4, 2014</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Nautical Shipping LLC (1)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Amami</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">98,681</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">February 4, 2014</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Grain Shipping LLC (1)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Pendulum</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">82,619</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">February 17, 2014</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Mineral Shipping LLC (1)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Mercurial Virgo</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">81,545</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">February 17, 2014</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Adore Shipping Corp.</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Renascentia (2)</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">74,732</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 20, 2013</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1999</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Hamon Shipping Inc</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Marto</i> (3)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">74,470</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">August 2, 2013</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2001</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Glory Supra Shipping LLC (1)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Strange Attractor</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">55,742</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">September 24, 2013</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Premier Voyage LLC (1)</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Maiden Voyage</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">58,722</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">September 28, 2012</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2012</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:196px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Serenity Maritime Inc.</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:128px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i>Serenity I</i></font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:101px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">53,688</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:131px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">June 11, 2011</font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:80px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2006</font></div></td>
</tr>
</table>
<div align="justify"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:6.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(1)      The respective companies were related parties, please refer to Note 3, which became wholly owned subsidiaries following the completion of the Merger on July 11, 2014, when the respective management agreements were terminated.</font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:6.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(2)      On June 20, 2014, this vessel was sold and the management agreement between Starbulk S.A. and the previous owners was terminated. The Company received management fees for a period of two months following the termination date, in accordance with the terms of the management agreement</font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:12.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(3)      On July 3, 2014, the Company received a notice of termination of the management agreement for the vessel <i>Marto</i>, one of the third-party owned vessels under the Company's management.  The management agreement was terminated upon the vessel's delivery to its new managers, on August 20, 2014.  The Company was entitled to receive management fees for a period of three months following the termination date, in accordance with the terms of the management agreement.</font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:12.0px;text-indent:-24.0px;"></div>
<div style="text-align:justify;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Wholly Owned Subsidiaries</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Bulk Management Inc.</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Starbulk S.A.</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Bulk Manning LLC</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Omas LLC (1) </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Synergy LLC (1)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Oceanbulk Shipping LLC</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Oceanbulk Carriers LLC</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">International Holdings LLC</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Unity Holding LLC</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Bulk (USA) LLC</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Trident XXI LLC (2)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Trident XXIV LLC (2)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Trident XXVII LLC (2)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Trident XXXI LLC (2)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Trident XXIX LLC (2)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Trident XXVIII LLC (2)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Lamda LLC (2)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Alpha LLC (2)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Beta LLC (2)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Ypsilon LLC (2)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Mega LLC (2)</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:135px;height:11px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Star Big LLC (2)</font></div></td>
</tr>
</table>
<div align="justify"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:6.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(1)      Entities established to merge with the holding companies of Oceanbulk</font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:12.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(2)      Owning companies of vessels which were sold that currently have no operations</font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:8.0px;line-height:1.08;text-indent:0.0px;"></div>
<div style="text-align:center;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div></td>
<td valign="middle" rowspan="2" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Wholly Owned Subsidiaries</b></font></div></td>
<td valign="middle" rowspan="2" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Newbuildings Name</b></font></div></td>
<td valign="middle" rowspan="2" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Type</b></font></div></td>
<td valign="middle" rowspan="2" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>DWT</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Expected Delivery</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Date</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">1 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Sea Diamond Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN NE 167 <i>(</i>tbn<i> Goliath) </i>(Note 15)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">209,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Coral Cape Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN NE 184 <i>(</i>tbn<i> Maharaj) </i>(Note 15)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">209,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">3 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Ennea LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN NE 198 (tbn <i>Star Poseidon</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">209,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">March 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">4 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Clearwater Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1359 (tbn <i>Star Marisa</i>) (1) (2)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">208,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">November 2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">5 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Seeker LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1372 (tbn <i>Star Libra</i>) (2)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">208,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">November 2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">6 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Domus Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1360 (tbn <i>Star Ariadne</i>) (1) (2)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">208,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">February 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">7 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Castle I LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1342 (tbn <i>Star Gemini</i>) (1)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">208,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">March 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">8 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Breezer LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1371 (tbn <i>Star Virgo</i>) (2)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">208,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">February 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">9 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Festive Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1361 (tbn <i>Star Magnanimus</i>) (1) (2)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">208,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">May 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">10 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Castle II LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1343 (tbn <i>Star Leo</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">208,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">March 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">11 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  White Sand Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1363 (tbn <i>Star Chaucer</i>) (1) (2)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">208,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">September 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">12 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Cape Confidence Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 5055 <i>(</i>tbn<i> Behemoth)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Capesize</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">182,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">January 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">13 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Cape Runner Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 5056 <i>(</i>tbn<i> Megalodon)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Capesize</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">182,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">January 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">14 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Olympia Shiptrade LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1312 <i>(</i>tbn<i> Bruno Marks)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Capesize</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">180,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">September 2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">15 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Victory Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1313 <i>(</i>tbn<i> Jenmark)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Capesize</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">180,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">October 2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">16 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Cape I LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1338 (tbn <i>Star Aries</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Capesize</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">180,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">November 2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">17 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Cape II LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1339 (tbn <i>Star Taurus</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Capesize</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">180,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">March 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">18 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Blooming Navigation LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1080 <i>(</i>tbn<i> Kennadi)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">64,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">January 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">19 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Jasmine Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1081 <i>(</i>tbn<i> Mackenzie)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">64,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">February 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">20 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Oday Marine LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1082 <i>(</i>tbn<i> Night Owl)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">64,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">March 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">21 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Searay Maritime LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 1083 <i>(</i>tbn<i> Early Bird)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">64,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">April 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">22 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Axe I LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN NE 196 (tbn <i>Star Antares</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">61,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">October 2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">23 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Axe II LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN NE 197 (tbn <i>Star Lutas</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">61,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">January 2016</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">24 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Asia I LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 5040 (tbn <i>Star Aquarius</i>) (Note 15)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">60,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:23px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">25 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:180px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Asia II LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:218px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">HN 5043 (tbn <i>Star Pisces</i>) (Note 15)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:52px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">60,000</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:88px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">August 2015</font></div></td>
</tr>
</table>
<div align="justify"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:6.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(1)      Vessels acquired pursuant to the Merger and the Pappas Transaction</font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:12.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(2)      Subject to a capital bareboat lease (Note 6)</font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:12.0px;text-indent:-24.0px;"></div>
<div style="text-align:right;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:193px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:146px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:63px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Date</b></font></div></td>
<td valign="bottom" colspan="2" style=" border:solid #000000 0.0px;width:91px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b> </b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Wholly Owned Subsidiaries</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Vessel Name</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>DWT</b></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Delivered to Star Bulk</b></font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><b>Year Built</b></font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">1 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Pearl Shiptrade LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Gargantua (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">209,529</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">April 2, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  L.A. Cape Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Deep Blue (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">182,608</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">May 27, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">3 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Cape Ocean Maritime LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Leviathan (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">182,511</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">September 19, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2014</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">4 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Cape Horizon Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Peloreus (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">182,496</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 22, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2014</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">5 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Positive Shipping Company</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Indomitable (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">182,476</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">January 8, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">6 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  OOCAPE1 Holdings LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Obelix (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">181,433</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">7 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Sandra Shipco LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Pauline (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">180,274</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 29, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2008</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">8 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Christine Shipco LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Christine (tbr Star Martha) (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">180,274</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">October 31, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2010</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">9 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Pacific Cape Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Pantagruel (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">180,181</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2004</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">10 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Borealis LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Borealis</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">179,678</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">September 9, 2011</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">11 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Polaris LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Polaris</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">179,600</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">November 14, 2011</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">12 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident V LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Angie (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">177,931</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">October 29, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2007</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">13 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Sky Cape Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Big Fish (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">177,643</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2004</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">14 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Global Cape Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Kymopolia (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">176,990</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">15 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Sea Cape Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Big Bang (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">174,109</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2007</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">16 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Aurora LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Aurora</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">171,199</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">September 8, 2010</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2000</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">17 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Lowlands Beilun Shipco LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Despoina (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">170,162</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 29, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">1999</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">18 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident VII LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Eleonora (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">164,218</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 3, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2001</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">19 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident VI LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Monisha (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">164,218</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">February 2, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2001</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">20 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Nautical Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Amami (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">98,681</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">21 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Majestic Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Madredeus (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">98,681</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">22 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Sirius LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Sirius</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">98,681</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">March 7, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">23 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Vega LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Vega</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">98,681</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">February 13, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">24 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Alta II LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Angelina (3)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,981</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 5, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">25 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Alta I LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Gwyneth (3)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,790</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 5, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">26 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident I LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Kamila </i>(2)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,769</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">September 3, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2005</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">27 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Grain Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Pendulum (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,619</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">28 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XIX LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Maria (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,598</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">November 5, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2007</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">29 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XII LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Markella (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,594</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">September 29, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2007</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">30 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident IX LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Danai (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,574</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">October 21, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">31 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XI LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Georgia (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,298</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">October 14, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">32 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident VIII LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Sophia (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,269</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">October 31, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2007</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">33 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XVI LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Mariella (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,266</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">September 19, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">34 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XIV LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Moira (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,257</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">November 19, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">35 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XVIII LLC </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Nina (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,224</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">January 5, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">36 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident X LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Renee (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,221</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 18, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">37 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident II LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Nasia  (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,220</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">August 29, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">38 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XIII LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Laura (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,209</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 8, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">39 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XV LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Jennifer (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,209</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">April 15, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">40 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XVII LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Helena (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">82,187</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 29, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">41 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Mineral Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Mercurial Virgo (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">81,545</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2013</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">42 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  KMSRX Holdings LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Magnum Opus (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">81,022</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2014</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">43 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Dioriga Shipping Co.</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Tsu Ebisu (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">81,001</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2014</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">44 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident III LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Iris (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">76,466</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">September 8, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2004</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">45 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident IV LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Aline (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">76,429</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">September 4, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2004</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">46 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XX LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Emily (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">76,417</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">September 16, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2004</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">47 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XXII LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Natalie  (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">73,798</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">August 29, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">1998</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">48 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XXIII LLC </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Nicole (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">73,751</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">January 14, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">1997</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">49 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XXV LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Vanessa (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">72,493</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">November 7, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">1999</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">50 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XXVI LLC </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Claudia (2)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">71,662</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">January 20, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">1997</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">51 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Spring Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Idee Fixe (1)(4)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">63,458</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">March 25, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">52 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Orion Maritime LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Roberta (1)(4)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">63,426</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">March 31, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">53 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Success Maritime LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Laura (1)(4)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">63,399</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">April 7, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">54 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Ultra Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Kaley (1)(4)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">63,283</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">June 26, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">55 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Challenger I LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Challenger</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">61,462</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 12, 2013</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2012</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">56 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Challenger II LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Fighter</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">61,455</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 30, 2013</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2013</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">57 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Aurelia Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Honey Badger (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">61,297</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">February 27, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">58 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Rainbow Maritime LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Wolverine (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">61,297</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">February 27, 2015</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2015</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">59 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Premier Voyage LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Maiden Voyage (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">58,722</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2012</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">60 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Glory Supra Shipping LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Strange Attractor (1)</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">55,742</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 11, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">61 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Omicron LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Omicron</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">53,489</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">April 17, 2008</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2005</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">62 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Gamma LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Gamma</i> (ex <i>C Duckling</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">53,098</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">January 4, 2008</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2002</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">63 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Zeta LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Zeta</i> (ex I <i>Duckling</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">52,994</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">January 2, 2008</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2003</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">64 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Delta LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Delta </i>(ex <i>F Duckling</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">52,434</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">January 2, 2008</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2000</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">65 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Theta LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Theta</i> (ex <i>J Duckling</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">52,425</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 6, 2007</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2003</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">66 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Epsilon LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Epsilon</i> (ex <i>G Duckling</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">52,402</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 3, 2007</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2001</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">67 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Cosmo LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Cosmo</i></font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">52,246</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">July 1, 2008</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2005</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">68 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Kappa LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Kappa</i> (ex <i>E Duckling</i>)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">52,055</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">December 14, 2007</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">2001</font></div></td>
</tr>
<tr>
<td valign="middle" style=" border:solid #000000 0.0px;width:22px;height:11px;"><div style="text-indent:0.0px;text-align:right"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">69 </font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:193px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">  Star Trident XXX LLC</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:146px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "><i>Star Michele </i>(2)</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">45,588</font></div></td>
<td valign="middle" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">October 14, 2014</font></div></td>
<td valign="middle" colspan="2" style=" border:solid #000000 0.0px;width:137px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; ">1998</font></div></td>
</tr>
</table>
<div><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div>
<div style="margin-bottom:4.0px;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:10.7px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:12.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(1)      Vessels acquired pursuant to the Merger and the Pappas Transaction</font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:12.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(2)      Vessels acquired pursuant to the Excel Transactions</font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:12.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(3)   Vessels acquired from Heron</font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:12.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(4)      Vessels subject to a capital bareboat lease (Note 5)</font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:12.0px;text-indent:-24.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div>
<div style="text-align:justify;margin-left: 24.0px;margin-bottom:12.0px;text-indent:-24.0px;"></div>
<div style="margin-left: 14.4px;text-indent:-13.3px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:521px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"> </div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:116px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Six month period ended June 30, 2014</b></font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:521px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pro forma revenues      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:116px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $      73,448</font></div></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:521px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pro forma operating loss      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:116px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(4,637</font></div></td><td valign="bottom"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:521px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pro forma net loss      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:116px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">(12,270</font></div></td><td valign="bottom"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="bottom" style=" border:solid #000000 0.0px;width:521px;"><div style="margin-left: 14.4px;text-indent:-13.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pro forma loss per share, basic and diluted      </font></div></td>
<td valign="bottom" style=" border:solid #000000 0.0px;width:116px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      $      (0.15)</font></div></td>
</tr>
</table>
<div></div>
1528386000
56
343533000
15990000
27129000
25869000
872000
1080000
4411000
8282000
77300000
4380000
-252070000
-27488000
-27151000
-27219000
-26717000
30186000
-330459000
-252070000
-27488000
-27151000
-27219000
-26123000
-4803000
-364854000
0
0
0
0
-1344000
-12269000
-13613000
Under the DNB-SEB-CEXIM $227,500 Facility, the Company is not allowed to pay dividends until December 2017, if the Company's liquid funds are not greater than $200,000 or $2,000 per fleet vessel.
-0.15
44551000
31467000
206997000
270947000
23680000
SBLKL
2018-11-09
1400000
2018-04-01
86400000
137923000
0
19467000
8282000
0
151588000
100065000
0
79000
4554000
3542000
14636000
10654000
As of December 31, 2014 and June 30, 2015, the Company was in compliance with the applicable financial and other covenants contained in its debt agreements.
Under its other loan agreements, the Company is not allowed to pay dividends until December 31, 2016. In any event, the Company may not pay dividends or distributions if an event of default has occured and is continuing or would result from such dividend or distribution. Furthermore, the Company's credit facilities contain financial covenants requiring the Company to maintain various financial ratios, including:
- a minimum percentage of aggregate vessel value to loans secured;
- a maximum ratio of total liabilities to market value adjusted total assets;
- a minimum EBITDA to interest coverage ratio;
- a minimum liquidity; and
- a minimum equity ratio.
As of December 31, 2014 and June 30, 2015 the Company was required to maintain minimum liquidity, not legally restricted, of $35,400 and $35,200, respectively, which is included within "Cash and cash equivalents" in the accompanying balance sheets. In addition, as of December 31, 2014 and June 30, 2015 the Company was required to maintain minimum liquidity, legally restricted, of $13,972 and $13,789, respectively, which is included within "Restricted cash" in the accompanying balance sheets.
31000000
28680000
15237000
15237000
60600000
32400000
32480000
28680000
32400000
38162000
40000000
0.5
2500000
11300000
1
25
-227000
0
-1344000
0
883000
0
0
-819000
3639000
P5Y0M0D
0.33
861793000
2
5
0.33
0.02
3273000
300
200
2015
2015
2015
2015
2015
2015
171736658
28973621
81680000
50000
115293000
20198000
508400
quarterly
24
16458000
13919000
14160000
47200000
46400000
15669000
46400000
208000
208000
24198000
105878000
58016000
6000000
20680000
4
123210000
842000
64000
The effect of this change in accounting estimate, which pursuant to Accounting Standards Codification ('ASC') "Accounting Changes and Error Corrections" was applied prospectively and did not require retrospective application, was to decrease the depreciation expense and the net loss for the six month period ended June 30, 2015, by $3,273 or $0.02 loss per basic and diluted share.
Effective January 1, 2015, and following management's reassessment of the residual value of the Company's vessels, the estimated scrap value per light weight tonnage was increased from $0.2 to $0.3. The current value of $0.3 was based on the historical average demolition prices prevailing in the market.
2012
2006
58722
55742
81545
82619
98681
98681
174109
180181
181433
176990
2006
2011
2011
2004
2007
2004
2011
2006
2011
177662
750
2115706
3592728
48395766
54104200
19844000
2540000
2001
June 11, 2011
September 28, 2012
September 24, 2013
August 2, 2013
June 20, 2013
February 17, 2014
February 17, 2014
February 4, 2014
February 4, 2014
October 18, 2013
August 30, 2013
October 24, 2013
October 19, 2012
January 30, 2014
2006
1999
53688
74470
74732
19308000
328000
42000
19266000
328000
22598
4257887
0.0207
0.0179
5
28628000
26840000
1061000
519000
519000
P4Y9M13D
295
20351000
20359000
75364000
25828000
2015-09-02
2015-08-26
9819000
7732000
9819000
7732000
0
0
0
0
44360000
6-month LIBOR rate of 0.4449%
1689000
25311000
1000000000
5.5
1.4121
1.4121
0
5.5
0
521250
521250
0
0.013
0.59274
5.5
P0Y9M13D
1884000
704000
10.86
394167
0
-1718000
521250
676150
412834
-3748000
175586000
242211000
56250000
49000418
3.2
5
4257887
227500000
13789000
13972000
35200000
35400000
2000000
200000000
3000000
7
39500000
17245000
476500
quarterly
24
-974000
LIBOR
0.033
0.0333
-1491000
411000
89000
16991000
3936000
215902000
203411000
89780000
140554000
93128000
71740000
76689000
50000000
50000000
32400000
0
28680000
0
106712000
88275000
21589000
24567000
87329000
51478000
37366000
0
0
30000000
22950000
24750000
0
56161000
31406000
32480000
0
0
18600000
19300000
0
0
80380000
83490000
79875000
82708000
35100000
36660000
31979000
33187000
24547000
29600000
0
12800000
52998000
54968000
44417000
74680000
28271000
21200000
2723000
464000
3009000
462000
337671000
454612000
12370000
9572000
8640000
8640000
8640000
29917312
288391000
18181000
2015-06-17
2015-06-23
2015-06-04
2015-04-07
2015-03-12
2015-02-09
2015-02-04
39475000
4257887
34982000
37682000
2015-05-27
2015-04-02
2015-03-25
2015-06-26
2015-04-07
2015-03-31
19422000
19422000
2015-02-27
34942000
2015-01-08
17500
-1650000
-385000
9000
0
514000
0
2
12
14
6
34
1816000
2363000
1
2
12
0
61297
61297
63283
63399
63426
63458
71662
73751
82209
82224
164218
182476
2015
2015
2015
November 7, 2014
August 29, 2014
September 16, 2014
September 4, 2014
September 8, 2014
July 11, 2014
July 11, 2014
July 11, 2014
December 29, 2014
December 8, 2014
August 29, 2014
December 18, 2014
November 19, 2014
September 19, 2014
October 31, 2014
October 14, 2014
October 21, 2014
September 29, 2014
November 5, 2014
July 11, 2014
September 3, 2014
December 5, 2014
December 5, 2014
February 13, 2014
March 7, 2014
July 11, 2014
July 11, 2014
December 3, 2014
December 29, 2014
July 11, 2014
July 11, 2014
October 29, 2014
October 31, 2014
July 11, 2014
December 29, 2014
July 11, 2014
July 22, 2014
September 19, 2014
February 27, 2015
March 25, 2015
January 20, 2015
January 14, 2015
April 15, 2015
January 5, 2015
February 2, 2015
May 27, 2015
April 2, 2015
1997
1997
2006
2006
2011
182608
209529
1407000
1407000
44298000
39420000
0
668219000
264467000
-406274000
670446000
295000
29493769
417797000
416744000
1053000
105250418
-108306000
-3870000
0
171736658
4539000
0
77300000
0
4380000
0
1524000
1269000
-1491000
0
9333
8000
22598
0
0
1081000
0
0
0
1081000
0
1680000
0
-3109000
0
-4827000
25
14
74000000
10452000
188226000
266181000
0
0
0
0
750000
47258000
48008000
394167
577868000
500681000
77187000
1038000
1557000
0
-220000
-378000
-3487000
50000000
50000000
1100000
0
-105197000
4000
1094000
2189000
291000
1899000
1567713000
2005649000
-3870000
-414127000
-519324000
-402404000
1903000
266106000
-3109000
-105197000
411500
29059671
-974000
461264000
January 8, 2015
0.0172
0.01705
-0.61
-0.13
-0.61
-0.13
7071000
3149000
13919000
60000000
0
93000
0
0
47993000
2010000
3653000
2005
2005
10.65
412834
-0.61
-0.13
0
0
-59000
-6221000
-1252000
808068000
2015-01-21
-315000
0
50000
1689000
56161000
0
0
8168000
974000
418771000
2006-12-13
-12270000
-4637000
73448000
174109
2007
July 11, 2014
-378000
-3487000
-819000
208000
208000
208000
208000
209000
208000
208000
64000
180000
61000
208000
61000
64000
182000
64000
209000
182000
64000
60000
208000
180000
180000
60000
209000
180000
September 2016
May 2016
March 2016
February 2016
March 2016
February 2016
March 2016
April 2016
March 2016
January 2016
November 2015
October 2015
March 2016
January 2016
February 2016
July 2015
January 2016
January 2016
August 2015
November 2015
November 2015
October 2015
July 2015
July 2015
September 2015
45588
55742
58722
72493
73798
76417
76429
76466
81001
81022
81545
82187
82209
82220
82221
82257
82266
82269
82298
82574
82594
82598
82619
82769
82790
82981
98681
98681
98681
98681
164218
170162
176990
177643
177931
180274
180181
180274
181433
182496
182511
February 27, 2015
1998
October 14, 2014
2006
July 11, 2014
2012
July 11, 2014
June 26, 2015
April 7, 2015
March 31, 2015
1999
1998
2004
2004
2004
2014
2014
2013
2006
2006
2006
2006
2006
2006
2007
2006
2006
2007
2007
2006
2005
2006
2006
2011
2011
2011
2011
2001
1999
2006
2004
2007
2010
2004
2008
2011
2014
2014
858068000
1199000
284000
0
28829000
SBLK
4539000
0
0
-34000
-215000
200000
-2114000
0
0
4063000
0
86000000
5722000
7247000
669000
1701000
1683000
300000
936000
January 4, 2008
2018-09-28
2018-08-09
2
0.01765
3.55
0.0125
0
1299000
7000
9000
0
2014-03-07
2014-02-13
15000
590000
407000
0
0
0
215000
94000
276667
-688000
-819000
-3871000
-105410000
0
0
454612000
61462
December 12, 2013
2012
0
September 8, 2010
213000
1000
847000
634000
2723000
2166000
402167
December 3, 2007
December 30, 2013
January 2, 2008
December 6, 2007
April 17, 2008
December 14, 2007
January 2, 2008
July 1, 2008
November 14, 2011
September 9, 2011
2013
2003
2003
2001
2002
2001
2000
2011
2011
2000
109426236
109426236
300000000
0.01
218934541
218934541
300000000
0.01
0
22000
3487000
0
62000
241000
4000
667000
4000
61455
337671000
28973621
171736658
28973621
3304000
4102000
11908000
0.01
0.01
0
0
0
0
25000000
25000000
317538000
74267000
676150
1407000
1903000
426000
1467000
394167
266000
230001000
201435000
8526000
914000
1772664000
1441851000
6853000
8106000
7515000
8585000
1541538000
1857658000
1643286000
2002665000
3.55
10.86
7.65
3.55
10.86
7.46
676150
-3870000
3057000
13871000
-13389000
1223000
-6449000
3501000
2323000
602000
1069000
237000
0
-17000
-21000
-79000
-71000
-317000
-286000
52246
53098
52402
179600
52055
52425
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2015-06-30
2015
Q2
No
Accelerated Filer
--12-31
No
Yes
Star Bulk Carriers Corp.
false
6-K